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