AUTO (.043x.044) first profit & USPO contract
(BSNS WIRE) AutoInfo, Inc. Reports Record Quarterly Revenues and First Oper
AutoInfo, Inc. Reports Record Quarterly Revenues and First Operating Profit
Since the Merger with Sunteck Transport; Announces Award U.S. Postal Service
Contracts
Business Editors
BOCA RATON, Fla.--(BUSINESS WIRE)--Nov. 13, 2001--AutoInfo, Inc.
(OTCBB:AUTO) today announced revenue growth of 197% for the quarter
ended September 30, 2001 over the comparable prior year quarter.
For the quarter ended September 30, 2001, the Company reported
revenues of $2.0 Million and a net profit of $15,000. This compares to
revenues of $687,000 and a net loss of $253,000, which included a loss
from discontinued operations of $268,000, for the quarter ended
September 30, 2000.
The Company also reported that it has been awarded contracts by
the U.S. Postal Service for mail delivery during the holiday season.
Revenues from these contracts are estimated to exceed $300,000.
Harry Wachtel, President, stated, "We are pleased to announce our
first quarterly operating profit and record revenue growth. As we
continue to implement our strategic growth plan, we will attract
transportation professionals with proven industry experience."
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.
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AUTOINFO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 2001
(Unaudited)
ASSETS
Cash and short-term
investments $ 928,000
Accounts receivable, net 1,169,000
Other current assets 79,000
Fixed assets 37,000
-----------
TOTAL ASSETS $ 2,213,000
-----------
LIABILITIES AND EQUITY
Accounts payable and
accrued expenses $ 947,000
Loan payable 500,000
Convertible debentures 575,000
Stockholders' equity 191,000
-----------
TOTAL LIABILITIES AND
EQUITY $ 2,213,000
-----------
AUTOINFO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Nine Months Ended Three Months Ended
September 30, September 30,
2001 2000 2001 2000
------ ------ ------ ------
Revenues $ 5,317,000 $ 2,205,000 $ 2,041,000 $ 687,000
----------- ----------- ----------- ---------
Costs and expenses:
Direct cost and
commissions 4,658,000 1,835,000 1,786,000 557,000
Operating expenses 748,000 389,000 240,000 113,000
Investing activities (22,000) 18,000 - -
--------- --------- --------- ---------
Total operating
expenses 5,384,000 2,242,000 2,026,000 670,000
--------- --------- --------- ---------
(Loss) income from
continuing operations
before income taxes (67,000) (37,000) 15,000 17,000
Income tax (benefit) - (6,000) - 2,000
--------- --------- --------- ---------
(Loss) income from
continuing operations (67,000) (31,000) 15,000 15,000
Loss from discontinued
operations - (1,000,000) - (268,000)
--------- --------- --------- ---------
Net (loss) income $ (67,000) $(1,031,000) $ 15,000 $(253,000)
========= ========== ======== =========
Basic and diluted net
(loss) income per
share ($ .00) ($ .04) $ .00 ($ .01)
Weighted average
number of shares
outstanding 27,298,000 18,482,000 27,298,000 18,482,000
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--30--nf/ny*
CONTACT: AutoInfo, Inc.
William I. Wunderlich, 561/988-9456, ext. 201
KEYWORD: FLORIDA
INDUSTRY KEYWORD: TRANSPORTATION EARNINGS
SOURCE: AutoInfo, Inc.
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