AUTO's fourth quarter came in at $.01 per share versus $.02 inn the prior year. The company stands to benefit from an improving economy.
The AUTO 10-K for the year ending December 31, 2009
AutoInfo, Inc. Announces 2009 Year End Results
Press Release Source: AutoInfo, Inc. On Wednesday March 31, 2010, 6:16 pm EDT
BOCA RATON, FL--(Marketwire - 03/31/10) - AutoInfo, Inc. (OTC.BB:AUTO - News), a non-asset based third party logistics service provider, today announced results of its operations for the year ended December 31, 2009. The Company reported gross revenues of $183.9 million as compared with $180.2 million for the prior year. Gross profit was $37.2 million as compared with $31.7 million for the prior year. The Company reported net income of $1.4 million or basic earnings per share of $.04, as compared with $2.2 million or $.07 per share for the prior year.
Harry Wachtel, President, stated, "2009 was a most challenging year. The downturn in the economy impacted operating results. In 2009, we modified our contractual relationship with one of our significant independent agents which had the effect of increasing commission expense offset by interest income and fees on advances and loans to this agent. Given an increase in shipping volume during the fourth quarter of 2009 and 2010 year to date, we are cautiously optimistic looking forward. We are poised to capitalize in an improved business environment and we will continue our agent network expansion efforts and seek out strategic growth opportunities."
Through 2008, AutoInfo, Inc. operated in one business segment. During 2009, the Company determined it operated 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 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. This segment also includes potential revenues related to profit participations and realization on options to acquire equity that we may receive related to a loan or advance extended to an agent.
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The remainder of the press release, including summary financial statements, can be found here:
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