SOURCE: AutoInfo, Inc.

May 14, 2007 14:38 ET

AutoInfo, Inc. Announces Quarterly Results

Net Revenues Increase 22%

BOCA RATON, FL -- (MARKET WIRE) -- May 14, 2007 -- 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, 2007. The Company reported gross revenues of $22.1 million as compared with $18.1 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $4.9 million for the current period as compared with $4.0 million for the prior year period, an increase of 22%. The Company reported income from operations before interest of $615,000 as compared with $622,000 for the prior year period. Net income was $326,000 and basic earnings per share were $.01 per share, as compared with $1,155,000, or $.04 per share for the prior year period. Net income for the period ended March 31, 2007 included a deferred tax expense of $208,000 and the net income for the period ended March 31, 2006 included a net deferred tax benefit of $574,000.

Harry Wachtel, President, stated, "We are pleased to report significant year over year revenue growth for the quarter ended March 31, 2007. During the quarter, with the addition of Mike Williams as Chief Operating Officer, a new Director of Marketing and Business Development as well as other internal operational changes, we have made a significant investment in the future and the continued growth of our transportation services business. We will continue to leverage our business model and expand our broker and contract carrier agent networks during 2007 and continue to explore expansion and growth opportunities."

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, air freight and ocean freight. We have strategic alliances with less than truckload, truckload, air, rail and ocean common carriers 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.

                              AUTOINFO, INC.
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
              FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
                               (Unaudited)


                                                    2007          2006
                                                ------------- ------------
Gross revenue                                   $  22,054,000 $ 18,096,000
                                                ------------- ------------

Net revenue                                         4,854,000    3,988,000
                                                ------------- ------------

Income from operations                                615,000      622,000
                                                ------------- ------------

Income before income taxes (benefit)                  569,000      616,000
Income taxes (benefit)                                243,000     (539,000)
                                                ------------- ------------

Net income                                      $     326,000 $  1,155,000
                                                ============= ============

Net income per share (basic)                    $         .01 $        .04
                                                ============= ============
Net income per share (diluted)                  $         .01 $        .03
                                                ============= ============

Weighted average number of shares (basic)          32,265,000   31,751,000
                                                ------------- ------------
Weighted average number of shares (diluted)        36,368,000   34,506,000
                                                ------------- ------------


                CONDENSED CONSOLIDATED BALANCE SHEETS
              AS OF MARCH 31, 2007 AND DECEMBER 31, 2006

                                                  March 31,   December 31,
                                                     2007         2006
                                                ------------- ------------
Current assets:                                   (Unaudited)    (Audited)

   Cash                                         $     374,000 $    146,000
   Accounts receivable, net                        16,125,000   16,967,000
   Deferred income taxes                            1,445,000    1,445,000
   Other current assets                               407,000      363,000
                                                ------------- ------------
Total current assets                               18,351,000   18,921,000

Other  assets                                       5,032,000    4,901,000
                                                ------------- ------------

Total assets                                    $  23,383,000 $ 23,822,000
                                                ============= ============

Current liabilities:
   Loan payable                                 $   2,598,000 $  3,451,000
   Accounts payable and accrued liabilities         8,275,000    8,375,000
                                                ------------- ------------
Total current liabilities                          10,873,000   11,826,000

Stockholders’ equity                               12,510,000   11,996,000
                                                ------------- ------------

Total liabilities and stockholders’ equity      $  23,383,000 $ 23,822,000
                                                ============= ============



Contact Information

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