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It looks forced, but I'll need to see the balance sheet for Q2.
I sold the last of my shares after the Q1 numbers in May, but I still keep a close eye on AUTO.
AUTO..$0.5987
The question is was this a forced marrage between the creditor and the lender or was this an accretive marrage.. As the debt seems to be a large part of the transaction,, what is the true value of the marrage.. Also what is the possibility of any w/o or write down of acquired assets and what are the shape of the acquired recievables.. hank
Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibit
Item 2.01. Completion of Acquisition or Disposition of Assets.
On July 8, 2011 (the "Closing Date"), AutoInfo, Inc. ("AutoInfo") entered and consummated the transactions contemplated by an Asset Purchase Agreement (the "Acquisition Agreement"), dated as of July 8, 2011, by and among AutoInfo and its affiliated entities, on the one hand, and Eleets Transportation Company, Inc. a Florida corporation ("Seller") and Allen J. Steele, on the other hand, for the acquisition of substantially all of the operating assets of the Seller's truck agent business division (the "Truck Agent Business Unit"). The Truck Agent Business Unit was historically operated as a division of the Seller.
Prior to the acquisition, and since 2007, the Seller was a significant independent agent of AutoInfo to which AutoInfo provided agent support services, including loans and advances. AutoInfo received interest on the loans and advances extended to the Seller at rates ranging from 8% to 20%. In addition, AutoInfo was entitled to receive a fee equal to 25% of the Seller's pre-tax income, if any; however, no pre-tax income was generated by the Seller during the periods preceding the Closing Date. Pursuant to the Acquisition Agreement all previous contractual arrangements between AutoInfo and its affiliated entities and the Seller were terminated. AutoInfo will continue to provide Seller with certain support services for its asset based trucking business and brokerage business through December 31, 2011. Other than those contractual arrangements, there is no affiliation between the Seller and AutoInfo.
Under the terms of the Acquisition Agreement, AutoInfo acquired from the Seller all of Seller's right, title and interest in and to all of the assets and properties, tangible and intangible, owned, held or used in connection with the Truck Agent Business Unit. The purchase price for the acquired assets totaled approximately $10 million and principally consisted of an unconditional release and discharge of the Seller from approximately $9.4 million of indebtedness due to AutoInfo and its affiliated entities plus the assumption of certain liabilities.
The foregoing description of the Acquisition Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Acquisition Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
...yup...turns out there was no need to top anything. Anyway, it wsa only a few shares.
best.
So,,, That was you topping my $0.5828 bid.. hank
ok, full disclosure, I also bought higher earlier, some at .583 in the morning.
best.
I was also lurking and bought some @ $0.5958 and $0.50.. Brings my Ave down to $0.542.. have been able to rebuy all shares I sold on the move into the $0.80's.. Wash and Rinse on this one.. It seems to happen every 3 or 4 MO's that someone wants out with a block at a real discount.. hank
I purchased most at $0.50 but I also purchased some at $0.59 and $0.593.
I bought 10000 more at .50,
hope there's nothing to that big ass volume selloff.
best.
I added a big chunk of shares of AUTO to my pile of shares. At $0.50/share it is trading at a significant discount to BV which is $0.65/share. It is trading at roughly 5x trailing 12 month earnings and probably 4x forward earnings. Also, FedEx had a nice report this morning.
Here is some more DD on AUTO:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=63657368
This selloff in AUTO seems downright silly especially in light of the news in the sector.
Couple of Trucking articles from today...
June 22, 2011, 10:19 a.m. EDT
FedEx profits rise on freight turnaround
Next-year outlook bridges Wall Street view
http://www.marketwatch.com/story/fedex-profits-rise-as-global-trade-gains-steam-2011-06-22?siteid=yhoof
Wall Street Journal
June 22, 2011, 10:36 AM ET.
