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
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Gross revenue $ 75,479,000 $ 56,915,000
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Gross profit 13,692,000 10,892,000
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Income before income taxes 1,079,000 700,000
Income taxes 418,000 275,000
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Net income $ 661,000 $ 425,000
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Net income per share - basic and diluted $ .02 $ .01
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Weighted average number of shares (basic) 33,604,000 33,496,000
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Weighted average number of shares (diluted) 35,315,000 34,361,000
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CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2011 AND DECEMBER 31, 2010
March 31, December 31,
2011 2010
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(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
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Total current assets 50,246,000 53,443,000
Other assets 13,968,000 13,284,000
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Total assets $ 64,214,000 $ 66,727,000
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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
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Total liabilities and stockholders' equity $ 64,214,000 $ 66,727,000
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Contact:
Contact:
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201
AI
