SOURCE: AutoInfo, Inc.

March 16, 2005 16:42 ET

AutoInfo, Inc. Announces Record Breaking 2004 Year End Financial Results With an Increase of 71% in Net Revenues

BOCA RATON, FL -- (MARKET WIRE) -- March 16, 2005 -- AutoInfo, Inc. (OTC BB: AUTO), a non-asset based third party logistics service provider today announced results of its operations for the year ended December 31, 2004. The Company reported gross revenues of $46.5 million as compared with $27.2 million for the prior year. Net revenues (gross revenues less the direct cost of transportation) were $8.7 million as compared with $5.1 million for the prior year. The Company reported income from operations of $1,106,000 as compared with $671,000 for the prior year. Net income was $1,466,000 and basic earnings per share were $0.05 per share, as compared with $1,300,000, or $0.05 per share for the prior year. Net income for the year ended December 31, 2004 included a net tax benefit of $537,000, 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 $784,000, or $0.03 per share for the year ended December 31, 2003.

Harry Wachtel, President, stated, "2004 was another year of exciting and record growth and expansion of our business. Our contract carrier services, introduced during 2003, grew by 263%. We have continued the expansion of our brokerage services and now have twelve regional operating centers and representatives in twenty-one states and Canada providing non-asset based logistics services to Fortune 500, and small and medium sized customers. We will continue to execute our business model and expand our broker and contract carrier agent networks during 2005."

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 YEARS ENDED DECEMBER 31, 2004 AND 2003

                                     2004            2003
                                 ------------    ------------
Gross revenue                    $ 46,492,000    $ 27,171,000
                                 ------------    ------------

Net revenue                         8,734,000       5,076,000
                                 ------------    ------------

Income from operations              1,106,000         671,000
                                 ------------    ------------

Income before income
 taxes (benefit)                      986,000         546,000
Income taxes (benefit)               (480,000)       (754,000)
                                 ------------    ------------

Net income                       $  1,466,000    $  1,300,000
                                 ============    ============

Net income per
 share (basic)                   $        .05    $        .05
                                 ============    ============
Net income per
 share (diluted)                 $        .04    $        .05
                                 ============    ============

Weighted average number
 of shares (basic)                 30,915,000      27,355,000
                                 ------------    ------------
Weighted average number
 of shares (diluted)               33,438,000      28,789,000
                                 ------------    ------------


               CONDENSED CONSOLIDATED BALANCE SHEETS
                 AS OF DECEMBER 31, 2004 AND 2003

                                     2004            2003
                                 ------------    ------------
Current assets:
  Cash and cash equivalents      $     38,000    $    133,000
  Accounts receivable               9,658,000       4,881,000
  Other current assets                679,000         392,000
  Deferred income taxes               369,000         248,000
                                 ------------    ------------
Total current assets               10,744,000       5,654,000

Other  assets                       1,051,000         632,000
                                 ------------    ------------

Total assets                     $ 11,795,000    $  6,286,000
                                 ============    ============

Current liabilities:
  Loan payable                   $  1,998,000    $  1,046,000
  Convertible
   subordinated notes                       -         575,000
  Accounts payable and
   accrued liabilities              5,385,000       2,773,000
                                 ------------    ------------
Total current liabilities           7,383,000       4,394,000

Stockholders' equity                4,412,000       1,892,000
                                 ------------    ------------

Total liabilities and
 stockholders' equity            $ 11,795,000    $  6,286,000
                                 ============    ============


Contact Information

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