[t]AUTO[/t] earned $.02 in the fourth quarter, $.07 for the year. Not bad for a $.25 stock.
idea.sec.gov[/ur][tag]Form 10-K for 2008[/tag]
AutoInfo, Inc. Announces 2008 Year End Financial Results
Net Revenues Increase 49%
Tuesday March 24, 2009, 8:00 am EDT
BOCA RATON, FL--(MARKET WIRE)--Mar 24, 2009 -- AutoInfo, Inc. (OTC BB:AUTO.OB - News), a non-asset based third party logistics service provider today announced results of its operations for the year ended December 31, 2008. The Company reported gross revenues of $180.2 million as compared with $110.3 million for the prior year. Net revenues (gross revenues less the direct cost of transportation) were $31.7 million as compared with $21.3 million for the prior year. The Company reported net income of $2.2 million or basic earnings per share of $.07, as compared with $1.6 million or $.05 per share for the prior year.
Harry Wachtel, President, stated, "2008 was another year of achievement, significant revenue growth and expansion of our agent network and transportation services. Gross revenues increased 63% and net revenues increased 49%. Our success has been driven by the addition of new agent offices, the organic growth of our organization and expansion of our transportation services. During the fourth quarter of 2008, we experienced a decline in revenues as the economy in general and the transportation industry experienced a slow down. This has continued into the first quarter of 2009. However, with our new $30 million credit facility and the strength of our agent model, we are well positioned for growth as the economy recovers."
AutoInfo, Inc., operating through its Sunteck subsidiary, is a non-asset based transportation services company, providing transportation capacity and related transportation services to shippers throughout the United States, and to a lesser extent, Canada. Our non-asset based services include ground transportation coast to coast, local pick up and delivery. We have strategic alliances with less than truckload, contract carrier, common carriers and independent owner-operators to service our 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. Therefore, there can be no assurance that forward-looking statements will prove to be accurate.
AUTOINFO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007
2008 2007
------------- -------------
Gross revenues $ 180,211,000 $ 110,332,000
------------- -------------
Net revenues 31,698,000 21,309,000
------------- -------------
Income from operations 4,195,000 2,947,000
------------- -------------
Income before income taxes 3,695,000 2,670,000
Income taxes 1,471,000 1,066,000
------------- -------------
Net income $ 2,224,000 $ 1,604,000
============= =============
Net income per share basic and diluted $ .07 $ .05
============= =============
Weighted average number of shares (basic) 32,774,000 32,447,000
------------- -------------
Weighted average number of shares (diluted) 34,501,000 35,560,000
------------- -------------
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2008 AND 2007
2008 2007
------------- -------------
Current assets:
Cash and cash equivalents $ 390,000 $ 270,000
Accounts receivable, net 29,863,000 24,224,000
Deferred income taxes 1,100,000 1,000,000
Other current assets 1,820,000 1,583,000
------------- -------------
Total current assets 33,173,000 27,077,000
Other assets 9,603,000 6,113,000
------------- -------------
Total assets $ 42,776,000 $ 33,190,000
============= =============
Current liabilities:
Accounts payable and accrued liabilities $ 12,303,000 $ 10,584,000
Loan payable 14,164,000 8,790,000
Stockholders' equity 16,309,000 13,816,000
------------- -------------
Total liabilities and stockholders' equity $ 42,776,000 $ 33,190,000
============= =============
Contact:
Contact:
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201
Link to press release |
