AutoInfo reports higher 1Q net income

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AutoInfo Inc., a nonasset-based third-party logistics service provider, on Monday, May 17, announced results of its operations for the quarter ended March 31. The company reported gross revenues of $56.9 million as compared with $35.3 million for the prior-year period. Gross profit was $10.9 million as compared with $7.8 million. Net income was $425,000 as compared with $219,000.

“We are pleased to report an increase in gross revenues and profits as we move through this time of economic recovery,” said Harry Wachtel, president of Boca Raton, Fla.-based AutoInfo. “While this trend is a positive sign, there are no assurances that it is indicative of future results. We did experience an increase in the cost of purchased transportation during the quarter caused by an increased demand for transportation and a decrease in available capacity. We are poised to capitalize in an improved business environment, and we will continue our agent network expansion efforts and seek out strategic growth opportunities.”

AutoInfo operates in two business segments, nonasset-based transportation services and agent support services.