What Soft Patch? Transports Keep Truckin'
http://blogs.wsj.com/marketbeat/2011/06/22/what-soft-patch-transports-keep-truckin/?mod=yahoo_hs
AUTO is a stock I like for its long term low risk but nice upside potential. Here's why:
(1) AUTO has been consistently growing the top and bottom line for over 10+ years. To truly appreciate how well management has done, one needs to go through every single 10Q and 10K for the last 10 years and see that, over time, they have consistently grown this over the years.
(2) They have grown the company to the point where the bottom line is capable of increasing very easily. Current earnings already justify a higher stock price than current IMO and any growth adds to the potential. The downside risk is minimal IMO of current earnings and growth disappointing over time and is cheap vs. the stock price.
(3) Management made some bullish comments in the most recent earnings report. Management has a long history of delivering on their bullish outlook.
(4) AUTO is barely trading over book value so it's cheap based on that as well.
(5) I really like the industry (trucking) they are in as I've been reading a lot about it booming recently.
AUTO is one of my favorites and I think will likely double in the next year. They are a non-asset based transportation services company. Here are some reasons I like AUTO:
1. AUTO has 5 consecutive quarters of year-over-year earnings growth and 6 consecutive quarters of year-over-year revenue growth. That is a trend I expect to continue.
2. In the PR for the Q1 earnings report they bullishly stated: "We are poised to continue to capitalize on the improved business environment and will continue to expand our agent network and to seek out strategic growth opportunities."
3. They have trailing twelve month earnings of $0.095 so they are trading with a trailing PE of only 7.
4. They have a nice balance sheet with book value of $0.65/share.
5. I have a friend that is a manager in the trucking business and he has been very, very busy.
AutoInfo, Inc. Announces Quarterly Results
On Friday May 13, 2011, 8:00 am
BOCA RATON, FL--(Marketwire - 05/13/11) - AutoInfo, Inc. (OTC.BB:AUTO - News), a non-asset based third party logistics service provider, today announced results of its operations for the quarter ended March 31, 2011. The Company reported gross revenues of $75.5 million as compared with $56.9 million for the prior year period. Gross profit was $13.7 million for the current period as compared with $10.9 million for the prior year period. Net income and basic earnings per share were $661,000 and $.02 per share, respectively, as compared with $425,000 and $.01 per share for the prior year period.
Harry Wachtel, President, stated, "We are pleased to report first quarter results reflecting significant increases in revenues and profits over the prior year period. In 2010, we broadened our service lines and expanded our agent network and we continue to focus on opportunities through both intrinsic and external growth. During the quarter, we experienced an increase in transportation costs as a direct result of the increase in fuel prices, which have stabilized. We are poised to continue to capitalize on the improved business environment and will continue to expand our agent network and to seek out strategic growth opportunities."
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 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. This segment also includes potential revenues related to profit participations and realization on options to acquire equity that we may receive related to a loan or advance extended to an agent.
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 THREE MONTHS ENDED MARCH 31, 2011 AND 2010
(Unaudited)
2011 2010
------------ ------------
Gross revenue $ 75,479,000 $ 56,915,000
------------ ------------
Gross profit 13,692,000 10,892,000
------------ ------------
Income before income taxes 1,079,000 700,000
Income taxes 418,000 275,000
------------ ------------
Net income $ 661,000 $ 425,000
============ ============
Net income per share - basic and diluted $ .02 $ .01
============ ============
Weighted average number of shares (basic) 33,604,000 33,496,000
------------ ------------
Weighted average number of shares (diluted) 35,315,000 34,361,000
------------ ------------
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2011 AND DECEMBER 31, 2010
March 31, December 31,
2011 2010
------------ ------------
(Audited)
Current assets:
Cash and cash equivalents $ 203,000 $ 316,000
Accounts receivable, net 46,840,000 49,736,000
Current portion of advances and other assets 1,672,000 2,117,000
Prepaid expenses 1,396,000 1,139,000
Deferred income taxes 135,000 135,000
------------ ------------
Total current assets 50,246,000 53,443,000
Other assets 13,968,000 13,284,000
------------ ------------
Total assets $ 64,214,000 $ 66,727,000
============ ============
Current liabilities:
Accounts payable and accrued liabilities $ 24,267,000 $ 23,188,000
Loan payable 18,130,000 22,432,000
Stockholders' equity 21,817,000 21,107,000
------------ ------------
Total liabilities and stockholders' equity $ 64,214,000 $ 66,727,000
============ ============
AutoInfo, Inc. Announces Increase in Credit Facility With Regions Bank
On Tuesday May 3, 2011, 8:00 am
BOCA RATON, FL--(Marketwire - 05/03/11) - AutoInfo, Inc. (OTC.BB:AUTO - News), a non-asset based third party logistics service provider, today announced that it has entered into a modification agreement with respect to its credit facility with Regions Bank, increasing the facility from $30 to $35 Million. The amended credit facility provides for interest at LIBOR plus from 1.75% to 2.25% based upon certain financial ratios, eliminates the interest rate floor of 3% and matures on June 30, 2014.
