Message #5 From:
NewsBot Date: April 23, 2008 11:58:26 PM
AutoInfo, Inc. Announces 2007 Year End Financial Results
AutoInfo, Inc. Announces 2007 Year End Financial Results
Net Revenues Increase 20%
AutoInfo, Inc. (OTCBB: AUTO), a non-asset
based third party logistics service provider, today announced results of
its operations for the year ended December 31, 2007. The Company reported
gross revenues of $110.3 million as compared with $84.1 million for the
prior year. Net revenues (gross revenues less the direct cost of
transportation) were $21.3 million as compared with $17.7 million for the
prior year. The Company reported net income of $1.6 million or basic
earnings per share of $.05, as compared with $3.6 million or $.11 per share
for the prior year. Net income for the year ended December 31, 2007
included a tax expense of $1,066,000 as compared to a net tax benefit of
$882,000 for the year ended December 31, 2006, resulting from the
anticipated future utilization of an available federal tax loss
carryforward.
Harry Wachtel, President, stated, "2007 was another year of achievement,
significant revenue growth and expansion of our agent network and
transportation services. During 2007, we made significant investments in
our management team and technology to position us for the future. Our
success has been driven by the addition of new agent offices, the organic
growth of our organization and expansion of our transportation services. We
will continue to leverage our business model during 2008 and continue to
explore expansion and growth opportunities."
AutoInfo, Inc., operating through its Sunteck subsidiary, is a non-asset
based transportation services company, providing transportation capacity
and related transportation services to shippers throughout the United
States, and to a lesser extent, Canada. Our non-asset based services
include ground transportation coast to coast, local pick up and delivery.
We have strategic alliances with less than truckload, contract carrier,
common carriers and independent owner-operators to service our customers'
needs quickly and effectively.
