A few weeks ago I mentioned AUTO as a safe place to park some money and get some above average returns. Today's 9 month quarterly supports that notion. The P/E is still very low here.
AutoInfo, Inc. Announces Nine Month Results
Net Revenues Increase 39%; Income From Operations Increases 62%
AutoInfo, Inc. (OTCBB: AUTO), a non-asset based third party logistics service provider, today announced results of its operations for the quarter and nine month periods ended September 30, 2006.
For the nine months ended September 30, 2006, the Company reported gross revenues of $61.4 million as compared with $47.7 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $13.0 million for the current period as compared with $9.4 million for the prior year period, an increase of 39%. The Company reported income from operations of $2,227,000 for the current period as compared with $1,372,000 for the prior year period. Net income was $3,185,000 and basic earnings per share were $.10 per share for the current period, as compared with $1,414,000, or $.04 per share for the prior year period. Net income included a net tax benefit of $1,021,000, or $0.03 per share for the current period, resulting from the anticipated future utilization of an available federal tax loss carryforward, as compared with a net tax benefit of $84,000, or $0.01 per share for the prior year period.
For the three month period ended September 30, 2006, the Company reported gross revenues of $22.4 million as compared with $17.3 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $4.6 million for the current period as compared with $3.4 million for the prior year period, an increase of 34%. The Company reported income from operations of $786,000 for the current period as compared with $566,000 for the prior year period. Net income was $986,000 and basic earnings per share were $.03 per share for the current period, as compared with $580,000, or $.02 per share for the prior year period. Net income included a net tax benefit of $239,000, or $0.01 per share for the current period, resulting from the anticipated future utilization of an available federal tax loss carryforward, as compared with a net tax benefit of $17,000, or $0.00 per share for the prior year period.
Harry Wachtel, President, stated, "We are approaching the end of another record year. During the third quarter we continued to expand our agent network and furthered our commitment to technology that will result in operating efficiencies as well as provide our customers with real-time transaction information. We are pleased with our year over year results and look forward to further growth and expansion in 2007."
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. We have strategic alliances with less than truckload, contract carrier, common carriers and independent owner-operators to service our customers' needs quickly and effectively.
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