SOURCE: AutoInfo, Inc.

August 15, 2012 16:39 ET

AutoInfo, Inc. Announces Second Quarter Results

BOCA RATON, FL--(Marketwire - Aug 15, 2012) - AutoInfo, Inc. (OTCBB: AUTO), a non-asset based transportation services company, today announced results of its operations for the quarter and six months ended June 30, 2012. 

For the six months ended June 30, 2012, the Company reported gross revenues of $131.0 million as compared with $162.4 million for the prior year period. Income from operations was $3.3 million as compared with $2.8 million for the prior year period. Net income was $1,915,000 and basic earnings per share were $.06 per share for the current period, as compared with $1,565,000 and $.05 per share for the prior year period.

For the three month period ended June 30, 2012, the Company reported gross revenues of $69.2 million as compared with $87.0 million for the prior year period. Income from operations was $1.9 million as compared with $1.6 million for the prior year period. Net income was $1,085,000 and basic earnings per share were $.03 per share for the current period, as compared with $905,000 and $.03 per share for the prior year period.

Revenues for the six and three months ended June 30, 2011, respectively, included $44.6 and $23.9 million in revenue from a former significant agent for which the significant agent received 100% of the net revenue earned as described in detail in the management's discussion and analysis of financial condition and results of operations section of the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2012 filed with the Securities and Exchange Commission on August 14, 2012.

Harry Wachtel, Chief Executive Officer, stated, "We are pleased to report second quarter and six month results reflecting our financial strength and continued growth. In 2012, we will continue to broaden our transportation service offerings, expand our agent network and pursue strategic growth and other opportunities in furtherance of our mission to enhance stockholder values."

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, sales-type leases (which facilitate the acquisition of trucks by owner-operators), 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 and profits and interest earned on sales-type leases.

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.

 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited
         
    Six Months Ended June 30   Three Months Ended June 30
    2012   2011   2012   2011
                         
Gross revenues   $ 130,996,000   $ 162,444,000   $ 69,197,000   $ 86,965,000
                         
Income from operations     3,331,000     2,832,000     1,895,000     1,592,000
                         
Income before income taxes     3,159,000     2,549,000     1,817,000     1,470,000
Income taxes     1,244,000     984,000     732,000     565,000
                         
Net income   $ 1,915,000   $ 1,565,000   $ 1,085,000   $ 905,000
                         
Net income per share:                        
  Basic   $ .06   $ .05   $ .03   $ .03
  Diluted   $ .05   $ .04   $ .03   $ .03
Weighted average number of Common shares:                        
  Basic     34,133,000     33,760,000     34,135,000     33,916,000
  Diluted     35,854,000     35,415,000     35,776,000     35,515,000
                         
                         
   
CONDENSED CONSOLIDATED BALANCE SHEETS  
AS OF JUNE 30, 2012 AND DECEMBER 31, 2011  
       
    June 30,   December 31,  
    2012   2011  
           (Audited)
Current assets:              
  Cash and cash equivalents   $ 131,000   $ 136,000  
  Accounts receivable, net     39,238,000     40,658,000  
  Deferred income taxes     -     42,000  
  Other current assets     2,876,000     3,004,000  
Total current assets     42,245,000     43,840,000  
               
Other assets     17,070,000     15,267,000  
               
Total assets   $ 59,315,000   $ 59,107,000  
               
Current liabilities:              
  Accounts payable and accrued liabilities   $ 20,651,000   $ 17,942,000  
               
Loan payable     11,820,000     16,273,000  
               
Stockholders' equity     26,844,000     24,892,000  
               
Total liabilities and stockholders' equity   $ 59,315,000   $ 59,107,000  
               
               

Contact Information

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