Harry Wachtel, President, stated, "We are extremely pleased to announce we have secured this increase in our facility and we value our relationship with Regions Bank. The completion of this transaction is a reflection on our growth, strong financial position and track record. This credit facility will support our working capital needs as we continue to grow and implement our business strategies. In addition, it will enable us to seek out acquisitions and other expansion opportunities that will, in conjunction with the expansion of our agent network, fuel our future growth."
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.
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.
Contact:
Contact:
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201
AUTO is part of The SwingTrade Portfolio which is up 38.2% YTD and 148.4% since October 1, 2009 inception.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=62605868
I added a considerable number of shares to my holdings today.
AutoInfo, Inc. Announces 2010 Year End Results
On Friday March 18, 2011, 8:00 am EDT
BOCA RATON, FL--(Marketwire - 03/18/11) - AutoInfo, Inc. (OTC.BB:AUTO - News), a non-asset based third party logistics service provider, today announced results of its operations for the year ended December 31, 2010. The Company reported gross revenues of $279.7 million as compared with $183.9 million for the prior year. Gross profit was $53.6 million as compared with $37.2 million for the prior year. The Company reported net income of $3.1 million or basic earnings per share of $.09, as compared with $1.4 million or $.04 per share for the prior year.
Harry Wachtel, President, stated, "2010 was a most rewarding year. As we began recovering from the downturn in the economy, we broadened our service lines and expanded our agent network. We have focused on opportunities through both intrinsic and external growth. In 2010, we experienced growth in all of our business lines and service offerings. We are poised to capitalize on an improved business environment and we will continue our agent network expansion efforts and seek out strategic growth opportunities."
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 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. This segment also includes potential revenues related to profit participations and realization on options to acquire equity that we may receive related to a loan or advance extended to an agent.
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, 2010 AND 2009
2010 2009
---------------------- ----------------------
Gross revenues $ 279,701,000 $ 183,899,000
---------------------- ----------------------
Gross profit 53,608,000 37,178,000
---------------------- ----------------------
Income from operations 5,676,000 2,828,000
---------------------- ----------------------
Income before income taxes 4,975,000 2,350,000
Income taxes 1,920,000 932,000
---------------------- ----------------------
Net income $ 3,055,000 $ 1,418,000
====================== ======================
Net income per share basic and
diluted $ .09 $ .04
====================== ======================
Weighted average number of
shares (basic) 33,500,000 32,997,000
---------------------- ----------------------
Weighted average number of
shares (diluted) 34,490,000 34,263,000
---------------------- ----------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2010 AND 2009
2010 2009
---------------------- ----------------------
Current assets:
Cash and cash equivalents $ 316,000 $ 67,000
Accounts receivable, net 49,736,000 36,068,000
Deferred income taxes 135,000 985,000
Other current assets 3,256,000 4,365,000
---------------------- ----------------------
Total current assets 53,443,000 41,485,000
Other assets 13,284,000 12,720,000
---------------------- ----------------------
Total assets $ 66,727,000 $ 54,205,000
====================== ======================
Current liabilities:
Accounts payable and accrued
liabilities $ 23,188,000 $ 17,631,000
Loan payable 22,432,000 18,650,000
Stockholders' equity 21,107,000 17,924,000
---------------------- ----------------------
Total liabilities and
stockholders' equity $ 66,727,000 $ 54,205,000
====================== ======================
This was a nice part of the PR today: "We are poised to capitalize on an improved business environment and we will continue our agent network expansion efforts and seek out strategic growth opportunities."
