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Autoinfo Inc.$8.48$.151.80%

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 AutoInfo, Inc. Announces Quarterly Results
   Friday, November 20, 2009 8:00:56 AM ET

AutoInfo, Inc. (OTCBB: AUTO), a non-asset based transportation services company, today announced results of its operations for the quarter and nine months ended September 30, 2009.

For the nine months ended September 30, 2009, the Company reported gross revenues of $128.6 million as compared with $134.5 million for the prior year period. Gross profit (gross revenues less the direct cost of transportation) was $25.8 million for the current period as compared with $22.7 million for the prior year period. Net income was $966,000 and basic earnings per share were $.03 per share for the current period, as compared with $1,646,000 and $.05 per share for the prior year period.

For the three month period ended September 30, 2009, the Company reported gross revenues of $49.2 million as compared with $52.7 million for the prior year period. Gross profit was $9.3 million for the current period as compared with $8.5 million for the prior year period. Net income was $358,000 and basic earnings per share were $.01 per share for the current period, as compared with $560,000 and $.02 per share for the prior year period.

Harry Wachtel, President, stated, "2009 has been a challenging year. While there have been some signs of improvement, the downturn in the economy has impacted operating results. We have continued our agent network expansion efforts and are in a position to capitalize in an improved business environment."

Through June 30, 2009, AutoInfo, Inc., through its wholly-owned subsidiaries, Sunteck Transport Group, Inc., and Eleets Logistics, Inc. (collectively, the Company), operated in one business segment. During the third quarter of 2009, the Company determined that it operated in two business segments, non-asset based transportation services and agent support services. The non-asset based transportation services segment includes our brokerage and contract carrier services which are provided through a network of independent sales agents throughout the United States and Canada. Revenue in this segment is generated from freight transportation transactions. We have strategic alliances with less than truckload, contract carrier, common carriers and independent owner-operators to service our customers’ needs quickly and effectively. The agent support services segment includes an array of services that we provide to our agent network to support and encourage the expansion of our agents’ businesses, primarily financial support through interest bearing long-term loans and non-interest bearing short-term loans, as well as other services including training, margin analysis, marketing assistance, industry and market segment data, and business analysis tools. This segment also includes potential revenues related to profit participations and realization on equity that the Company may receive related to a loan or advance extended to an agent.

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
                         Nine Months Ended          Three Months Ended
                           September 30,               September 30,
                        2009          2008          2009          2008
                    ------------- ------------- ------------- -------------
Gross revenues
  Transportation
   services         $ 127,634,000 $ 134,540,000 $  48,847,000 $  52,744,000
  Agent support
   services             1,003,000             -       362,000             -
                    ------------- ------------- ------------- -------------
Total revenues        128,637,000   134,540,000    49,209,000    52,744,000
Cost of
 transportation       102,809,000   111,805,000    39,863,000    44,291,000
                    ------------- ------------- ------------- -------------
Gross profit           25,828,000    22,735,000     9,346,000     8,453,000
                    ------------- ------------- ------------- -------------
Income from
 operations             1,961,000     3,104,000       744,000     1,076,000
                    ------------- ------------- ------------- -------------
Income before
 income taxes           1,631,000     2,751,000       613,000       934,000
Income taxes              665,000     1,105,000       255,000       374,000
                    ------------- ------------- ------------- -------------
Net income          $     966,000 $   1,646,000 $     358,000 $     560,000
                    ============= ============= ============= =============
Net income per
 share:
  Basic             $         .03 $         .05 $         .01 $         .02
  Diluted           $         .03 $         .05 $         .01 $         .02
Weighted average
 number of Common
 shares:
  Basic                32,946,000    32,717,000    32,946,000    32,901,000
  Diluted              34,239,000    34,740,000    34,352,000    34,406,000
                  CONDENSED CONSOLIDATED BALANCE SHEETS
              AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008
                                             September 30,    December 31,
                                                 2009            2008
                                            --------------- ---------------
                                                               (Audited)
Current assets:
  Cash and cash equivalents                 $       409,000 $       390,000
  Accounts receivable, net                       35,533,000      29,863,000
  Deferred income taxes                             687,000       1,100,000
  Prepaid expenses                                  798,000         560,000
  Current portion of advances and other
   assets                                         2,351,000       1,260,000
                                            --------------- ---------------
Total current assets                             39,778,000      33,173,000
Other  assets                                    11,586,000       9,603,000
                                            --------------- ---------------
Total assets                                $    51,364,000 $    42,776,000
                                            =============== ===============
Current liabilities:
  Accounts payable and accrued liabilities  $    17,857,000 $    12,303,000
Loan payable                                     16,124,000      14,164,000
Stockholders’ equity                             17,383,000      16,309,000
                                            --------------- ---------------
Total liabilities and stockholders’ equity  $    51,364,000 $    42,776,000
                                            =============== ===============

Contact:
William I. Wunderlich
Chief Financial Officer
(561) 988-9456 ext 201


SOURCE: AutoInfo, Inc.




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