SOURCE: AutoInfo, Inc.

November 09, 2006 08:10 ET

AutoInfo, Inc. Announces Nine Month Results

Net Revenues Increase 39%; Income From Operations Increases 62%

BOCA RATON, FL -- (MARKET WIRE) -- November 9, 2006 -- AutoInfo, Inc. (OTCBB: AUTO), a non-asset based third party logistics service provider, today announced results of its operations for the quarter and nine month periods ended September 30, 2006.

For the nine months ended September 30, 2006, the Company reported gross revenues of $61.4 million as compared with $47.7 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $13.0 million for the current period as compared with $9.4 million for the prior year period, an increase of 39%. The Company reported income from operations of $2,227,000 for the current period as compared with $1,372,000 for the prior year period. Net income was $3,185,000 and basic earnings per share were $.10 per share for the current period, as compared with $1,414,000, or $.04 per share for the prior year period. Net income included a net tax benefit of $1,021,000, or $0.03 per share for the current period, resulting from the anticipated future utilization of an available federal tax loss carryforward, as compared with a net tax benefit of $84,000, or $0.01 per share for the prior year period.

For the three month period ended September 30, 2006, the Company reported gross revenues of $22.4 million as compared with $17.3 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $4.6 million for the current period as compared with $3.4 million for the prior year period, an increase of 34%. The Company reported income from operations of $786,000 for the current period as compared with $566,000 for the prior year period. Net income was $986,000 and basic earnings per share were $.03 per share for the current period, as compared with $580,000, or $.02 per share for the prior year period. Net income included a net tax benefit of $239,000, or $0.01 per share for the current period, resulting from the anticipated future utilization of an available federal tax loss carryforward, as compared with a net tax benefit of $17,000, or $0.00 per share for the prior year period.

Harry Wachtel, President, stated, "We are approaching the end of another record year. During the third quarter we continued to expand our agent network and furthered our commitment to technology that will result in operating efficiencies as well as provide our customers with real-time transaction information. We are pleased with our year over year results and look forward to further growth and expansion in 2007."

AutoInfo, Inc., operating through its Sunteck subsidiary, is a non-asset based transportation services company, providing transportation capacity and related transportation services to shippers throughout the United States, and to a lesser extent, Canada. Our non-asset based services include ground transportation coast to coast, local pick up and delivery. We have strategic alliances with less than truckload, contract carrier, common carriers and independent owner-operators to service our customers' needs quickly and effectively.

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 as of the date hereof 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. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

                              AUTOINFO, INC.
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                Unaudited



                        Nine Months Ended           Three Months Ended
                          September 30,               September 30,
                        2006          2005          2006          2005
                    ------------  ------------  ------------  ------------

Gross revenues      $ 61,395,000  $ 47,728,000  $ 22,441,000  $ 17,336,000
Cost of
 transportation       48,384,000    38,350,000    17,877,000    13,940,000
                    ------------  ------------  ------------  ------------

Net revenues          13,011,000     9,378,000     4,564,000     3,396,000
                    ------------  ------------  ------------  ------------

Income from
 operations            2,227,000     1,372,000       786,000       566,000
                    ------------  ------------  ------------  ------------

Income before
 income taxes          2,164,000     1,330,000       747,000       563,000
Income taxes          (1,021,000)      (84,000)     (239,000)      (17,000)
                    ------------  ------------  ------------  ------------

Net income          $  3,185,000  $  1,414,000  $    986,000  $    580,000
                    ============  ============  ============  ============

Net income per
 share:
     Basic          $        .10  $        .04  $        .03  $        .02
     Diluted        $        .09  $        .04  $        .03  $        .02
Weighted average
 number of Common
 shares:
     Basic            31,856,000    31,475,000    31,997,000    31,609,000
     Diluted          35,876,000    33,924,000    36,732,000    33,722,000


                   CONDENSED CONSOLIDATED BALANCE SHEET
                         AS OF SEPTEMBER 30, 2006
                                Unaudited


Current assets:
   Cash                                                        $  1,050,000
   Accounts receivable, net                                      15,480,000
   Deferred income taxes                                            980,000
   Other current assets                                             488,000
                                                               ------------
Total current assets                                             17,998,000

Fixed assets, net                                                   281,000
Deferred income taxes                                             3,073,000
Other assets                                                      1,269,000
                                                               ------------

Total assets                                                   $ 22,621,000
                                                               ============

Current liabilities:
   Loan payable                                                $  2,114,000
   Accounts payable and accrued liabilities                       8,994,000
                                                               ------------
Total current liabilities                                        11,108,000

Stockholders’ equity                                             11,513,000
                                                               ------------

Total liabilities and stockholders’ equity                     $ 22,621,000
                                                               ============

Contact Information

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