SOURCE: AutoInfo, Inc.

August 15, 2005 17:15 ET

AutoInfo, Inc. Reports Six Month Results and 71% Net Revenue Growth

BOCA RATON, FL -- (MARKET WIRE) -- August 15, 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 six months ended June 30, 2005. The Company reported gross revenues of $15.5 and $30.4 million for the three and six months ended June 30, 2005 as compared with $11.0 and $19.1 million for the prior year periods. Net revenues (gross revenues less the direct cost of transportation) were $2.9 and $6.0 million for the current year periods as compared with $2.0 and $3.5 for the prior year periods, increases of 44% and 71%, respectively. The Company reported income from operations before interest and other charges of $437,000 and $844,000 as compared with $290,000 and $479,000 for the prior year periods. Net income was $441,000 and $834,000 as compared with $271,000 and $447,000 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

                             Six Months Ended        Three Months Ended
                                 June 30                   June 30
                            2005         2004         2005         2004
                       ------------ ------------  -----------  -----------

Gross revenues         $ 30,392,000 $ 19,119,000  $15,477,000  $10,960,000
Cost of transportation   24,410,000   15,621,000   12,562,000    8,940,000
                       ------------ ------------  -----------  -----------

Net revenues              5,982,000    3,498,000    2,915,000    2,020,000
                       ------------ ------------  -----------  -----------

Income from operations      844,000      479,000      437,000      290,000
                       ------------ ------------  -----------  -----------

Income before
 income taxes               767,000      453,000      408,000      278,000
Income taxes (Note 1)       (67,000)       6,000      (33,000)       7,000
                       ------------ ------------  -----------  -----------

Net income             $    834,000 $    447,000  $   441,000  $   271,000
                       ============ ============  ===========  ===========

Net income per share:
   Basic               $        .03 $        .01  $       .01  $       .01
   Diluted             $        .02 $        .01  $       .01  $       .01
Weighted average number
of Common shares:
   Basic                 31,408,000   30,644,000   31,479,000   31,116,000
   Diluted               34,024,000   33,228,000   33,872,000   33,845,000

Note 1 - The income tax benefit of $33,000 and $67,000 for the three and
six months ended June 30, 2005 consisted of federal income taxes of
$141,000 and $262,000, state income taxes of $23,000 and 45,000, the
utilization of available federal tax loss carryforward of $141,000 and
$262,000 and the net increase in the deferred tax asset of $56,000 and
$112,000 based upon the anticipated additional utilization of available
federal tax loss carryforwards. The income tax expense of $7,000 and
$6,000 for the three and six months ended June 30, 2004 consisted of
federal income taxes of $91,000 and $150,000, state income taxes of
$16,000 and 26,000, the utilization of available federal tax loss
carryforward of $91,000 and $150,000 and the net increase in the deferred
tax asset of $9,000 and $20,000 based upon the anticipated additional
utilization of available federal tax loss carryforwards.


       CONDENSED CONSOLIDATED BALANCE SHEET
               AS OF JUNE 30, 2005

Current assets:
   Cash                            $       176,000
   Accounts receivable, net              8,644,000
   Other current assets                    279,000
   Deferred income taxes                   414,000
                                   ---------------
Total current assets                     9,513,000

Deferred income taxes                    1,019,000

Fixed assets, net                          219,000
                                   ---------------

Total assets                       $    10,751,000
                                   ===============

Current liabilities:
   Accounts payable and
    accrued liabilities            $     5,409,000
                                   ---------------
Total current liabilities                5,409,000

Stockholders' equity                     5,342,000
                                   ---------------

Total liabilities and
 stockholders' equity              $    10,751,000
                                   ===============

Contact Information

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