AUTO posted their Q4 press release today and filed their 10-K last night. I added a bunch of shares because of the nice result.
AUTO is one of my favorites stock which I think has good odds of doubling from the last price of $0.77. Here is why I like AUTO:
1. AUTO made $0.031/share in the most recent quarter and $0.09/share for 2010. Based upon those earnings it is cheap at the current price of $0.77/share.
2. AUTO has sequentially grown revenue and earnings in each of the most recent three quarters and has grown revenue on a YOY basis for the past 5 quarters. Also, a growing economy will tend to grow this non-asset based transportation services company.
3. AUTO has a solid balance sheet including a tangible book value of $0.63/share.
4. AUTO had bullish comments in their Q4 press release. They stated: "2010 was a most rewarding year. As we began recovering from the downturn in the economy, we broadened our service lines and expanded our agent network. We have focused on opportunities through both intrinsic and external growth. In 2010, we experienced growth in all of our business lines and service offerings. We are poised to capitalize on an improved business environment and we will continue our agent network expansion efforts and seek out strategic growth opportunities."
AUTO $0.61 Chart...
Nice progression in earnings for this logistic transporter.. Growth is on an upswing and should continue if the economy continues to rebound.. hank
AUTO $0.61 DD Announces Quarterly Results 11/05/10
AutoInfo, Inc. Announces Third Quarter Results
Market Wire - Nov 05 at 09:44
Company Symbols: NASDAQ-OTCBB:AUTO
BOCA RATON, FL -- (MARKET WIRE) -- 11/05/10 -- AutoInfo, Inc. (OTCBB: AUTO), a non-asset based third party logistics service provider, today announced results of its operations for the quarter and nine months ended September 30, 2010.
For the nine months ended September 30, 2010, the Company reported gross revenues of $200.4 million as compared with $128.6 million for the same prior year period. Gross profits were $38.3 million for the current period as compared with $25.8 million for the same prior year period. Net income was $1,985,000 and basic earnings per share were $.06 per share for the current year period, as compared with $966,000 and $.03 per share for the same prior year period.
For the three month period ended September 30, 2010, the Company reported gross revenues of $73.9 million as compared with $49.2 million for the same prior year period. Gross profits were $14.4 million for the current year period as compared with $9.3 million for the same prior year period. Net income was $833,000 and basic earnings per share were $.02 per share for the current year period, as compared with $358,000 and $.01 per share for the same prior year period.
"As we approach the end of 2010, we are pleased to report strong results as we continue to recover from the economic downturn. In 2010, we have broadened our service lines and expanded our agent network as we have focused on both intrinsic and external growth. As we look to the future, we expect to continue to build on our core strengths and seek out strategic growth opportunities," stated the President of AutoInfo, Harry Wachtel.
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 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. This segment also includes potential revenues related to profit participations and realization on options to acquire equity that we may receive related to a loan or advance extended to an agent.
