Message #1 From:
NewsBot Date: July 5, 2006 08:48:30 PM
AUTO AutoInfo, Stock Message Board, News, DD, Quote, Research
AutoInfo, Inc. Reports Nine Month Results and 60% Net Revenue Growth
AutoInfo, Inc. (OTC BB:AUTO stock message board), a non-asset based third party logistics service provider, today announced results of its operations for the three and nine months ended September 30, 2005. The Company reported gross revenues of $17.3 and $47.7 million for the three and nine months ended September 30, 2005 as compared with $12.9 and $32.1 million for the prior year periods. Net revenues (gross revenues less the direct cost of transportation) were $3.4 and $9.4 million for the current year periods as compared with $2.4 and $5.9 million for the prior year periods, increases of 43% and 60%, respectively. The Company reported income from operations before interest and other charges of $580,000 and $1,424,000 as compared with $312,000 and $791,000 for the prior year periods. Net income was $580,000 and $1,414,000 as compared with $278,000 and $725,000 for the prior year periods.
Harry Wachtel, President, stated, "We are pleased to report significant year-over-year as well as quarter-over-quarter gains as we continue the successful implementation of our strategic business model. We continue to strengthen and expand the network of agents and owner-operators throughout the United States and Canada that supports and maintains our business."
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, air freight and ocean freight. We have strategic alliances with less than truckload, truckload, air, rail and ocean common carriers to service our customers' needs quickly and effectively.
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, including The Company's ability to implement the Sunteck business plan and sustain profitability. Therefore, there can be no assurance that forward-looking statements will prove to be accurate.
AUTOINFO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Nine Months Ended Three Months Ended
September 30 September 30
2005 2004 2005 2004
---- ---- ---- ----
Gross revenues $ 47,728,000 $ 32,057,000 $ 17,336,000 $ 12,938,000
Cost of transportation 38,350,000 26,191,000 13,940,000 10,570,000
------------ ------------ ------------ ------------
Net revenues 9,378,000 5,866,000 3,396,000 2,368,000
------------ ------------ ------------ ------------
Income from operations 1,424,000 791,000 580,000 312,000
------------ ------------ ------------ ------------
Income before income
taxes 1,330,000 738,000 563,000 285,000
Income taxes (Note 1) (84,000) 13,000 (17,000) 7,000
------------ ------------ ------------ ------------
Net income $ 1,414,000 $ 725,000 $ 580,000 $ 278,000
============ ============ ============ ============
Net income per share:
Basic $ .04 $ .02 $ .02 $ .01
Diluted $ .04 $ .02 $ .02 $ .01
Weighted average number
of Common shares:
Basic 31,475,000 30,819,000 31,609,000 31,167,000
Diluted 33,924,000 33,327,000 33,722,000 33,525,000
Note 1 - The income tax benefit of $17,000 and $84,000 for the three and
nine months ended September 30, 2005 consisted of $239,000 and $613,000
resulting from the anticipated future utilization of an available federal
tax loss carryforward, net of the utilization of deferred tax benefit of
$190,000 and $452,000 and state income taxes of $32,000 and $77,000.
The income tax expense of $7,000 and $13,000 for the three and nine months
ended September 30, 2004 consisted of $109,000 and $279,000 resulting from
the anticipated future utilization of an available federal tax loss
carryforward, net of the utilization of deferred tax benefit of $99,000 and
$249,000 and state income taxes of $17,000 and $43,000.
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 2005
Current assets:
Cash $ 418,000
Accounts receivable, net 11,601,000
Other current assets 290,000
Deferred income taxes 429,000
------------
Total current assets 12,738,000
Deferred income taxes 1,054,000
Fixed assets, net 316,000
------------
Total assets $ 14,108,000
============
Current liabilities:
Loan payable $ 747,000
Accounts payable and accrued liabilities 7,436,000
------------
Total current liabilities 8,183,000
Stockholders' equity 5,925,000
------------
Total liabilities and stockholders' equity $ 14,108,000
