AutoInfo, a nonasset-based third-party logistics service provider, on Friday, Nov. 7, announced results of its operations for the quarter and nine months ended Sept. 30.
For the nine-month period, the company reported gross revenues of $134.5 million as compared with $77.4 million for the prior-year period. Net revenues (gross revenues less the direct cost of transportation) were $22.7 million as compared with $15.5 million, an increase of 46 percent. The company reported income from operations of $3.1 million as compared with $2.2 million. Net income was $1.65 million as compared with $1.21 million.
For the three-month period, the company reported gross revenues of $52.7 million as compared with $29.1 million for the prior-year period. Net revenues were $8.5 million as compared with $5.5 million, an increase of 55 percent. The company reported income from operations of $1.08 million as compared with $867,000. Net income was $560,000 as compared with $503,000.
During the quarter, the company participated in the Hurricane Ike relief effort, which resulted in about 1,100 transactions that generated about $4.3 million in gross revenues.
“We are pleased to report 88 percent year-over-year revenue growth for the quarter,” said Harry Wachtel, president of Boca Raton, Fla.-based AutoInfo. “Net revenues continue to be affected by higher transportation costs, which reflect the increase in fuel prices and other factors. Our continued growth is the result of our investment in people and technology, and the continued strength of our agent network. We will continue to leverage our business model and expand our broker and contract carrier agent networks, and explore expansion and growth opportunities.”
AutoInfo, operating through its Sunteck subsidiary, provides transportation capacity and related transportation services to shippers throughout the United States, and to a lesser extent, Canada. Its nonasset-based services include ground transportation coast-to-coast, as well as local pickup and delivery. The company says it has strategic alliances with less-than-truckload carriers, contract carriers, common carriers and owner-operators.