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
Nine Months Ended Three Months Ended
September 30 September 30
2010 2009 2010 2009
------------- ------------- ------------- -------------
Gross revenues $ 200,439,000 $ 128,637,000 $ 73,963,000 $ 49,209,000
------------- ------------- ------------- -------------
Gross profit 38,339,000 25,828,000 14,389,000 9,346,000
------------- ------------- ------------- -------------
Income before
income taxes 3,240,000 1,631,000 1,353,000 613,000
Income taxes 1,255,000 665,000 520,000 255,000
------------- ------------- ------------- -------------
Net income $ 1,985,000 $ 966,000 $ 833,000 $ 358,000
============= ============= ============= =============
Net income per
share:
Basic $ .06 $ .03 $ .02 $ .01
Diluted $ .06 $ .03 $ .02 $ .01
Weighted average
number of Common
shares:
Basic 33,496,000 32,946,000 33,496,000 32,946,000
Diluted 34,549,000 34,239,000 34,591,000 34,352,000
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2010 AND DECEMBER 31, 2009
September 30, December 31,
2010 2009
------------- -------------
(Audited)
Current assets:
Cash and cash equivalents $ 74,000 $ 67,000
Accounts receivable, net 44,613,000 36,068,000
Deferred income taxes - 985,000
Prepaid expenses 1,891,000 1,182,000
Current portion of advances and other assets 2,106,000 3,183,000
------------- -------------
Total current assets 48,684,000 41,485,000
Other assets 12,674,000 12,720,000
------------- -------------
Total assets $ 61,358,000 $ 54,205,000
============= =============
Current liabilities:
Accounts payable and accrued liabilities $ 21,234,000 $ 17,631,000
Loan payable 20,120,000 18,650,000
Stockholders' equity 20,004,000 17,924,000
------------- -------------
Total liabilities and stockholders' equity $ 61,358,000 $ 54,205,000
============= =============
Contact:
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201
AUTO $0.61 DD Announces Quarterly Results 11/05/10
AutoInfo, Inc. Announces Third Quarter Results
Market Wire - Nov 05 at 09:44
Company Symbols: NASDAQ-OTCBB:AUTO
BOCA RATON, FL -- (MARKET WIRE) -- 11/05/10 -- AutoInfo, Inc. (OTCBB: AUTO), a non-asset based third party logistics service provider, today announced results of its operations for the quarter and nine months ended September 30, 2010.
For the nine months ended September 30, 2010, the Company reported gross revenues of $200.4 million as compared with $128.6 million for the same prior year period. Gross profits were $38.3 million for the current period as compared with $25.8 million for the same prior year period. Net income was $1,985,000 and basic earnings per share were $.06 per share for the current year period, as compared with $966,000 and $.03 per share for the same prior year period.
For the three month period ended September 30, 2010, the Company reported gross revenues of $73.9 million as compared with $49.2 million for the same prior year period. Gross profits were $14.4 million for the current year period as compared with $9.3 million for the same prior year period. Net income was $833,000 and basic earnings per share were $.02 per share for the current year period, as compared with $358,000 and $.01 per share for the same prior year period.
"As we approach the end of 2010, we are pleased to report strong results as we continue to recover from the economic downturn. In 2010, we have broadened our service lines and expanded our agent network as we have focused on both intrinsic and external growth. As we look to the future, we expect to continue to build on our core strengths and seek out strategic growth opportunities," stated the President of AutoInfo, Harry Wachtel.
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 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. This segment also includes potential revenues related to profit participations and realization on options to acquire equity that we may receive related to a loan or advance extended to an agent.
