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AutoInfo, Inc. Announces Third Quarter Results

BOCA RATON, FL -- (Marketwire) -- 11/16/12 -- AutoInfo, Inc. (OTCBB: AUTO), a non-asset based transportation services company, today announced results of its operations for the quarter and nine months ended September 30, 2012.

For the nine months ended September 30, 2012, the Company reported gross revenues of $202.9 million as compared with $247.8 million for the prior year period. Income from operations was $5.6 million as compared with $4.5 million for the prior year period. Net income was $3,305,000 and basic earnings per share were $.10 per share for the current period, as compared with $2,509,000 and $.07 per share for the prior year period.

For the three month period ended September 30, 2012, the Company reported gross revenues of $71.9 million as compared with $85.4 million for the prior year period. Income from operations was $2.3 million as compared with $17 million for the prior year period. Net income was $1,390,000 and basic earnings per share were $.04 per share for the current period, as compared with $944,000 and $.03 per share for the prior year period.

Revenues for the nine and three months ended September 30, 2011, respectively, included $70.5 and $24.9 million in gross revenue from a former significant agent for which the significant agent received 100% of the net revenue earned as described in detail in the management's discussion and analysis of financial condition and results of operations section of the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2012 filed with the Securities and Exchange Commission on November 14, 2012.

Harry Wachtel, Chief Executive Officer, stated, "We are pleased to report third quarter and nine month results reflecting our financial strength and continued growth. We expect to continue to broaden our transportation service offerings, expand our agent network and pursue strategic growth and other opportunities in furtherance of our mission to enhance stockholder values."

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, sales-type leases (which facilitate the acquisition of trucks by owner-operators), 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 and profits and interest earned on sales-type leases.

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.



                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                  Unaudited

                               Nine Months Ended        Three Months Ended
                                  September 30             September 30
                               2012         2011         2012        2011
                           ------------ ------------ ----------- -----------

Gross revenues             $202,853,000 $247,803,000 $71,856,000 $85,359,000
                           ------------ ------------ ----------- -----------

Income from operations        5,646,000    4,484,000   2,315,000   1,651,000
                           ------------ ------------ ----------- -----------

Income before income taxes    5,399,000    4,081,000   2,240,000   1,532,000
Income taxes                  2,094,000    1,572,000     850,000     588,000
                           ------------ ------------ ----------- -----------

Net income                 $  3,305,000 $  2,509,000 $ 1,390,000 $   944,000
                           ============ ============ =========== ===========

Net income per share:
  Basic                    $        .10 $        .07 $       .04 $       .03
  Diluted                  $        .09 $        .07 $       .04 $       .03
Weighted average number of
 Common shares:
  Basic                      34,134,000   33,854,000  34,135,000  34,043,000
  Diluted                    35,942,000   35,341,000  36,120,000  35,194,000



                    CONDENSED CONSOLIDATED BALANCE SHEETS
               AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011

                                                 September 30,  December 31,
                                                      2012          2011
                                                 ------------- -------------
                                                                 (Audited)
Current assets:
  Cash and cash equivalents                      $     185,000 $     136,000
  Accounts receivable, net                          40,815,000    40,658,000
  Deferred income taxes                                      -        42,000
  Other current assets                               5,403,000     3,004,000
                                                 ------------- -------------
  Total current assets                              46,403,000    43,840,000

Other assets                                        16,288,000    15,267,000

                                                 ------------- -------------
Total assets                                     $  62,691,000 $  59,107,000
                                                 ============= =============

Current liabilities:
  Accounts payable and accrued liabilities       $  23,686,000 $  17,942,000

Loan payable                                        10,752,000    16,273,000

Stockholders' equity                                28,253,000    24,892,000

                                                 ------------- -------------
Total liabilities and stockholders' equity       $  62,691,000 $  59,107,000
                                                 ============= =============

Contact:
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201

About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

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