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
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
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