AutoInfo says net revenues up 49% in 2008

user-gravatar

AutoInfo Inc., a nonasset-based third-party logistics service provider, on Tuesday, March 24, announced results of its operations for the year ended Dec. 31. The company reported gross revenues of $180.2 million as compared with $110.3 million for the prior year, a 63 percent increase. Net revenues (gross revenues less the direct cost of transportation) were $31.7 million as compared with $21.3 million, a 49 percent increase. The company reported net income of $2.2 million as compared with $1.6 million.

“2008 was another year of achievement, significant revenue growth and expansion of our agent network and transportation services,” said Harry Wachtel, president of the Boca Raton, Fla.-based company. “Our success has been driven by the addition of new agent offices, the organic growth of our organization, and expansion of our transportation services.”

Wachtel said that during the fourth quarter, the company experienced a decline in revenues as the economy in general and the transportation industry experienced a slowdown. “This has continued into the first quarter of 2009,” he said. “However, with our new $30 million credit facility and the strength of our agent model, we are well positioned for growth as the economy recovers.”