-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H1TSKApvhi5A3XQ4pdNs/+4RFYai6qSd9yEFtoJLp42ZTiJTzjGUdDxhOxdyaGsq uHzeiCpcwi5AeJn5ukUybw== 0001169232-02-000819.txt : 20020813 0001169232-02-000819.hdr.sgml : 20020813 20020813165023 ACCESSION NUMBER: 0001169232-02-000819 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020630 FILED AS OF DATE: 20020813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTOINFO INC CENTRAL INDEX KEY: 0000351017 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE AGENTS BROKERS & SERVICES [6411] IRS NUMBER: 132867481 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 001-11497 FILM NUMBER: 02730311 BUSINESS ADDRESS: STREET 1: PO BOX 4383 CITY: STAMFORD STATE: CT ZIP: 06907-0383 BUSINESS PHONE: 2019301800 MAIL ADDRESS: STREET 1: PO BOX 4383 CITY: STAMFORD STATE: CT ZIP: 06907-0383 10QSB 1 d51528_10qsb.txt QUARTERLY REPORT FORM 10-QSB SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 |X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended: JUNE 30, 2002 | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 For the transition period from ______________ to __________________ Commission File Number: 0-14786 AUTOINFO, INC. (Exact name of Registrant as specified in its charter) DELAWARE 13-2867481 (State or other jurisdiction of (I.R.S. Employer Identification incorporation or organization) number) 6401 Congress Ave., Suite 230, Boca Raton, FL 33487 (Address of principal executive office) (561) 988-9456 (Registrant's telephone number, including area code) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES |X| NO | | Number of shares outstanding of the Registrant's common stock as of August 13, 2002: 27,297,923 shares of common stock, $.001 par value. Indicate by check mark whether the Registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. YES |X| NO | | Transitional Small Business Format YES | | NO |X| AUTOINFO, INC. AND SUBSIDIARIES INDEX Part I. Financial Information: Item 1. Consolidated Financial Statements: Page Balance Sheets June 30, 2002 (unaudited) and December 31, 2001 (audited)....... 3 Statements of Operations (unaudited) Three and six months ended June 30, 2002 and 2001.............. 4 Statements of Cash Flows (unaudited) Three and six months ended June 30, 2002 and 2001.............. 5 Notes to Unaudited Financial Statements.......................... 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.............................. 10 Part II. Other Information .............................................. 14 Signatures............................................................... 15 2
June 30, December 31, 2002 2001 ------------ ------------ Unaudited Audited ASSETS Cash and cash equivalents $ 634,000 $ 885,000 Short-term investments -- 13,000 Accounts receivable 2,836,000 1,358,000 Other current assets 66,000 65,000 ------------ ------------ 3,536,000 2,321,000 Fixed assets, net of depreciation 38,000 37,000 Loan receivable 100,000 100,000 ------------ ------------ $ 3,674,000 $ 2,458,000 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Loan payable $ 500,000 $ 500,000 Accounts payable and accrued liabilities 2,209,000 1,140,000 ------------ ------------ Total liabilities 2,709,000 1,640,000 ------------ ------------ Convertible subordinated debentures 575,000 575,000 ------------ ------------ Stockholders' Equity Common stock - authorized 100,000,000 shares $.001 par value; issued and outstanding - 27,298,000 shares as of June 30, 2002 and December 31, 2001 27,000 27,000 Additional paid-in capital 18,014,000 18,014,000 Retained deficit (17,651,000) (17,798,000) ------------ ------------ Total stockholders' equity 390,000 243,000 ------------ ------------ $ 3,674,000 $ 2,458,000 ============ ============
See notes to condensed unaudited financial statements 3 AUTOINFO, INC. AND SUBSIDIARIES 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 ------------ ------------ ------------ ------------ Commissions 797,000 243,000 449,000 139,000 Operating expenses 454,000 428,000 219,000 207,000 ------------ ------------ ------------ ------------ 1,251,000 671,000 668,000 346,000 ------------ ------------ ------------ ------------ Income (loss) from operations 222,000 (33,000) 123,000 17,000 ------------ ------------ ------------ ------------ Other charges (credits): Investment income (10,000) (30,000) (3,000) (20,000) Interest expense 77,000 41,000 39,000 18,000 ------------ ------------ ------------ ------------ 67,000 11,000 36,000 (2,000) ------------ ------------ ------------ ------------ Income (loss) before income taxes 155,000 (44,000) 87,000 19,000 Income taxes 7,000 -- 4,000 -- ------------ ------------ ------------ ------------ Net (loss) income $ 148,000 $ (44,000) $ 83,000 $ 19,000 ============ ============ ============ ============ Basic and diluted net (loss) income per share: $ .01 ($ .00) $ .00 $ .00 ============ ============ ============ ============ Weighted average number of common and common equivalent shares 27,815,000 27,298,000 27,942,000 27,298,000 ------------ ------------ ------------ ------------
