AutoInfo Inc., a nonasset-based transportation services company, announced today, Aug. 13, results of its operations for the quarter and six months ended June 30.
For the six-month period, the company reported gross revenues of $78.9 million as compared with $81.8 million for the prior-year period. Net revenues (gross revenues less the direct cost of transportation) were $15.9 million as compared with $14.3 million. Net income was $608,000 as compared with $1,086,000.
For the three-month period, the company reported gross revenues of $43.8 million as compared with $45.2 million for the prior-year period. Net revenues were $8.4 million as compared with $7.5 million. Net income was $390,000 as compared with $596,000.
During the second quarter of 2009, the company instituted a cost-reduction program that includes salary reductions of 10 percent for all executive, supervisory and management personnel, as well as reductions in other operating expenses.
“While our operating results have been adversely impacted by the economic downturn starting in the fourth quarter of 2008, during the second quarter we began to see some signs of improvement,” said Harry Wachtel, president of AutoInfo, based in Boca Raton, Fla. “As the economy continues its recovery, we believe that the cost cutting measures that we have implemented and our ongoing agent recruiting efforts will have a positive impact on our results of operations.”