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
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