See notes to condensed unaudited financial statements 4 AUTOINFO, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended June 30, 2002 2001 ----------- --------- Cash flows from operating activities: Net income (loss) $ 148,000 $ (44,000) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 9,000 5,000 Gain on sales of securities (1,000) (10,000) Net unrealized holding gain -- (4,000) Changes in assets and liabilities: Accounts receivable (1,478,000) (256,000) Other assets (1,000) (59,000) Accounts payable and accrued liabilities 1,068,000 64,000 ----------- --------- Net cash used in operating activities (255,000) (304,000) ----------- --------- Cash flows from investing activities: Capital expenditures (10,000) (22,000) Proceeds from sale of short-term investments 14,000 175,000 ----------- --------- Net cash provided by investing activities 4,000 153,000 ----------- --------- Cash flows from financing activities: Decrease in borrowings, net -- (101,000) ----------- --------- Net cash used in financing activities -- (101,000) ----------- --------- Net decrease in cash and cash equivalents (251,000) (252,000) Cash and cash equivalents, beginning of period 885,000 725,000 ----------- --------- Cash and cash equivalents, end of period $ 634,000 $ 473,000 =========== =========
See notes to condensed unaudited financial statements 5 AUTOINFO, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Forward Looking Statements Certain statements made in this Quarterly Report on Form 10-QSB are "forward-looking statements"(within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. Our plans and objectives are based, in part, on assumptions involving judgments with respect to, among other things, 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 our control. Although we believe that our assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein particularly in view of the current state of our operations, the inclusion of such information should not be regarded as a statement by us or any other person that our objectives and plans will be achieved. Factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the factors set forth under the headings "Business", and "Certain Factors That May Affect Future Growth," under Part I, Item 1, of our Annual Report on Form 10-KSB for the year ended December 31, 2001 as filed with the Securities and Exchange Commission. Note 1. - Business and Summary of Significant Accounting Policies Business As a result of our acquisition of Sunteck Transport, Inc. ("Sunteck") in December 2000, we are a full service third party transportation logistics provider. Our services include ground transportation coast to coast, local pick up and delivery, warehousing, air freight and ocean freight. We have strategic alliances with less than truckload (LTL), truckload, air, rail and ocean common carriers to service our customers' needs. We have full service offices in Florida, New Jersey, Missouri, North Carolina and Georgia and independent sales agents in twelve states and Canada. Our services include arranging for the transport of customers' freight from the shippers location to the designated destination. We do not own any trucking equipment and rely on independent carriers for the movement of customers' freight. We seek to establish long-term relationships with our customers and provide a variety of logistics services and solutions to eliminate inefficiencies in our customers' supply chain management. Sunteck, which was formed in 1997, is a full service third party transportation logistics provider. Its supply chain services include ground transportation coast to coast, local pick up and delivery, warehousing, air freight and ocean freight. Sunteck has developed strategic alliances with Less than Truckload (LTL), truckload, air, rail and ocean common carriers to service its customers' needs. 6 Summary of Significant Accounting Policies Basis of Presentation The financial statements of the Company have been prepared using the accrual basis of accounting under accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements, which are unaudited, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In management's opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for the three and six months ended June 30, 2002 and 2001 are not necessarily indicative of results to be expected for the entire year. Pursuant to SEC rules and regulations, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted from these statements. The consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-KSB for the year ended December 31, 2001 as filed with the Securities and Exchange Commission. