Autoinfo reports higher 2Q net income

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Autoinfo

AutoInfo Inc. on Monday, Aug. 8, reported gross revenues of $162.4 million for the six months ended June 30 compared to $126.5 million for the prior-year period. Income from operations was $2.8 million compared to $2.2 million. Net income was $1.565 million compared to $1.153 million.

For the three-month period ended June 30, the company reported gross revenues of $87.0 million compared to $69.6 million for the prior-year period. Income from operations was $1.6 million compared to $1.4 million. Net income was $905,000 compared to $728,000.

“We are pleased to report second-quarter and six-month results reflecting significant increases in revenues and profits over the prior-year period,” said Harry Wachtel, president of Boca Raton, Fla.-based Autoinfo, a nonasset-based transportation services provider. “In 2011, we have continued to broaden our service lines and expand our agent network as we continue to focus on opportunities through both intrinsic and external growth.”