AutoInfo posts higher 3Q net income

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Autoinfo

AutoInfo Inc. on Monday, Nov. 14, reported gross revenues of $85.4 million for the three-month period ended Sept. 30 as compared with $74.0 million for the prior-year period. Income from operations was $1.7 million as compared with $1.5 million, and net income was $944,000 as compared with $833,000.

For the nine months ended Sept. 30, the company reported gross revenues of $247.8 million as compared with $200.4 million for the prior-year period. Income from operations was $4.5 million as compared with $3.7 million, and net income was $2.51 million as compared with $1.99 million.

“We are pleased to report third-quarter and nine-month results reflecting significant increases in revenues and profits over the prior-year period,” said Harry Wachtel, president of the Boca Raton, Fla.-based company. “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. As we near the end of 2011, we will continue to broaden our transportation service offerings, expand our agent network and pursue strategic growth opportunities.”