SOURCE: AutoInfo, Inc.

May 17, 2010 08:00 ET

AutoInfo, Inc. Announces Quarterly Results

BOCA RATON, FL--(Marketwire - May 17, 2010) - AutoInfo, Inc. (OTCBB: AUTO), a non-asset based third party logistics service provider, today announced results of its operations for the quarter ended March 31, 2010. The Company reported gross revenues of $56.9 million as compared with $35.3 million for the prior year period. Gross profit was $10.9 million for the current period as compared with $7.8 million for the prior year period. Net income and basic earnings per share were $425,000 and $.01 per share, respectively, as compared with $219,000 and $ .01 per share for the prior year period.

Harry Wachtel, President, stated, "We are pleased to report an increase in gross revenues and profits as we move through this time of economic recovery. While this trend is a positive sign, there are no assurances that it is indicative of future results. We did experience an increase in the cost of purchased transportation during the quarter caused by an increased demand for transportation and a decrease in available capacity. We are poised to capitalize in 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 THREE MONTHS ENDED MARCH 31, 2010 AND 2009
                               (Unaudited)


                                                      2010         2009
                                                  ------------ ------------
Gross revenue                                     $ 56,915,000 $ 35,313,000
                                                  ------------ ------------

Net revenue                                         10,892,000    7,762,000
                                                  ------------ ------------

Income before income taxes                             700,000      373,000
Income taxes                                           275,000      154,000
                                                  ------------ ------------

Net income                                        $    425,000 $    219,000
                                                  ============ ============

Net income per share - basic and diluted          $        .01 $        .01
                                                  ============ ============

Weighted average number of shares (basic)           33,496,000   32,947,000
                                                  ------------ ------------
Weighted average number of shares (diluted)         34,361,000   33,705,000
                                                  ------------ ------------


                  CONDENSED CONSOLIDATED BALANCE SHEETS
               AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

                                                    March 31,  December 31,
                                                      2010         2009
                                                  ------------ ------------
                                                                 (Audited)
Current assets:
   Cash and cash equivalents                      $    441,000 $     67,000
   Accounts receivable, net                         38,476,000   36,068,000
   Deferred income taxes                               750,000      985,000
   Prepaid expenses                                  1,486,000    1,182,000
   Current portion of advances and other assets      2,786,000    3,183,000
                                                  ------------ ------------
Total current assets                                43,939,000   41,485,000

Other assets                                        13,523,000   12,720,000
                                                  ------------ ------------

Total assets                                      $ 57,462,000 $ 54,205,000
                                                  ============ ============

Current liabilities:
   Accounts payable and accrued liabilities       $ 19,134,000 $ 17,631,000

Loan payable                                        19,947,000   18,650,000

Stockholders' equity                                18,381,000   17,924,000
                                                  ------------ ------------

Total liabilities and stockholders' equity        $ 57,462,000 $ 54,205,000
                                                  ============ ============

Contact Information

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