SOURCE: AutoInfo, Inc.

May 12, 2005 11:30 ET

AutoInfo, Inc. Reports Quarterly Results and 108% Net Revenue Growth

BOCA RATON, FL -- (MARKET WIRE) -- May 12, 2005 -- AutoInfo, Inc. (OTC BB: AUTO), a non-asset based third party logistics service provider, today announced results of its operations for the quarter ended March 31, 2005. The Company reported gross revenues of $14.9 million as compared with $8.2 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $3,067,000 for the current period as compared with $1,478,000 for the prior year period, an increase of 108%. The Company reported income from operations before interest and other charges of $407,000 as compared with $189,000 for the prior year period. Net income was $393,000 as compared with $176,000 for the prior year period.

Harry Wachtel, President, stated, "We are pleased to report significant year-over-year gains as we continue the successful implementation of our strategic business model. We have strengthened and enhanced the network of agents and owner-operators throughout the United States and Canada that supports and maintains our brokerage services and contract carrier business. As we build upon this business platform, we enhance our market penetration and position ourselves for future growth."

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
     FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004

                                 2005            2004
                            -------------   -------------
Gross revenue               $  14,915,000   $   8,159,000
                            -------------   -------------

Net revenue                     3,067,000       1,478,000
                            -------------   -------------

Income from operations            407,000         189,000
                            -------------   -------------

Income before income
 taxes                            359,000         175,000
Income taxes
 (benefit) (Note 1)               (34,000)         (1,000)
                            -------------   -------------

Net income                  $     393,000   $     176,000
                            =============   =============

Basic and diluted
 income per share           $         .01   $         .01
                            =============   =============

Weighted average number
 of shares outstanding
 (basic)                       31,338,000      30,172,000
                            -------------   -------------
Weighted average number
 of shares outstanding
 (diluted)                     34,177,000      32,611,000
                            -------------   -------------

Note 1 - The income tax benefit of $34,000 for the quarter ended March 31,
2005 consisted of $177,000 resulting from the anticipated future
utilization of an available federal tax loss carryforward, net of
the amortization of deferred tax benefit of $121,000 and state income
taxes of $22,000. The income tax benefit of $1,000 for the quarter ended
March 31, 2004 consisted of $70,000 resulting from the anticipated future
utilization of an available federal tax loss carryforward, net of the
amortization of deferred tax benefit of $59,000 and state income taxes of
$10,000.


             CONDENSED CONSOLIDATED BALANCE SHEET
                     AS OF MARCH 31, 2005

Current assets:
   Cash                       $     51,000
   Accounts receivable           9,557,000
   Other current assets            331,000
   Deferred income taxes           391,000
                              ------------
Total current assets            10,330,000

Deferred income taxes              986,000

Other assets                       196,000
                              ------------

Total assets                  $ 11,512,000
                              ============

Current liabilities:
   Loan payable               $  1,753,000
   Accounts payable and
    accrued liabilities          4,914,000
                              ------------
Total current liabilities        6,667,000

Stockholders' equity             4,845,000
                              ------------

Total liabilities and
 stockholders' equity         $ 11,512,000
                              ============

Contact Information

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