AutoInfo Reports Quarterly Revenue Up
BOCA RATON, Fla.--April 25, 2002--AutoInfo, Inc. (OTCBB:AUTO) today announced results of its operations for the quarter ended March 31, 2002.The Company reported gross revenues of $3.6 million as compared with $1.5 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $682,000 for the current period as compared with $275,000 for the prior year period, an increase of 248%.
The Company reported income from operations before interest and other charges of $99,000 as compared with a loss of $50,000 for the prior year period. Net income was $65,000 as compared with a net loss of $63,000 for the prior year period.
Harry Wachtel, President, stated, "The revenue and earnings we achieved in the first quarter are the result of expansion during the past year and the successful implementation of our business growth model. We continue to provide an exciting environment for transportation professionals with proven industry experience and look forward to continue this pattern of growth."
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.
AUTOINFO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 2002
(Unaudited)
ASSETS
Cash and short-term investments $ 720,000
Accounts receivable, net 2,161,000
Other assets 176,000
Fixed assets 41,000
-----------
TOTAL ASSETS $ 3,098,000
===========
LIABILITIES AND EQUITY
Accounts payable and accrued
expenses $ 1,713,000
Loan payable 500,000
Convertible debentures 575,000
Stockholders' equity 310,000
-----------
TOTAL LIABILITIES AND EQUITY $ 3,098,000
===========
AUTOINFO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
2002 2001
----------- -----------
Gross revenues $ 3,560,000 $ 1,476,000
Cost of transportation 2,878,000 1,201,000
----------- -----------
Net revenues 682,000 $ 275,000
----------- -----------
Costs and expenses:
Commissions 348,000 104,000
Operating expenses 235,000 221,000
----------- -----------
Total operating expenses 583,000 325,000
----------- -----------
Income (loss) from operations 99,000 (50,000)
Other charges 31,000 13,000
----------- -----------
Income (loss) from operations
before income taxes 68,000 (63,000)
Income taxes 3,000 -
----------- -----------
Net income (loss) $ 65,000 $ (63,000)
=========== ===========
Basic and diluted net (loss)
income per share $ .00 ($ .00)
----------- -----------
Weighted average number of shares
outstanding 27,694,000 27,298,000
----------- -----------