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
Nine Months Ended Three Months Ended
September 30 September 30
2010 2009 2010 2009
------------- ------------- ------------- -------------
Gross revenues $ 200,439,000 $ 128,637,000 $ 73,963,000 $ 49,209,000
------------- ------------- ------------- -------------
Gross profit 38,339,000 25,828,000 14,389,000 9,346,000
------------- ------------- ------------- -------------
Income before
income taxes 3,240,000 1,631,000 1,353,000 613,000
Income taxes 1,255,000 665,000 520,000 255,000
------------- ------------- ------------- -------------
Net income $ 1,985,000 $ 966,000 $ 833,000 $ 358,000
============= ============= ============= =============
Net income per
share:
Basic $ .06 $ .03 $ .02 $ .01
Diluted $ .06 $ .03 $ .02 $ .01
Weighted average
number of Common
shares:
Basic 33,496,000 32,946,000 33,496,000 32,946,000
Diluted 34,549,000 34,239,000 34,591,000 34,352,000
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2010 AND DECEMBER 31, 2009
September 30, December 31,
2010 2009
------------- -------------
(Audited)
Current assets:
Cash and cash equivalents $ 74,000 $ 67,000
Accounts receivable, net 44,613,000 36,068,000
Deferred income taxes - 985,000
Prepaid expenses 1,891,000 1,182,000
Current portion of advances and other assets 2,106,000 3,183,000
------------- -------------
Total current assets 48,684,000 41,485,000
Other assets 12,674,000 12,720,000
------------- -------------
Total assets $ 61,358,000 $ 54,205,000
============= =============
Current liabilities:
Accounts payable and accrued liabilities $ 21,234,000 $ 17,631,000
Loan payable 20,120,000 18,650,000
Stockholders' equity 20,004,000 17,924,000
------------- -------------
Total liabilities and stockholders' equity $ 61,358,000 $ 54,205,000
============= =============
Contact:
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201
AUTO $0.61 DD Announces Quarterly Results 08/11/10
AutoInfo, Inc. Announces Second Quarter Results
Market Wire - Aug 11 at 08:00
Company Symbols: NASDAQ-OTCBB:AUTO
BOCA RATON, FL -- (MARKET WIRE) -- 08/11/10 -- 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, 2010.
For the six months ended June 30, 2010, the Company reported gross revenues of $126.5 million as compared with $79.4 million for the prior year period. Gross profits were $24.0 million for the current period as compared with $16.5 million for the prior year period. Net income was $1,153,000 and basic earnings per share were $.03 per share for the current period, as compared with $608,000 and $.02 per share for the prior year period.
For the three month period ended June 30, 2010, the Company reported gross revenues of $69.6 million as compared with $44.1 million for the prior year period. Gross profits were $13.1 million for the current period as compared with $8.7 million for the prior year period. Net income was $728,000 and basic earnings per share were $.02 per share for the current period, as compared with $390,000 and $.01 per share for the prior year period.
Harry Wachtel, President, stated, "We are pleased with the results for the first half of 2010. As the economic recovery continues, we expect to continue to expand our agent network and broaden our transportation and logistic service lines as well as seek out other strategic growth opportunities."
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 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. This segment also includes potential revenues related to profit participations and realization on options to acquire equity that we may receive related to a loan or advance extended to an agent.
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
2010 2009 2010 2009
------------- ------------- ------------- -------------
Gross revenues $ 126,476,000 $ 79,428,000 $ 69,561,000 $ 44,116,000
------------- ------------- ------------- -------------
Gross profit 23,950,000 16,482,000 13,058,000 8,720,000
------------- ------------- ------------- -------------
Income before income
taxes 1,887,000 1,017,000 1,187,000 645,000
Income taxes 734,000 409,000 459,000 255,000
------------- ------------- ------------- -------------
Net income $ 1,153,000 $ 608,000 $ 728,000 $ 390,000
============= ============= ============= =============
Net income per share:
Basic $ .03 $ .02 $ .02 $ .01
Diluted $ .03 $ .02 $ .02 $ .01
Weighted average
number of Common
shares:
Basic 33,496,000 32,946,000 33,496,000 32,946,000
Diluted 34,548,000 34,182,000 34,711,000 34,664,000
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2010 AND DECEMBER 31, 2009
June 30, December 31,
2010 2009
--------------- --------------
(Audited)
Current assets:
Cash and cash equivalents $ 70,000 $ 67,000
Accounts receivable, net 43,897,000 36,068,000
Deferred income taxes 358,000 985,000
Prepaid expenses 1,588,000 1,182,000
Current portion of advances and other
assets 2,905,000 3,183,000
--------------- --------------
Total current assets 48,818,000 41,485,000
Other assets 12,841,000 12,720,000
--------------- --------------
Total assets $ 61,659,000 $ 54,205,000
=============== ==============
Current liabilities:
Accounts payable and accrued liabilities $ 20,511,000 $ 17,631,000
Loan payable 22,008,000 18,650,000
Stockholders' equity 19,140,000 17,924,000
--------------- --------------
Total liabilities and stockholders' equity $ 61,659,000 $ 54,205,000
=============== ==============
Contact:
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201
AUTO $0.61 DD Announces Quarterly Results 05/17/10
AutoInfo, Inc. Announces Quarterly Results
Market Wire - May 17 at 08:00
Company Symbols: NASDAQ-OTCBB:AUTO
BOCA RATON, FL -- (MARKET WIRE) -- 05/17/10 -- AutoInfo, Inc. (OTCBB: AUTO), a non-asset based third party logistics service provider, today announced results of its operations for the quarter ended March 31, 2010. The Company reported gross revenues of $56.9 million as compared with $35.3 million for the prior year period. Gross profit was $10.9 million for the current period as compared with $7.8 million for the prior year period. Net income and basic earnings per share were $425,000 and $.01 per share, respectively, as compared with $219,000 and $ .01 per share for the prior year period.
