News on AUTO: AutoInfo, Inc. Announces 2011 Year End Results

BOCA RATON, FL – 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, 2011. The Company reported gross revenues of $320.0 million as compared with $279.7 million for the prior year. Income from operations was $6.4 million as compared with $5.7 million for the prior year. The Company reported net income of $3.6 million or basic earnings per share of $.11, as compared with $3.1 million or $.09 per share for the prior year.

Harry Wachtel, President, stated, “We are pleased to report significant increases in revenues and profitability for 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 2011, we acquired the truck agent business unit from a significant agent and have integrated operations. In 2012, we will continue to broaden our transportation service offerings, expand our agent network and pursue strategic growth and other opportunities in furtherance of our mission to enhance stockholder values.”

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, sales-type leases (which facilitate the acquisition of trucks by owner-operators), 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 and profits and interest earned on sales-type leases.

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, 2011 AND 2010
2011 2010
Gross revenues $ 319,970,000 $ 279,701,000
Income from operations 6,432,000 5,676,000
Income before income taxes 5,912,000 4,975,000
Income taxes 2,274,000 1,920,000
Net income $ 3,638,000 $ 3,055,000
Net income per share: basic and diluted
Basic $ .11 $ .09
Diluted $ .10 $ .09
Weighted average number of shares (basic) 33,908,000 33,500,000
Weighted average number of shares (diluted) 35,396,000 34,490,000
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2011 AND 2010
2011 2010
Current assets:
Cash and cash equivalents $ 136,000 $ 316,000
Accounts receivable, net 40,658,000 49,736,000
Deferred income taxes 42,000 135,000
Other current assets 3,004,000 3,256,000
Total current assets 43,840,000 53,443,000
Other assets 15,267,000 13,284,000
Total assets $ 59,107,000 $ 66,727,000
Current liabilities:
Accounts payable and accrued liabilities $ 17,942,000 $ 23,188,000
Loan payable 16,273,000 22,432,000
Stockholders’ equity 24,892,000 21,107,000
Total liabilities and stockholders’ equity $ 59,107,000 $ 66,727,000

 

Contact Information

Contact:
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201

 

What is The StockGuru Spotlight?

Many companies covered in The StockGuru Spotlight have positive increases in both volume and share price. While this is not true in all cases, StockGuru strives to cover companies in The StockGuru Spotlight that are worthy of our readers attention.

StockGuru looks for potential break-out candidates in The StockGuru Spotlight.  Many of these companies have had recent news and appear to be getting the attention of investors. StockGuru does not typically feature companies in The StockGuru Spotlight that are compensating StockGuru for this coverage.  There are times when StockGuru covers a stock in The StockGuru Spotlight that had previously compensated StockGuru. Where that is the case, a proper disclosure is included below.   StockGuru and its partners, employees and writers never hold shares, short positions, warrants or any other current position in a stock featured in The StockGuru Spotlight.

To feature a company in The StockGuru Spotlight please contact the Publisher at publisher@stockguru.com.  If our reader is a key person for a publicly traded company, StockGuru can consider that company for either a StockGuru Spotlight or a StockGuru Profile.  Please contact the StockGuru Publisher John Pentony at this email address:  john@stockguru.com.

Stockguru.com (“SG”) provides its members with the latest news, press releases, and trade alerts for all the companies highlighted on the site StockGuru.com. SG utilizes information believed to be reliable herein prepared all material. The information contained herein is not guaranteed by SG to be accurate, and should not be considered to be all-inclusive. The owner, publisher, editor and their associates are not responsible for errors and omissions.  SG encourages readers and investors to supplement the information in these reports with independent research and other professional advice. The companies that are discussed in this opinion have not approved the statements made in this release or blog post. This release or blog post contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. SG is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.Stockguru.com or mentioned herein.

 

StockGuru.com 
StockGuruCanada.com 
Shareholdervision.com
BoldStocks.com
IR Affiliates – IRIR.co
StoneBridge Web & SEO – StonebridgeIQ.com

All content on StockGuru.com is original content – with the exception of client news releases. All content is (C) Copyright 2002 to 2012 StockGuru. No content may be used in whole or in part without the express written consent of our Publisher. We encourage web sites interested in our content to offer a reciprical exchange agreement in exchange for use of some of our content. We do not offer advance approval, but contact our Publisher if you have an interest in repropagating our content. Contact as at: Publisher@StockGuru.com or (469) 252-3030. Mailing address: 1601 Berwick Drive; McKinney, Texas 75070.