SOURCE: AutoInfo, Inc.

August 13, 2009 08:00 ET

AutoInfo, Inc. Announces Quarterly Results

BOCA RATON, FL--(Marketwire - August 13, 2009) - AutoInfo, Inc. (OTCBB: AUTO), a non-asset based transportation services company, today announced results of its operations for the quarter and six months ended June 30, 2009.

For the six months ended June 30, 2009, the Company reported gross revenues of $78.9 million as compared with $81.8 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $15.9 million for the current period as compared with $14.3 million for the prior year period. Net income was $608,000 and basic earnings per share were $.02 per share for the current period, as compared with $1,086,000 and $.03 per share for the prior year period.

For the three month period ended June 30, 2009, the Company reported gross revenues of $43.8 million as compared with $45.2 million for the prior year period. Net revenues were $8.4 million for the current period as compared with $7.5 million for the prior year period. Net income was $390,000 and basic earnings per share were $.01 per share for the current period, as compared with $596,000 and $.02 per share for the prior year period.

During the second quarter of 2009, the Company instituted a cost reduction program that includes salary reductions of 10% for all executive, supervisory and management personnel as well as reductions in other operating expenses.

Harry Wachtel, President, stated, "While our operating results have been adversely impacted by the economic downturn starting in the fourth quarter of 2008, during the second quarter we began to see some signs of improvement. As the economy continues its recovery, we believe that the cost cutting measures that we have implemented and our ongoing agent recruiting efforts will have a positive impact on our results of operations."

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 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.

              CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                               Unaudited



                       Six Months Ended June 30  Three Months Ended June 30
                           2009         2008          2009         2008
                       ------------ ------------  ------------ ------------

Gross revenues         $ 78,858,000 $ 81,796,000  $ 43,803,000 $ 45,234,000
Cost of transportation   62,946,000   67,514,000    35,396,000   37,699,000
                       ------------ ------------  ------------ ------------

Net revenues             15,912,000   14,282,000     8,407,000    7,535,000
                       ------------ ------------  ------------ ------------

Income before income
 taxes                    1,017,000    1,817,000       645,000      982,000
Income taxes                409,000      731,000       255,000      386,000
                       ------------ ------------  ------------ ------------

Net income             $    608,000 $  1,086,000  $    390,000 $    596,000
                       ============ ============  ============ ============

Net income per share:
   Basic               $        .02 $        .03  $        .01 $        .02
   Diluted             $        .02 $        .03  $        .01 $        .02
Weighted average
 number of Common
 shares:
   Basic                 32,946,000   32,625,000    32,946,000   32,665,000
   Diluted               34,182,000   34,907,000    34,664,000   34,868,000






                  CONDENSED CONSOLIDATED BALANCE SHEETS
                AS OF JUNE 30, 2009 AND DECEMBER 31, 2008


                                                   June 30,    December 31,
                                                     2009          2008
                                                 ------------  ------------
                                                                (Audited)
Current assets:
   Cash and cash equivalents                     $    817,000  $    390,000
   Accounts receivable, net                        30,816,000    29,863,000
   Deferred income taxes                              746,000     1,100,000
   Prepaid expenses                                   562,000       560,000
   Current portion of advances and other assets     2,128,000     1,260,000
                                                 ------------  ------------
Total current assets                               35,069,000    33,173,000

Other  assets                                      11,198,000     9,603,000
                                                 ------------  ------------

Total assets                                     $ 46,267,000  $ 42,776,000
                                                 ============  ============

Current liabilities:
   Accounts payable and accrued liabilities      $ 13,680,000  $ 12,303,000

Loan payable                                       15,600,000    14,164,000

Stockholders’ equity                               16,987,000    16,309,000
                                                 ------------  ------------

Total liabilities and stockholders’ equity       $ 46,267,000  $ 42,776,000
                                                 ============  ============



Contact Information

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