AutoInfo, Inc. Announces 2001 Year End Results and the Expansion of Its Agent Network
BOCA RATON, Fla.--March 14, 2002--AutoInfo, Inc. (OTC BB:AUTO) today announced results of its operations for the year ended December 31, 2001.The Company reported gross revenues of $8.0 million as compared with $3.4 million for the prior year. Net revenues (gross revenues less the direct cost of transportation) were $1.6 million as compared with $835,000 for the prior year. The Company reported income from operations of $47,000 as compared with a loss from operations of $72,000 for the prior year. The net loss from continuing operations was $15,000 as compared with a loss of $91,000 for the prior year.
Harry Wachtel, President, stated, "During the year 2001 we successfully began the implementation of our strategic growth plan. We have expanded our agent network and presently have four regional operating centers and representatives in fifteen states. We are please to report that we were profitable from operating activities for the fourth quarter."
"We are leveraging our operating overhead over our increasing revenue base," Mr. Wachtel continued. "As we enter 2002, we are poised to continue our expansion program as well as realize the rewards of the organization we have built during the past year."
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 STATEMENT OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000
2001 2000
Gross revenue $ 8,028,000 $ 3,389,000
Net revenue 1,566,000 835,000
Income (loss) from operations 47,000 (72,000)
Loss from operations (15,000) (91,000)
Income tax (benefit) - (10,000)
Loss from continuing operations (15,000) (81,000)
Income from discontinued operations - 9,471,000
Net (loss) income $ (15,000) $ 9,390,000
Basic income (loss) per share ($ .00) $ .51
Diluted income (loss) per share ($ .00) $ .48
Weighted average number of shares
outstanding 27,328,000 18,491,000
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMEBR 31, 2001 AND 2000
2001 2000
Cash and short-term investments $ 898,000 $ 941,000
Accounts receivable 1,358,000 720,000
Other current assets 65,000 67,000
Total current assets 2,321,000 1,728,000
Other assets 137,000 12,000
Total assets $ 2,348,000 $ 1,740,000
Accounts payable and accrued expenses $ 1,140,000 $ 805,000
Loan payable 500,000 101,000
Total current liabilities 1,640,000 906,000
Subordinated notes and other debt 575,000 575,000
Stockholders' equity 243,000 259,000
Total liabilities and stockholders'
equity $ 2,458,000 $ 1,740,000