SOURCE: AutoInfo, Inc.

March 16, 2006 08:29 ET

AutoInfo, Inc. Announces Record Breaking 2005 Year End Financial Results

Net Revenues Increase 55%; Income From Operations Increases 112%

BOCA RATON, FL -- (MARKET WIRE) -- March 16, 2006 -- 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, 2005. The Company reported gross revenues of $68.0 million as compared with $46.5 million for the prior year. Net revenues (gross revenues less the direct cost of transportation) were $13.6 million as compared with $8.7 million for the prior year. The Company reported income from operations of $2,201,000 as compared with $1,036,000 for the prior year. Net income was $3,608,000 and basic earnings per share were $0.11 per share, as compared with $1,466,000, or $0.05 per share for the prior year. Net income for the year ended December 31, 2005 included a net tax benefit of $1,586,000, or $0.05 per share, resulting from the anticipated future utilization of an available federal tax loss carryforward, as compared with a net tax benefit of $537,000, or $0.02 per share for the year ended December 31, 2004.

Harry Wachtel, President, stated, "2005 was another year of record breaking performance. The most significant factors in our growth during the past two years have been organic growth experienced by our existing agents and the expansion of our brokerage services, contract carrier services and owner-operator networks. This growth is readily measured by the number of transactions we have processed, which increased from 30,800 in 2003 to 43,300 in 2004 and to 53,300 is 2005, an increase of 41% from 2003 to 2004 and 23% from 2004 to 2005. 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 YEARS ENDED DECEMBER 31, 2005 AND 2004



                                                  2005             2004
                                           --------------    -------------
Gross revenue                              $   68,040,000    $  46,492,000
                                           --------------    -------------

Net revenue                                    13,554,000        8,734,000
                                           --------------    -------------

Income from operations                          2,201,000        1,036,000
                                           --------------    -------------

Income before income taxes (benefit)            2,145,000          986,000
Income taxes (benefit)                         (1,463,000)        (480,000)
                                           --------------    -------------

Net income                                 $    3,608,000    $   1,466,000
                                           ==============    =============

Net income per share (basic)               $          .11    $         .05
                                           ==============    =============
Net income per share (diluted)             $          .11    $         .04
                                           ==============    =============

Weighted average number
 of shares (basic)                             31,520,000       30,915,000
                                           --------------    -------------
Weighted average number
 of shares (diluted)                           33,920,000       33,438,000
                                           --------------    -------------


                CONDENSED CONSOLIDATED BALANCE SHEETS
                   AS OF DECEMBER 31, 2005 AND 2004

                                                  2005              2004
                                           --------------    -------------
Current assets:
   Cash and cash equivalents               $      419,000    $      38,000
   Accounts receivable                         12,735,000        9,658,000
   Deferred income taxes                          860,000          369,000
   Other current assets                           255,000          679,000
                                           --------------    -------------
Total current assets                           14,269,000       10,744,000

Other  assets                                   2,377,000        1,051,000
                                           --------------    -------------

Total assets                               $   16,646,000    $  11,795,000
                                           ==============    =============

Current liabilities:
   Loan payable                            $    1,280,000    $   1,998,000
   Accounts payable and
    accrued liabilities                         7,235,000        5,385,000
                                           --------------    -------------
Total current liabilities                       8,515,000        7,383,000

Stockholders' equity                            8,131,000        4,412,000
                                           --------------    -------------

Total liabilities and
 stockholders' equity                      $   16,646,000    $  11,795,000
                                           ==============    =============

Contact Information

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