AutoInfo, Inc. Reports Revenue Increase of 218% and Record Profits for the Second Quarter
BOCA RATON, Fla.--Aug. 7, 2002--AutoInfo, Inc. (OTCBB:AUTO) today announced results of its operations for the six and three month ended June 30, 2002.For the six months ended June 30, 2002, the Company reported gross revenues of $8.3 million as compared with $3.3 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $1.5 million for the current period as compared with $638,000 for the prior year period, an increase of 231%. The Company reported income from operations before interest and other charges of $222,000 as compared with a loss of $33,000 for the prior year period. Net income was $148,000 as compared with a loss of $44,000 for the prior year period.
For the three months ended June 30, 2002, the Company reported gross revenues of $4.7 million as compared with $1.8 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $791,000 for the current period as compared with $363,000 for the prior year period, an increase of 218%. The Company reported income from operations before interest and other charges of $123,000 as compared with $17,000 for the prior year period. Net income was $83,000 as compared with $19,000 for the prior year period.
Harry Wachtel, President, stated, "The revenue and earnings we achieved in the quarter and for the year to date 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 JUNE 30, 2002
(Unaudited)
ASSETS
Cash and short-term investments $ 634,000
Accounts receivable, net 2,836,000
Other assets 166,000
Fixed assets 38,000
TOTAL ASSETS $ 3,674,000
LIABILITIES AND EQUITY
Accounts payable and accrued expenses $ 2,209,000
Loan payable 500,000
Convertible debentures 575,000
Stockholders' equity 390,000
TOTAL LIABILITIES AND EQUITY $ 3,674,000
AUTOINFO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Ended Three Months Ended
June 30, June 30,
2002 2001 2002 2001
Gross revenues $ 8,303,000 $ 3,267,000 $ 4,743,000 $ 1,791,000
Cost of
transportation 6,830,000 2,629,000 3,952,000 1,428,000
Net revenues 1,473,000 638,000 791,000 $ 363,000
Costs and expenses:
Commissions 797,000 243,000 449,000 139,000
Operating expenses 454,000 428,000 219,000 207,000
Total operating
expenses 1,251,000 671,000 668,000 346,000
Income (loss)
from operations 222,000 (33,000) 123,000 17,000
Other charges
(income) 67,000 11,000 36,000 (2,000)
Income (loss)
from operations
before income
taxes 155,000 (44,000) 87,000 19,000
Income taxes 7,000 - 4,000 -
Net income (loss) $ 148,000 $ (44,000) $ 83,000 $ 19,000
Basic and
diluted net (loss)
income per share $ .01 ($ .00) $ .00 $ .00
Weighted average
number of
shares outstanding 27,815,000 27,298,000 27,942,000 27,298,000