SOURCE: AutoInfo, Inc.

May 03, 2006 17:11 ET

AutoInfo, Inc. Announces Quarterly Results; Net Revenues Increase 30%; Income From Operations Increases 61%

BOCA RATON, FL -- (MARKET WIRE) -- May 3, 2006 -- AutoInfo, Inc. (OTC BB: AUTO), a non-asset based third party logistics service provider today announced results of its operations for the quarter ended March 31, 2006. The Company reported gross revenues of $18.1 million as compared with $14.9 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $3,988,000 for the current period as compared with $3,067,000 for the prior year period, an increase of 30%. The Company reported income from operations before interest of $622,000 as compared with $387,000 for the prior year period. Net income was $1,155,000 and basic earnings per share were $.04 per share, as compared with $393,000, or $ .01 per share for the prior year period. Net income for the period ended March 31, 2006 included a net tax benefit of $574,000, or $0.02 per share, resulting from the anticipated future utilization of an available federal tax loss carryforward, as compared with a net tax benefit of $56,000, or $0.00 per share for the prior year period.

Harry Wachtel, President, stated, "We are pleased to report significant year over year revenue and profit growth for the quarter ended March 31, 2006. We will continue to leverage our business model and expand our broker and contract carrier agent networks during 2006 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, 2006 AND 2005
                                (Unaudited)

                                                     2006         2005
                                                 ------------ ------------
Gross revenue                                    $ 18,096,000 $ 14,915,000
                                                 ------------ ------------

Net revenue                                         3,988,000    3,067,000
                                                 ------------ ------------

Income from operations                                622,000      387,000
                                                 ------------ ------------

Income before income taxes (benefit)                  616,000      359,000
Income taxes (benefit)                               (539,000)     (34,000)
                                                 ------------ ------------

Net income                                       $  1,155,000 $    393,000
                                                 ============ ============

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

Weighted average number of shares (basic)          31,751,000   31,338,000
                                                 ------------ ------------
Weighted average number of shares (diluted)        34,506,000   34,177,000
                                                 ------------ ------------


                 CONDENSED CONSOLIDATED BALANCE SHEETS
              AS OF MARCH 31, 2006 AND DECEMBER 31, 2005

                                                   March 31,  December 31,
                                                      2006        2005
                                                 ------------ ------------
Current assets:                                   (Unaudited)  (Audited)

   Cash                                          $    326,000 $    419,000
   Accounts receivable, net                        12,428,000   12,735,000
   Deferred income taxes                              827,000      860,000
   Other current assets                               379,000      255,000
                                                 ------------ ------------
Total current assets                               13,960,000   14,269,000

Other  assets                                       2,993,000    2,377,000
                                                 ------------ ------------

Total assets                                     $ 16,953,000 $ 16,646,000
                                                 ============ ============

Current liabilities:
   Loan payable                                  $    601,000 $  1,280,000
   Accounts payable and accrued liabilities         7,009,000    7,235,000
                                                 ------------ ------------
Total current liabilities                           7,610,000    8,515,000

Stockholders’ equity                                9,343,000    8,131,000
                                                 ------------ ------------

Total liabilities and stockholders’ equity       $ 16,953,000 $ 16,646,000
                                                 ============ ============

Contact Information

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