Click here to close now.


News Feed Item

AutoInfo, Inc. Announces Third Quarter Results

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.


                               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

               AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

                                                 September 30,  December 31,
                                                      2012          2011
                                                 ------------- -------------
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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, San...
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company In the past, he was co-founder of social-trading platform Currensee, which...
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
There are over 120 breakout sessions in all, with Keynotes, General Sessions, and Power Panels adding to three days of incredibly rich presentations and content. Join @ThingsExpo conference chair Roger Strukhoff (@IoT2040), June 7-9, 2016 in New York City, for three days of intense 'Internet of Things' discussion and focus, including Big Data's indespensable role in IoT, Smart Grids and Industrial Internet of Things, Wearables and Consumer IoT, as well as (new) IoT's use in Vertical Markets.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.