|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
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Oct. 22, 2016 05:00 AM EDT Reads: 2,466
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 22, 2016 05:00 AM EDT Reads: 656
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
Oct. 22, 2016 04:30 AM EDT Reads: 796
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
Oct. 22, 2016 03:30 AM EDT Reads: 1,662
The Open Connectivity Foundation (OCF), sponsor of the IoTivity open source project, and AllSeen Alliance, which provides the AllJoyn® open source IoT framework, today announced that the two organizations’ boards have approved a merger under the OCF name and bylaws. This merger will advance interoperability between connected devices from both groups, enabling the full operating potential of IoT and representing a significant step towards a connected ecosystem.
Oct. 22, 2016 02:45 AM EDT Reads: 1,148
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Oct. 22, 2016 02:45 AM EDT Reads: 3,285
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his session at @DevOpsSummit 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will show how customers are able to achieve a level of transparency that enables everyon...
Oct. 22, 2016 02:45 AM EDT Reads: 1,244
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
Oct. 22, 2016 02:00 AM EDT Reads: 1,391
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
Oct. 22, 2016 01:45 AM EDT Reads: 942
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Oct. 22, 2016 01:30 AM EDT Reads: 9,608
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Oct. 22, 2016 01:15 AM EDT Reads: 808
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
Oct. 22, 2016 01:15 AM EDT Reads: 890
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 22, 2016 01:00 AM EDT Reads: 8,150
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
Oct. 22, 2016 12:30 AM EDT Reads: 3,492
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
Oct. 22, 2016 12:30 AM EDT Reads: 521