A solid year for AUTO:
AutoInfo, Inc. Announces 2010 Year End Results
Press Release Source: AutoInfo, Inc. On Friday March 18, 2011, 8:00 am EDT
BOCA RATON, FL--(Marketwire - 03/18/11) - 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, 2010. The Company reported gross revenues of $279.7 million as compared with $183.9 million for the prior year. Gross profit was $53.6 million as compared with $37.2 million for the prior year. The Company reported net income of $3.1 million or basic earnings per share of $.09, as compared with $1.4 million or $.04 per share for the prior year.
Harry Wachtel, President, stated, "2010 was a most rewarding year. As we began recovering from the downturn in the economy, we broadened our service lines and expanded our agent network. We have focused on opportunities through both intrinsic and external growth. In 2010, we experienced growth in all of our business lines and service offerings. We are poised to capitalize on an improved business environment and we will continue our agent network expansion efforts and seek out strategic growth opportunities."
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 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.
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.
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