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All significant intercompany balances and transactions have been eliminated in consolidation. Revenue Recognition Gross revenues consist of the total dollar value of services purchased by customers. We act primarily as the service provider for these transactions and recognize revenue as these services are rendered. In December 1999, the Securities and Exchange Commission ("SEC") issued Staff Accounting Bulletin No. 101 "Revenue Recognition in Financial Statements" ("SAB 101"). SAB 101, as amended, summarizes some of the SEC's views in applying generally accepted accounting principles to revenue recognition in financial statements. The adoption of SAB 101 did not have a material effect on the financial statements. Provision for Doubtful Accounts The Company has established an allowance for doubtful accounts based upon historical trends. Short-term Investments Short-term investments as of December 31, 2001 consisted of marketable securities and were carried at market value. There were no short-term investments as of June 30, 2002. Fixed Assets Fixed assets as of June 30, 2002 and December 31, 2001, consisting primarily of furniture, fixtures and office equipment, were carried at cost net of accumulated depreciation. Depreciation of fixed assets was provided on the straight-line method over the estimated useful lives of the related assets which range from three to five years. 7 Income (Loss) Per Share Basic income (loss) per share is based on net income (loss) divided by the weighted average number of common shares outstanding. Common stock equivalents outstanding were 644,000 and 517,000 for the three and six month periods ended June 30, 2002 and were antidilutive in the prior year periods. Use of Estimates The preparation of these financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the periods presented. The Company believes that all such assumptions are reasonable and that all estimates are adequate, however, actual results could differ from those estimates. Income Taxes The Company utilizes the asset and liability method for accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Stock-Based Compensation The Company has adopted Statement of Financial Accounting Standards No. 123, "Accounting for Stock Based Compensation" ("SFAS 123"). As permitted by SFAS 123, the Company has chosen to continue to apply Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees" ("APB 25") and, accordingly, no compensation cost has been recognized for stock options in the financial statements. 8 Note 2 Income Tax Expense Components of income taxes follow:
Three Months Ended Six Months Ended June 30, 2002 June 30, 2002 ---------------------- ---------------------- Current Deferred Current Deferred -------- -------- -------- -------- Tax expense before application of operating loss carryforwards $ 32,000 $ -- $ 57,000 $ -- Tax expense (benefit) of operating loss carryforwards (28,000) 28,000 (50,000) 50,000 Change in valuation allowance -- (28,000) -- (50,000) -------- -------- -------- -------- Tax expense $ 4,000 $ -- $ 7,000 $ -- ======== ======== ======== ======== June 30, December 31, 2002 2001 ----------- ------------ Deferred tax assets: Net operating loss carryforward $ 6,166,000 $ 6,216,000 ----------- ----------- Gross deferred tax assets 6,166,000 6,216,000 Less: valuation allowance (6,166,000) (6,216,000) ----------- ----------- Deferred tax asset $ -- $ -- =========== ===========
9 AUTOINFO, INC. AND SUBSIDIARIES Management's Discussion and Analysis of Financial Condition And Results of Operations Cautionary statement identifying important factors that could cause our actual results to differ from those projected in forward looking statements. Pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, readers of this report are advised that this document contains both statements of historical facts and forward looking statements. Forward looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those indicated by the forward looking statements. Examples of forward looking statements include, but are not limited to (i) projections of revenues, income or loss, earnings per share, capital expenditures, dividends, capital structure and other financial items, (ii) statements of our plans and objectives with respect to business transactions and enhancement of shareholder value, (iii) statements of future economic performance, and (iv) statements of assumptions underlying other statements and statements about our business prospects. The following Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our unaudited consolidated financial statements and the notes thereto appearing elsewhere in this report. General As a result of our acquisition of Sunteck Transport, Inc. ("Sunteck") in December 2000, we are a full service third party transportation logistics provider. Our services include ground transportation coast to coast, local pick up and delivery, warehousing, air freight and ocean freight. We have strategic alliances with less than truckload (LTL), truckload, air, rail and ocean common carriers to service our customers' needs. We have full service offices in Florida, New Jersey, Missouri, North Carolina and Georgia and independent sales agents in twelve states and Canada. Our services include arranging for the transport of customers' freight from the shippers location to designated destinations. We do not own any trucking equipment and we rely on independent carriers for the movement of customers' freight. We seek to establish long-term relationships with our customers and provide a variety of logistics services and solutions to eliminate inefficiencies in our customers' supply chain management. Sunteck, which was formed in 1997, is a full service third party transportation logistics provider. Its supply chain services include ground transportation coast to coast, local pick up and delivery, warehousing, air freight and ocean freight. Sunteck has developed strategic alliances with Less than Truckload (LTL), truckload, air, rail and ocean common carriers to service its customers' needs. Results of Operations In the transportation industry, results of operations generally show a seasonal pattern as customers reduce shipments during and after the winter months. This industry trend has not had a significant impact on our results of operations or our cash flows in recent years. Also, inflation has not materially affected our operations due to the short-term transactional basis of our business. However, we cannot fully predict the impact seasonality and inflation may have in the future. 10 Three and six months ended June 30, 2002 and 2001 During the year ended December 31, 2001, we began to implement our strategic growth business plan consisting primarily of the expansion of client services, the opening of regional operations centers in key geographical markets and the addition of independent sales agents. As a result, as of June 30, 2002 we had five full service offices and independent sales agents in twelve states and Canada as compared with three full service full service offices and independent sales agents in five states as of June 30, 2001. Our net revenues (gross revenues less cost of transportation) are the primary indicator of our ability to source, add value and resell service that are provided by third parties and are considered to be our primary measurement of growth. Therefore, the discussion of the results of operations below focuses on the changes in our net revenues. The increases in net revenues and all related cost and expense categories are the direct result of our business expansion. The following table represents certain statement of operation data as a percentage of net revenues:
Three Months Ended Six Months Ended June 30, June 30, 2002 2001 2002 2001 ------ ------ ------ ----- Net revenues 100.0% 100.0% 100.0% 100.0% ----- ----- ----- ----- Commissions 56.7% 38.3% 54.1% 38.1% Operating expenses 27.7% 57.0% 30.8% 67.1% Other charges 4.6% (0.5%) 4.6% 1.7% ----- ----- ----- ----- Income (loss) before income taxes 11.0% 5.2% 10.5% (6.9%) ----- ----- ----- -----
Revenues Gross revenues consisting of freight fees and other related services revenue totaled $4,743,000 and $8,303,000 for the three and six month periods ended June 30, 2002, as compared with $1,791,000 and $3,267,000 in the prior year periods. Net revenues were $791,000 and $1,473,000 for the three and six month periods ended June 30, 2002, as compared with $363,000 and $638,000 in the prior year periods. Costs and expenses Commissions totaled $449,000 and $797,000 for the three and six month periods ended June 30, 2002, as compared with $139,000 and $243,000 in the prior year periods. As a percentage of net revenues, commissions were 54% and 57% for the three and six periods ended June 30, 2002 as compared with 38% and 38% in the prior year periods. This increase is the direct result of higher commission rates related to the Company's business expansion and the addition of independent sales agents at higher commission rates than historical averages. Operating expenses totaled $219,000 and $454,000 for the three and six month periods ended June 30, 2002, as compared with $207,000 and $428,000 in the prior year periods. As a percentage of net revenues, operating expenses were 31% and 28% for the three and six month periods ended June 30, 2002 as compared with 67% and 57% in the 11 prior year periods. This decrease in percentage terms is the direct result of management's ability to leverage selling, general and administrative expenses in connection with the Company's business expansion. Investment income, primarily consisting of the gain on the sale of marketable securities and dividend and interest income, was $3,000 and $10,000 for the three and six month periods ended June 30, 2002, as compared with $20,000 and $30,000 in the prior year periods. Substantially all marketable securities were sold during 2001. Interest expense totaled $39,000 and $77,000 for the three and six month periods ended June 30, 2002, as compared with $18,000 and $41,000 in the prior year periods. This increase is primarily the result of increased borrowings in August 2001. Income taxes Income taxes were $4,000 and $7,000 for the three and six month periods ended June 30, 2002 and consist of state taxes as the Company has a net operating loss carryforward for Federal Tax purposes. Net income (loss) Net income totaled $83,000 and $148,000 for the three and six month periods ended June 30, 2002, as compared with $19,000 and a loss of ($44,000) in the prior year periods. Trends and uncertainties The transportation industry is highly competitive and highly fragmented. Our primary competitors are other non-asset based as well as asset based third party logistics companies, freight brokers, carriers offering logistics services and freight forwarders. We also compete with shippers internal traffic departments as well as carriers internal sales and marketing departments directly seeking shippers' freight. We anticipate that competition for our services will continue to increase. Many of our competitors have substantially greater capital resources, sales and marketing resources and experience. We cannot assure you that we will be able to effectively compete with our competitors in effecting our business expansion plans. Our operations were profitable for the three and six months period ended June 30, 2002. However, as of June 30, 2002, we had an accumulated deficit of $17.7 million. Other factors that could adversely affect our operating results include: o the success of Sunteck in expanding its business operations; and o changes in general economic conditions. We cannot assure you that our revenues will continue to increase. Depending on our ability to generate revenues, we may require additional funds to expand Sunteck's business operations and for working capital and general corporate purposes. Any additional equity financing may be dilutive to stockholders, and debt financings, if available, may involve restrictive covenants that further limit our ability to make decisions that we believe will be in our best interests. In the event we cannot obtain additional financing on terms acceptable to us when required, our ability to expand Sunteck's operations may be materially adversely affected. 12 Liquidity and capital resources At June 30, 2002, we had outstanding $575,000 of subordinated convertible debentures and $500,000 under a Line of Credit. The debentures are convertible into common stock at the option of the debenture holder at a conversion price of $0.25 per share and are redeemable, at the option of the holder, after December 31, 2003. The Line of Credit, obtained from a related party in August 2001, is secured by accounts receivable and has been extended on similar terms to mature in August 2003. We believe that we have sufficient working capital to meet our short-term operating needs and that we will be able to extend or replace the Line of Credit on terms acceptable to us. At June 30, 2002, we had liquid assets of approximately $634,000. The total amount of debt outstanding as of June 30, 2002 was $1,075,000. This following table presents our debt instruments and their weighted average interest rates as of June 30, 2002: Weighted Average Balance Rate ------------ ------------ Subordinated Debt $ 575,000 12.0% Line of Credit $ 500,000 17.0% Inflation and changing prices had no material impact on revenues or the results of operations for the period ended June 30, 2002. 13 AUTOINFO, INC. AND SUBSIDIARIES Part II - OTHER INFORMATION Item 1 - 5: Inapplicable Item 6 - Exhibits: 99.1 Chief Executive Officer Certification 99.2 Chief Financial Officer Certification 14 SIGNATURES Pursuant to the requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto authorized. AUTOINFO, INC. (Registrant) /s/ William I. Wunderlich ------------------------------ William I. Wunderlich Executive Vice President and Principal Financial Officer Date: August 12, 2002 15 EX-99.1 3 d51528_ex99-1.txt CERTIFICATION (CEO) Exhibit 99.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of AutoInfo, Inc. (the "Company") on Form 10-QSB for the period ending June 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Harry Wachtel, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. /s/ Harry Wachtel - ------------------------- Harry Wachtel Chief Executive Officer August 12, 2002 EX-99.2 4 d51528_ex99-2.txt CERTIFICATION (CFO) Exhibit 99.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of AutoInfo, Inc. (the "Company") on Form 10-QSB for the period ending June 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, William Wunderlich, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. /s/ William Wunderlich - ----------------------------- William Wunderlich Chief Financial Officer August 12, 2002 -----END PRIVACY-ENHANCED MESSAGE-----