|By Marketwired .||
|November 16, 2012 09:37 AM EST||
BOCA RATON, FL -- (Marketwire) -- 11/16/12 -- AutoInfo, Inc. (OTCBB: AUTO), a non-asset based transportation services company, today announced results of its operations for the quarter and nine months ended September 30, 2012.
For the nine months ended September 30, 2012, the Company reported gross revenues of $202.9 million as compared with $247.8 million for the prior year period. Income from operations was $5.6 million as compared with $4.5 million for the prior year period. Net income was $3,305,000 and basic earnings per share were $.10 per share for the current period, as compared with $2,509,000 and $.07 per share for the prior year period.
For the three month period ended September 30, 2012, the Company reported gross revenues of $71.9 million as compared with $85.4 million for the prior year period. Income from operations was $2.3 million as compared with $17 million for the prior year period. Net income was $1,390,000 and basic earnings per share were $.04 per share for the current period, as compared with $944,000 and $.03 per share for the prior year period.
Revenues for the nine and three months ended September 30, 2011, respectively, included $70.5 and $24.9 million in gross revenue from a former significant agent for which the significant agent received 100% of the net revenue earned as described in detail in the management's discussion and analysis of financial condition and results of operations section of the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2012 filed with the Securities and Exchange Commission on November 14, 2012.
Harry Wachtel, Chief Executive Officer, stated, "We are pleased to report third quarter and nine month results reflecting our financial strength and continued growth. We expect to 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.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Unaudited Nine Months Ended Three Months Ended September 30 September 30 2012 2011 2012 2011 ------------ ------------ ----------- ----------- Gross revenues $202,853,000 $247,803,000 $71,856,000 $85,359,000 ------------ ------------ ----------- ----------- Income from operations 5,646,000 4,484,000 2,315,000 1,651,000 ------------ ------------ ----------- ----------- Income before income taxes 5,399,000 4,081,000 2,240,000 1,532,000 Income taxes 2,094,000 1,572,000 850,000 588,000 ------------ ------------ ----------- ----------- Net income $ 3,305,000 $ 2,509,000 $ 1,390,000 $ 944,000 ============ ============ =========== =========== Net income per share: Basic $ .10 $ .07 $ .04 $ .03 Diluted $ .09 $ .07 $ .04 $ .03 Weighted average number of Common shares: Basic 34,134,000 33,854,000 34,135,000 34,043,000 Diluted 35,942,000 35,341,000 36,120,000 35,194,000 CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011 September 30, December 31, 2012 2011 ------------- ------------- (Audited) Current assets: Cash and cash equivalents $ 185,000 $ 136,000 Accounts receivable, net 40,815,000 40,658,000 Deferred income taxes - 42,000 Other current assets 5,403,000 3,004,000 ------------- ------------- Total current assets 46,403,000 43,840,000 Other assets 16,288,000 15,267,000 ------------- ------------- Total assets $ 62,691,000 $ 59,107,000 ============= ============= Current liabilities: Accounts payable and accrued liabilities $ 23,686,000 $ 17,942,000 Loan payable 10,752,000 16,273,000 Stockholders' equity 28,253,000 24,892,000 ------------- ------------- Total liabilities and stockholders' equity $ 62,691,000 $ 59,107,000 ============= =============
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201
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