SOURCE: AutoInfo, Inc.

November 14, 2005 13:31 ET

AutoInfo, Inc. Reports Nine Month Results and 60% Net Revenue Growth

BOCA RATON, FL -- (MARKET WIRE) -- November 14, 2005 -- AutoInfo, Inc. (OTC BB: AUTO), a non-asset based third party logistics service provider, today announced results of its operations for the three and nine months ended September 30, 2005. The Company reported gross revenues of $17.3 and $47.7 million for the three and nine months ended September 30, 2005 as compared with $12.9 and $32.1 million for the prior year periods. Net revenues (gross revenues less the direct cost of transportation) were $3.4 and $9.4 million for the current year periods as compared with $2.4 and $5.9 million for the prior year periods, increases of 43% and 60%, respectively. The Company reported income from operations before interest and other charges of $580,000 and $1,424,000 as compared with $312,000 and $791,000 for the prior year periods. Net income was $580,000 and $1,414,000 as compared with $278,000 and $725,000 for the prior year periods.

Harry Wachtel, President, stated, "We are pleased to report significant year-over-year as well as quarter-over-quarter gains as we continue the successful implementation of our strategic business model. We continue to strengthen and expand the network of agents and owner-operators throughout the United States and Canada that supports and maintains our business."

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, including The Company's ability to implement the Sunteck business plan and sustain profitability. Therefore, there can be no assurance that forward-looking statements will prove to be accurate.


                               AUTOINFO, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                             Nine Months Ended         Three Months Ended
                               September 30               September 30
                            2005          2004         2005         2004
                            ----          ----         ----         ----

Gross revenues          $ 47,728,000 $ 32,057,000 $ 17,336,000 $ 12,938,000
Cost of transportation    38,350,000   26,191,000   13,940,000   10,570,000
                        ------------ ------------ ------------ ------------

Net revenues               9,378,000    5,866,000    3,396,000    2,368,000
                        ------------ ------------ ------------ ------------

Income from operations     1,424,000      791,000      580,000      312,000
                        ------------ ------------ ------------ ------------

Income before income
 taxes                     1,330,000      738,000      563,000      285,000
Income taxes (Note 1)        (84,000)      13,000      (17,000)       7,000
                        ------------ ------------ ------------ ------------

Net income              $  1,414,000 $    725,000 $    580,000 $    278,000
                        ============ ============ ============ ============

Net income per share:
  Basic                 $        .04 $        .02 $        .02 $        .01
  Diluted               $        .04 $        .02 $        .02 $        .01

Weighted average number
 of Common shares:
  Basic                   31,475,000   30,819,000   31,609,000   31,167,000
  Diluted                 33,924,000   33,327,000   33,722,000   33,525,000

Note 1 - The income tax benefit of $17,000 and $84,000 for the three and
nine months ended September 30, 2005 consisted of $239,000 and $613,000
resulting from the anticipated future utilization of an available federal
tax loss carryforward, net of the utilization of deferred tax benefit of
$190,000 and $452,000 and state income taxes of $32,000 and $77,000.
The income tax expense of $7,000 and $13,000 for the three and nine months
ended September 30, 2004 consisted of $109,000 and $279,000 resulting from
the anticipated future utilization of an available federal tax loss
carryforward, net of the utilization of deferred tax benefit of $99,000 and
$249,000 and state income taxes of $17,000 and $43,000.


                  CONDENSED CONSOLIDATED BALANCE SHEET
                       AS OF SEPTEMBER 30, 2005

Current assets:
  Cash                                            $    418,000
  Accounts receivable, net                          11,601,000
  Other current assets                                 290,000
  Deferred income taxes                                429,000
                                                  ------------
Total current assets                                12,738,000

Deferred income taxes                                1,054,000

Fixed assets, net                                      316,000
                                                  ------------

Total assets                                      $ 14,108,000
                                                  ============

Current liabilities:
  Loan payable                                    $    747,000
  Accounts payable and accrued liabilities           7,436,000
                                                  ------------
Total current liabilities                            8,183,000

Stockholders' equity                                 5,925,000
                                                  ------------

Total liabilities and stockholders' equity        $ 14,108,000
                                                  ============

Contact Information

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