AutoInfo, Inc. Announces Quarterly Results

BOCA RATON, FL--(Marketwire - August 13, 2009) - AutoInfo, Inc. AUTO, a non-asset based transportation services company, today announced results of its operations for the quarter and six months ended June 30, 2009.

For the six months ended June 30, 2009, the Company reported gross revenues of $78.9 million as compared with $81.8 million for the prior year period. Net revenues (gross revenues less the direct cost of transportation) were $15.9 million for the current period as compared with $14.3 million for the prior year period. Net income was $608,000 and basic earnings per share were $.02 per share for the current period, as compared with $1,086,000 and $.03 per share for the prior year period.

For the three month period ended June 30, 2009, the Company reported gross revenues of $43.8 million as compared with $45.2 million for the prior year period. Net revenues were $8.4 million for the current period as compared with $7.5 million for the prior year period. Net income was $390,000 and basic earnings per share were $.01 per share for the current period, as compared with $596,000 and $.02 per share for the prior year period.

During the second quarter of 2009, the Company instituted a cost reduction program that includes salary reductions of 10% for all executive, supervisory and management personnel as well as reductions in other operating expenses.

Harry Wachtel, President, stated, "While our operating results have been adversely impacted by the economic downturn starting in the fourth quarter of 2008, during the second quarter we began to see some signs of improvement. As the economy continues its recovery, we believe that the cost cutting measures that we have implemented and our ongoing agent recruiting efforts will have a positive impact on our results of operations."

AutoInfo, Inc., operating through its Sunteck subsidiary, is a non-asset based transportation services company, providing transportation capacity and related transportation services to shippers throughout the United States, and to a lesser extent, Canada. Our non-asset based services include ground transportation coast to coast, local pick up and delivery. We have strategic alliances with less than truckload, contract carrier, common carriers and independent owner-operators to service our 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. Therefore, there can be no assurance that forward-looking statements will prove to be accurate.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME Unaudited Six Months Ended June 30 Three Months Ended June 30 2009 2008 2009 2008 ------------ ------------ ------------ ------------ Gross revenues $ 78,858,000 $ 81,796,000 $ 43,803,000 $ 45,234,000 Cost of transportation 62,946,000 67,514,000 35,396,000 37,699,000 ------------ ------------ ------------ ------------ Net revenues 15,912,000 14,282,000 8,407,000 7,535,000 ------------ ------------ ------------ ------------ Income before income taxes 1,017,000 1,817,000 645,000 982,000 Income taxes 409,000 731,000 255,000 386,000 ------------ ------------ ------------ ------------ Net income $ 608,000 $ 1,086,000 $ 390,000 $ 596,000 ============ ============ ============ ============ Net income per share: Basic $ .02 $ .03 $ .01 $ .02 Diluted $ .02 $ .03 $ .01 $ .02 Weighted average number of Common shares: Basic 32,946,000 32,625,000 32,946,000 32,665,000 Diluted 34,182,000 34,907,000 34,664,000 34,868,000 CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2009 AND DECEMBER 31, 2008 June 30, December 31, 2009 2008 ------------ ------------ (Audited) Current assets: Cash and cash equivalents $ 817,000 $ 390,000 Accounts receivable, net 30,816,000 29,863,000 Deferred income taxes 746,000 1,100,000 Prepaid expenses 562,000 560,000 Current portion of advances and other assets 2,128,000 1,260,000 ------------ ------------ Total current assets 35,069,000 33,173,000 Other assets 11,198,000 9,603,000 ------------ ------------ Total assets $ 46,267,000 $ 42,776,000 ============ ============ Current liabilities: Accounts payable and accrued liabilities $ 13,680,000 $ 12,303,000 Loan payable 15,600,000 14,164,000 Stockholders’ equity 16,987,000 16,309,000 ------------ ------------ Total liabilities and stockholders’ equity $ 46,267,000 $ 42,776,000 ============ ============