SOURCE: AutoInfo, Inc.

May 14, 2008 08:00 ET

AutoInfo, Inc. Announces Quarterly Results

Net Revenues Increase 39%

BOCA RATON, FL--(Marketwire - May 14, 2008) - AutoInfo, Inc. (OTCBB: AUTO), a non-asset based transportation services company, today announced results of its operations for the quarter ended March 31, 2008. The Company reported gross revenues of $36.6 million as compared with $22.1 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $6.7 million for the current period as compared with $4.9 million for the prior year period, an increase of 39%. Net income and basic earnings per share were $490,000 and $.02 per share, respectively, as compared with $326,000 and $.01 per share for the prior year period.

Harry Wachtel, President, stated, "We are pleased to report significant year over year revenue growth for the quarter ended March 31, 2008. This is a result of our 2007 investments in people and technology and the continued strength of our agent network. We will continue to leverage our business model and expand our broker and contract carrier agent networks during 2008 and will 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. 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.

                              AUTOINFO, INC.
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
            FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
                               (Unaudited)

                                                      2008         2007
                                                  ------------ ------------
Gross revenue                                     $ 36,562,000 $ 22,054,000
                                                  ------------ ------------

Net revenue                                          6,747,000    4,854,000
                                                  ------------ ------------

Income before income taxes                             835,000      569,000
Income taxes                                           345,000      243,000
                                                  ------------ ------------

Net income                                        $    490,000 $    326,000
                                                  ============ ============

Net income per share (basic)                      $        .02 $        .01
                                                  ============ ============
Net income per share (diluted)                    $        .01 $        .01
                                                  ============ ============

Weighted average number of shares (basic)           32,586,000   32,265,000
                                                  ------------ ------------
Weighted average number of shares (diluted)         34,946,000   36,368,000
                                                  ------------ ------------


                  CONDENSED CONSOLIDATED BALANCE SHEETS
                AS OF MARCH 31, 2008 AND DECEMBER 31, 2007

                                                    March 31,  December 31,
                                                       2008        2007
                                                  ------------ ------------
                                                                 (Audited)
Current assets:
   Cash and cash equivalents                      $    991,000 $    270,000
   Accounts receivable                              25,215,000   24,224,000
   Deferred income taxes                             1,177,000    1,000,000
   Other current assets                              1,473,000    1,583,000
                                                  ------------ ------------
Total current assets                                28,856,000   27,077,000

Other  assets                                        6,376,000    6,113,000
                                                  ------------ ------------

Total assets                                      $ 35,232,000 $ 33,190,000
                                                  ============ ============

Current liabilities:
   Accounts payable and accrued liabilities       $ 11,220,000 $ 10,584,000

Loan payable                                         9,625,000    8,790,000

Stockholders’ equity                                14,387,000   13,816,000
                                                  ------------ ------------

Total liabilities and stockholders’ equity        $ 35,232,000 $ 33,190,000
                                                  ============ ============

Contact Information

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