-----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, Oi55bUdD6mBILYENEmXykfTXIxO7eKZaSE9AsiNuTcP+0hUCm4ZbKBCWB3FrljQN s06oiCeRkDQqF3gRiHWsiQ== 0001169232-07-001356.txt : 20070309 0001169232-07-001356.hdr.sgml : 20070309 20070309105908 ACCESSION NUMBER: 0001169232-07-001356 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070308 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070309 DATE AS OF CHANGE: 20070309 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUTOINFO INC CENTRAL INDEX KEY: 0000351017 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING & COURIER SERVICES (NO AIR) [4210] IRS NUMBER: 132867481 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11497 FILM NUMBER: 07682975 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 8-K 1 d71219_8k.txt CURRENT REPORT ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------------------ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): March 8, 2007 AUTOINFO, INC. (Exact name of Registrant as specified in its charter) Delaware 001-11497 13-2867481 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 6413 Congress Ave - Suite 260 Boca Raton 33487 (Address Of Principal Executive Office) (Zip Code) Registrant's telephone number, including area code (561) 988-9456 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Item 2.02: Results of Operations and Financial Condition. On March 8, 2007, AutoInfo, Inc. issued a press release, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference, announcing its financial results for the year ended December 31, 2006. In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 9.01: Financial Statements, Pro Forma Financial Information and Exhibits. (d) Exhibits: Exhibit Number Description - ------ ----------- 99.1 Press release, dated March 8, 2007, announcing financial results for year ended December 31, 2006. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. AutoInfo, Inc. Dated: March 8, 2007 By: /s/ Harry M. Wachtel -------------------------------------- Harry M. Wachtel, President and Chief Executive Officer 3 EX-99.1 2 d71219_ex99-1.txt PRESS RELEASE Exhibit 99.1 Contact: William I. Wunderlich Chief Financial Officer (561) 988-9456 ext 201 FOR IMMEDIATE RELEASE AutoInfo, Inc. Announces Record Breaking 2006 Year End Financial Results Net Revenues increase 31% Income from Operations increases 30% Boca Raton, FL - March 8, 2007 - AutoInfo, Inc. (OTC BB:AUTO), a non-asset based third party logistics service provider today announced results of its operations for the year ended December 31, 2006. The Company reported gross revenues of $84.1 million as compared with $68.0 million for the prior year. Net revenues (gross revenues less the direct cost of transportation) were $17.7 million as compared with $13.6 million for the prior year. The Company reported income from operations of $2.9 million or basic earnings per share of $0.08, as compared with $2.2 million or $0.06 per share for the prior year. Net income was $3.6 million and basic earnings per share were $0.11 per share, as compared with $3.6 million or $0.11 per share for the prior year. Net income for the year ended December 31, 2006 included a net tax benefit of $882,000, or $0.03 per share, resulting from the anticipated future utilization of an available federal tax loss carryforward, as compared with a net tax benefit of $1,463,000, or $0.05 per share for the year ended December 31, 2005. Harry Wachtel, President, stated, "2006 was another year of significant growth and record financial results. Our success is driven by the addition of new agent offices and the organic growth of our brokerage services, contract carrier services and owner-operator networks. We will continue to leverage our business model and expand our broker and contract carrier agent networks during 2007 and continue to explore expansion and growth opportunities." Mr. Wachtel continued, "We have also strengthened our management team with the addition of Michael Williams as our Chief Operating Officer. Mike brings significant business development, operations and legal industry experience to Sunteck, enhancing the depth of our management team. Through improved technology, efficient operating processes and our dedicated staff, we will continue to attract industry professionals that will fuel the expansion of our networks and future success." 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. AUTOINFO, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005 2006 2005 ------------ ------------ Gross revenue $ 84,111,000 $ 68,040,000 ------------ ------------ Net revenue 17,743,000 13,554,000 ------------ ------------ Income from operations 2,859,000 2,201,000 ------------ ------------ Income before income taxes (benefit) 2,746,000 2,145,000 Income taxes (benefit) (882,000) (1,463,000) ------------ ------------ Net income $ 3,628,000 $ 3,608,000 ============ ============ Net income per share (basic) $ .11 $ .11 ============ ============ Net income per share (diluted) $ .10 $ .11 ============ ============ Weighted average number of shares (basic) 31,915,000 31,520,000 ------------ ------------ Weighted average number of shares (diluted) 36,005,000 33,920,000 ------------ ------------ CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2006 AND 2005 2006 2005 ------------ ------------ Current assets: Cash and cash equivalents $ 146,000 $ 419,000 Accounts receivable, net 16,967,000 12,735,000 Deferred income taxes 1,445,000 860,000 Other current assets 363,000 255,000 ------------ ------------ Total current assets 18,921,000 14,269,000 Fixed assets, net 324,000 292,000 Deferred income taxes 2,502,000 2,047,000 Advances and other assets 2,075,000 38,000 ------------ ------------ Total assets $ 23,822,000 $ 16,646,000 ============ ============ Current liabilities: Loan payable $ 3,451,000 $ 1,280,000 Accounts payable and accrued liabilities 8,376,000 7,235,000 ------------ ------------ Total current liabilities 11,827,000 8,515,000 Stockholders' equity 11,995,000 8,131,000 ------------ ------------ Total liabilities and stockholders' equity $ 23,822,000 $ 16,646,000 ============ ============ -----END PRIVACY-ENHANCED MESSAGE-----