SOURCE: AutoInfo, Inc.

March 18, 2011 08:00 ET

AutoInfo, Inc. Announces 2010 Year End Results

BOCA RATON, FL--(Marketwire - March 18, 2011) -  AutoInfo, Inc. (OTCBB: AUTO), a non-asset based third party logistics service provider, today announced results of its operations for the year ended December 31, 2010. The Company reported gross revenues of $279.7 million as compared with $183.9 million for the prior year. Gross profit was $53.6 million as compared with $37.2 million for the prior year. The Company reported net income of $3.1 million or basic earnings per share of $.09, as compared with $1.4 million or $.04 per share for the prior year. 

Harry Wachtel, President, stated, "2010 was a most rewarding year. As we began recovering from the downturn in the economy, we broadened our service lines and expanded our agent network. We have focused on opportunities through both intrinsic and external growth. In 2010, we experienced growth in all of our business lines and service offerings. We are poised to capitalize on an improved business environment and we will continue our agent network expansion efforts and seek out strategic growth opportunities."

AutoInfo, Inc. operates in two business segments, non-asset based transportation services and agent support services. The non-asset based transportation services segment includes our brokerage and contract carrier services which are provided through a network of independent sales agents throughout the United States and Canada. Revenue in this segment is generated from freight transportation transactions. The agent support services segment includes an array of services that we provide to our agent network to support and encourage the expansion of our agents' businesses, primarily financial support through interest bearing long-term loans and non-interest bearing short-term loans, as well as other services including training, margin analysis, marketing assistance, industry and market segment data and business analysis tools. Revenue in this segment consists primarily of interest on interest bearing loans. This segment also includes potential revenues related to profit participations and realization on options to acquire equity that we may receive related to a loan or advance extended to an agent.

This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results or achievements may be materially different from those expected or implied. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Therefore, there can be no assurance that forward-looking statements will prove to be accurate.

AUTOINFO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009
   
  2010   2009
Gross revenues $ 279,701,000   $ 183,899,000
           
Gross profit   53,608,000     37,178,000
           
Income from operations   5,676,000     2,828,000
           
Income before income taxes   4,975,000     2,350,000
Income taxes   1,920,000     932,000
           
Net income $ 3,055,000   $ 1,418,000
           
Net income per share basic and diluted $ .09   $ .04
           
Weighted average number of shares (basic)   33,500,000     32,997,000
Weighted average number of shares (diluted)   34,490,000     34,263,000
           
           
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2010 AND 2009
     
    2010     2009
Current assets:          
  Cash and cash equivalents $ 316,000   $ 67,000
  Accounts receivable, net   49,736,000     36,068,000
  Deferred income taxes   135,000     985,000
  Other current assets   3,256,000     4,365,000
Total current assets   53,443,000     41,485,000
           
Other assets   13,284,000     12,720,000
           
Total assets $ 66,727,000   $ 54,205,000
           
Current liabilities:          
  Accounts payable and accrued liabilities $ 23,188,000   $ 17,631,000
           
Loan payable   22,432,000     18,650,000
           
Stockholders' equity   21,107,000     17,924,000
           
Total liabilities and stockholders' equity $ 66,727,000   $ 54,205,000

Contact Information

  • Contact:
    William I. Wunderlich
    Chief Financial Officer
    (561) 988-9456 ext 201