AutoInfo, Inc. Announces Second Quarter Results
On Monday August 8, 2011, 8:00 am
BOCA RATON, FL--(Marketwire -08/08/11)- AutoInfo, Inc. (OTC.BB: AUTO.OB - News), a non-asset based transportation services company, today announced results of its operations for the quarter and six months ended June 30, 2011.
For the six months ended June 30, 2011, the Company reported gross revenues of $162.4 million as compared with $126.5 million for the prior year period. Income from operations was $2.8 million as compared with $2.2 million for the prior year period. Net income was $1,565,000 and basic earnings per share were $.05 per share for the current period, as compared with $1,153,000 and $.03 per share for the prior year period.
For the three month period ended June 30, 2011, the Company reported gross revenues of $87.0 million as compared with $69.6 million for the prior year period. Income from operations was $1.6 million as compared with $1.4 million for the prior year period. Net income was $905,000 and basic earnings per share were $.03 per share for the current period, as compared with $728,000 and $.02 per share for the prior year period.
Harry Wachtel, President, stated, "We are pleased to report second quarter and six month results reflecting significant increases in revenues and profits over the prior year period. In 2011, we have continued to broaden our service lines and expand our agent network as we continue to focus on opportunities through both intrinsic and external growth. In July we acquired the non-asset based truck agent business unit from a significant agent. This business unit has a seasoned and talented management team, 16 independent sales agents and over 300 owner-operators. We are excited about this new growth opportunity and are poised to continue to broaden our transportation service offerings, 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 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
2011 2010 2011 2010
-------------- -------------- ------------- -------------
Gross revenues $ 162,444,000 $ 126,476,000 $ 86,965,000 $ 69,561,000
-------------- -------------- ------------- -------------
Income from
operations 2,832,000 2,241,000 1,592,000 1,380,000
-------------- -------------- ------------- -------------
Income before
income taxes 2,549,000 1,887,000 1,470,000 1,187,000
Income taxes 984,000 734,000 565,000 459,000
-------------- -------------- ------------- -------------
Net income $ 1,565,000 $ 1,153,000 $ 905,000 $ 728,000
============== ============== ============= =============
Net income per
share:
Basic $ .05 $ .03 $ .03 $ .02
Diluted $ .04 $ .03 $ .03 $ .02
Weighted average
number of Common
shares:
Basic 33,760,000 33,496,000 33,916,000 33,496,000
Diluted 35,415,000 34,548,000 35,515,000 34,711,000
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2011 AND DECEMBER 31, 2010
June 30, December 31,
2011 2010
-------------- --------------
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $ 375,000 $ 316,000
Accounts receivable, net 50,083,000 49,736,000
Current portion of advances and other assets 10,615,000 2,117,000
Prepaid expenses 1,535,000 1,139,000
Deferred income taxes 135,000 135,000
-------------- --------------
Total current assets 62,743,000 53,443,000
Other assets 5,268,000 13,284,000
-------------- --------------
Total assets $ 68,011,000 $ 66,727,000
============== ==============
Current liabilities:
Accounts payable and accrued liabilities $ 26,229,000 $ 23,188,000
Loan payable 19,028,000 22,432,000
Stockholders' equity 22,754,000 21,107,000
-------------- --------------
Total liabilities and stockholders' equity $ 68,011,000 $ 66,727,000
============== ==============
Contact:
Contact:
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201