Harry Wachtel, President, stated, "We are pleased to report an increase in gross revenues and profits as we move through this time of economic recovery. While this trend is a positive sign, there are no assurances that it is indicative of future results. We did experience an increase in the cost of purchased transportation during the quarter caused by an increased demand for transportation and a decrease in available capacity. We are poised to capitalize in an improved business environment and we will continue our agent network expansion efforts and seek out strategic growth opportunities."
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 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. This segment also includes potential revenues related to profit participations and realization on options to acquire equity that we may receive related to a loan or advance extended to an agent.
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 THREE MONTHS ENDED MARCH 31, 2010 AND 2009
(Unaudited)
2010 2009
------------ ------------
Gross revenue $ 56,915,000 $ 35,313,000
------------ ------------
Net revenue 10,892,000 7,762,000
------------ ------------
Income before income taxes 700,000 373,000
Income taxes 275,000 154,000
------------ ------------
Net income $ 425,000 $ 219,000
============ ============
Net income per share - basic and diluted $ .01 $ .01
============ ============
Weighted average number of shares (basic) 33,496,000 32,947,000
------------ ------------
Weighted average number of shares (diluted) 34,361,000 33,705,000
------------ ------------
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2010 AND DECEMBER 31, 2009
March 31, December 31,
2010 2009
------------ ------------
(Audited)
Current assets:
Cash and cash equivalents $ 441,000 $ 67,000
Accounts receivable, net 38,476,000 36,068,000
Deferred income taxes 750,000 985,000
Prepaid expenses 1,486,000 1,182,000
Current portion of advances and other assets 2,786,000 3,183,000
------------ ------------
Total current assets 43,939,000 41,485,000
Other assets 13,523,000 12,720,000
------------ ------------
Total assets $ 57,462,000 $ 54,205,000
============ ============
Current liabilities:
Accounts payable and accrued liabilities $ 19,134,000 $ 17,631,000
Loan payable 19,947,000 18,650,000
Stockholders' equity 18,381,000 17,924,000
------------ ------------
Total liabilities and stockholders' equity $ 57,462,000 $ 54,205,000
============ ============
Contact:
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201
AUTO and NMKT are two OB stocks that are showing great across the line growth and Im very proud of them both. Everyone hold on to your hoarses!
Welcome to the AUTO board. I purchased AUTO in 99 when it was going downhill and through bankrupcy and then purchased as a shell to the now successful company. This isn't a rah-rah board but bashing will not be tolerated.
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AutoInfo, Inc., through its subsidiaries, operates as a non-asset based transportation services company in the United States and Canada. It offers transportation capacity and related transportation services to shippers. The company?s services include ground transportation coast to coast, local pick up and delivery, air freight, and ocean freight, as well as warehousing and distribution services. It provides brokerage and contract carrier transportation services through strategic alliances with less than truckload, truckload, air, rail, ocean common carriers, and independent owner-operators. The company?s business services emphasize safety, information coordination, and customer service through a network of independent commissioned sales agents and third party capacity providers. AutoInfo was founded in 1976.
http://suntecktransportgroup.com/
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