AutoInfo posts higher annual gross profit in 2010

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AutoInfo Inc, a nonasset-based third-party logistics service provider, on Friday, March 18, reported 2010 gross revenues of $279.7 million compared with $183.9 million for the prior year. Gross profit was $53.6 million compared with $37.2 million. Net income was $3.1 million compared with $1.4 million.

“2010 was a most rewarding year,” said Harry Wachtel, president of Boca Raton, Fla.-based AutoInfo. “As we began recovering from the downturn in the economy, we broadened our service lines and expanded our agent network. We have focused on opportunities through both intrinsic and external growth. In 2010, we experienced growth in all of our business lines and service offerings. We are poised to capitalize on an improved business environment, and we will continue our agent network expansion efforts and seek out strategic growth opportunities.”