AutoInfo announces year end results; Changes Fiscal Year to December 31.FAIR LAWN Fair Lawn, borough (1990 pop. 30,548), Bergen co., NE N.J., across the Passaic River from Paterson; inc. 1924. It is residential with light industries. , N.J.--(BUSINESS WIRE)--April 26, 1996--AutoInfo, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AUTO) announced today that it has changed its Fiscal year end to December December: see month. 31 from May 31. For the seven months ended December 31, 1995 net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $561,000 or $.07 per share. The loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. for the seven month period ended December 31, 1995 was $28,000 which related to the company's insurance inspection services business sold in July July: see month. 1995. Net Income for the seven months ended December 31, 1995 was $829,000, or $.11 per share, and included a gain on the sale of the company's insurance inspection business of $297,000, or $.04 per share. The results for the seven months ended December 31, 1995 include one month of operation from AutoInfo's non-prime automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of finance business which commenced in December 1995. "During December we had a positive contribution to earnings from our initial month in the automobile finance business which will be further reflected in our 1996 first quarter ending March 31, 1996. We are pleased with these results and look forward to a further positive contribution during the first quarter of 1996. Since our entrance into the non-prime automobile finance industry in December 1995, we have made significant strides in expanding our dealer relations, increasing contract originations and adding several industry professionals with significant expertise in marketing, operations and finance management," said President Scott Zecher. AutoInfo, Inc. is a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. consumer finance company that acquires and services retail installment sales Installment sale The sale of an asset in exchange for a specified series of payments (the installments). installment sale A sale in which the buyer is scheduled to make a series of payments over a period of time. contracts from automotive dealers selling new and used vehicles to non-prime customers. -0-
AUTOINFO, INC.
SUMMARY FINANCIAL DATA
For the Seven
Months Ended
December 31, 1995
Revenue $1,211,341 Income from continuing operations before income taxes 384,712 Benefit from income taxes 175,960 Income from continuing operations 560,672 Loss from discontinued operations, net of tax (28,163) Gain on sale of assets, net of tax 296,839 Net Income $829,348 Net Income per share: From continuing operations $ .07 From discontinued operations -- From gain on sale of assets .04 Net Income per share $ .11 Weighted average number of shares outstanding 7,770,917 CONTACT: AutoInfo, Inc. Scott Zecher, 201/703-0500 |
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