SOURCE: AutoInfo, Inc.

May 13, 2011 08:00 ET

AutoInfo, Inc. Announces Quarterly Results

BOCA RATON, FL--(Marketwire - May 13, 2011) - 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, 2011. The Company reported gross revenues of $75.5 million as compared with $56.9 million for the prior year period. Gross profit was $13.7 million for the current period as compared with $10.9 million for the prior year period. Net income and basic earnings per share were $661,000 and $.02 per share, respectively, as compared with $425,000 and $.01 per share for the prior year period.

Harry Wachtel, President, stated, "We are pleased to report first quarter results reflecting significant increases in revenues and profits over the prior year period. In 2010, we broadened our service lines and expanded our agent network and we continue to focus on opportunities through both intrinsic and external growth. During the quarter, we experienced an increase in transportation costs as a direct result of the increase in fuel prices, which have stabilized. We are poised to continue to capitalize on the improved business environment and will continue to expand our agent network and to 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, 2011 AND 2010
                                (Unaudited)


                                                      2011         2010
                                                  ------------ ------------
Gross revenue                                     $ 75,479,000 $ 56,915,000
                                                  ------------ ------------

Gross profit                                        13,692,000   10,892,000
                                                  ------------ ------------

Income before income taxes                           1,079,000      700,000
Income taxes                                           418,000      275,000
                                                  ------------ ------------

Net income                                        $    661,000 $    425,000
                                                  ============ ============

Net income per share - basic and diluted          $        .02 $        .01
                                                  ============ ============

Weighted average number of shares (basic)           33,604,000   33,496,000
                                                  ------------ ------------
Weighted average number of shares (diluted)         35,315,000   34,361,000
                                                  ------------ ------------




                  CONDENSED CONSOLIDATED BALANCE SHEETS
               AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

                                                    March 31,  December 31,
                                                      2011         2010
                                                  ------------ ------------
                                                                (Audited)
Current assets:
   Cash and cash equivalents                      $    203,000 $    316,000
   Accounts receivable, net                         46,840,000   49,736,000
   Current portion of advances and other assets      1,672,000    2,117,000
   Prepaid expenses                                  1,396,000    1,139,000
   Deferred income taxes                               135,000      135,000
                                                  ------------ ------------
Total current assets                                50,246,000   53,443,000

Other  assets                                       13,968,000   13,284,000
                                                  ------------ ------------

Total assets                                      $ 64,214,000 $ 66,727,000
                                                  ============ ============

Current liabilities:
   Accounts payable and accrued liabilities       $ 24,267,000 $ 23,188,000

Loan payable                                        18,130,000   22,432,000

Stockholders' equity                                21,817,000   21,107,000
                                                  ------------ ------------

Total liabilities and stockholders' equity        $ 64,214,000 $ 66,727,000
                                                  ============ ============



Contact Information

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