For those few of us still keeping in touch with AUTO, some GOOD NEWS was released this morning.......
biz.yahoo.com
Friday August 10, 11:48 am Eastern Time
Press Release
SOURCE: AutoInfo, Inc.
AutoInfo, Inc. Reports a 117% Increase in Revenues over Prior Year Quarter
BOCA RATON, Fla.--(BUSINESS WIRE)--Aug. 10, 2001--AutoInfo, Inc. (OTCBB:AUTO - news) today announced revenue growth of 117% for the quarter ended June 30, 2001 over the comparable prior year quarter. For the quarter ended June 30, 2001, the Company reported revenues of $1.8 Million and a net profit of $6,000, which includes a $17,000 gain on investment activities. This compares to revenues of $825,000 and a net loss of $342,000, which included a loss from discontinued operations of $323,000, for the quarter ended June 30, 2000.
Harry Wachtel, President, stated, ``We are delighted to report our second quarter results. These results represent a significant achievement for us at this early stage of the implementation of our business expansion plan.''
``In addition, we continue to add experienced sales agents and new sales offices have been added in Kentucky, North Carolina, South Carolina, Montana, Illinois, Tennessee and Maryland. We will continue to target quality people with proven industry track experience in furtherance of our growth strategy.''
AutoInfo, Inc., operating through its Sunteck subsidiary, is a non-asset based supply chain logistics company. Its services include ground transportation coast to coast, warehouse services, air freight, rail and ocean freight. Sunteck has developed strategic alliances with major truckload, LTL (less than truckload), air, rail and ocean carriers to react to customers' needs quickly and effectively.
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, including The Company's ability to implement the Sunteck business plan and sustain profitability. Therefore, there can be no assurance that forward-looking statements will prove to be accurate.
AUTOINFO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF JUNE 31, 2001
(Unaudited)
ASSETS
Cash and short-term investments $ 528,000
Accounts receivable, net 976,000
Other current assets 88,000
Fixed assets 29,000
----------
TOTAL ASSETS $1,621,000
==========
LIABILITIES AND EQUITY
Accounts payable and accrued
expenses $ 869,000
Convertible debentures 575,000
Stockholders' equity 177,000
----------
TOTAL LIABILITIES AND EQUITY $1,621,000
==========
AUTOINFO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Ended Three Months Ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
Revenues $ 3,276,000 $ 1,518,000 $ 1,794,000 $ 825,000
--------- --------- --------- -------
Costs and
expenses:
Direct cost
and commissions 2,872,000 1,278,000 1,567,000 698,000
Operating
expenses 508,000 276,000 238,000 134,000
Investing
activities (22,000) 18,000 (17,000) 18,000
--------- --------- --------- -------
Total operating
expenses 3,358,000 1,572,000 1,788,000 850,000
--------- --------- --------- -------
(Loss) income from
continuing
operations
before income
taxes (82,000) (54,000) 6,000 (25,000)
Income tax (benefit) - (8,000) - (4,000)
--------- --------- -------- -------
(Loss) income from
continuing
operations (82,000) (46,000) 6,000 (19,000)
Loss from
discontinued
operations - (732,000) - (323,000)
Net (loss) income $ (82,000) $(778,000) $ 6,000 $ (342,000)
========= ========= ======= ==========
Basic and diluted
net (loss) income
per share ($ .00) ($ .04) $ .00 ($ .02)
Weighted average
number of shares
outstanding 27,298,000 18,482,000 27,298,000 18,482,000
Contact:
AutoInfo, Inc., Boca Raton
William I. Wunderlich, 561/988-9456, ext. 201 |
