AutoInfo, Inc. Announces Record Breaking 2002 Year End Financial Results.Business Editors BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--March 3, 2003 AutoInfo, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AUTO), a non-asset based third party logistics service provider today announced results of its operations for the year ended December December: see month. 31, 2002. The Company reported gross revenues of $18.8 million as compared with $8.0 million for the prior year. Net revenues (gross revenues less the direct cost of transportation) were $3.4 million as compared with $1.6 million for the prior year. The Company reported income from operations of $484,000 as compared with $47,000 for the prior year. Net income was $340,000 or $0.01 per share, as compared with a loss of $15,000 for the prior year. Harry Wachtel Wachtel is a surname, and may refer to:
This page or section lists people with the surname Wachtel. , President, stated, "2002 was a year of significant increases in all areas of our business. We presently have five regional operating centers and representatives in twelve states and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of providing non-asset based logistics services to Fortune 500, and small and medium sized customers. Our non-asset based business model consists of adding sales agents who are experienced logistic lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation industry professionals with customer and carrier following. Through our wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Sunteck Transport, we will continue to execute our business model and expand our agent network in 2003." AutoInfo, Inc., operating through its Sunteck subsidiary, is a non-asset based supply chain logistics company. Its services include ground transportation coast-to-coast coast-to-coast adj. Reaching, airing, or traveling from one coast to another, especially across a nation or continent: a coast-to-coast flight; coast-to-coast sports coverage on TV. , warehouse services, air freight air freight n → flete m por avión air freight n → fret aérien air freight air n → Luftfracht f , rail and ocean freight. Sunteck has developed strategic alliances with major truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno , LTL LTL - Linear Temporal Logic (less than truckload Less-Than-Truckload (LTL) shipping is the transportation of relatively small freight. The alternatives to LTL carriers are parcel carriers or full truckload carriers. Parcel carriers usually handle small packages and freight that can be broken down in to units less than 150 US ), air, rail and ocean carriers to react to customers' needs quickly and effectively. This release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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, 2002 AND 2001
2002 2001
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Gross revenue $18,863,000 $8,029,000
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Net revenue 3,368,000 1,567,000
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Income (loss) from operations 484,000 47,000
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Income (loss) before income taxes 356,000 (15,000)
Income tax 16,000 -
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Net income (loss) $340,000 $(15,000)
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Basic and diluted income (loss) per share $.01 $(.00)
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Weighted average number of shares outstanding 27,940,000 27,328,000
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CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMEBR 31, 2002 AND 2001
2002 2001
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Current assets:
Cash and short-term investments $684,000 $898,000
Accounts receivable 2,996,000 1,358,000
Other current assets 197,000 65,000
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Total current assets 3,877,000 2,321,000
Other assets 67,000 137,000
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Total assets $3,944,000 $2,458,000
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Current liabilities:
Accounts payable and accrued expenses $2,281,000 $1,140,000
Loan payable 500,000 500,000
Subordinated notes 575,000 -
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Total current liabilities 3,356,000 1,640,000
Subordinated notes, long-term - 575,000
Stockholders' equity 588,000 243,000
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Total liabilities and stockholders' equity $3,944,000 $2,458,000
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