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
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Gross revenues $ 279,701,000 $ 183,899,000
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Gross profit 53,608,000 37,178,000
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Income from operations 5,676,000 2,828,000
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Income before income taxes 4,975,000 2,350,000
Income taxes 1,920,000 932,000
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Net income $ 3,055,000 $ 1,418,000
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Net income per share basic and
diluted $ .09 $ .04
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Weighted average number of
shares (basic) 33,500,000 32,997,000
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Weighted average number of
shares (diluted) 34,490,000 34,263,000
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CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2010 AND 2009
2010 2009
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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
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Total current assets 53,443,000 41,485,000
Other assets 13,284,000 12,720,000
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Total assets $ 66,727,000 $ 54,205,000
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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
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Total liabilities and
stockholders' equity $ 66,727,000 $ 54,205,000
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Contact:
Contact:
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201
