AutoInfo posts higher 1Q net income

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AutoInfo Inc., a nonasset-based third-party logistics service provider, on Wednesday, May 16, announced gross revenues for the first quarter of 2012 ended March 31 of $61.8 million as compared with $75.4 million for the prior-year period; revenues for 2011 included $21.4 million from a former significant agent that received 100 percent of net revenue. Income from operations was $1.4 million as compared with $1.2 million. Net income was $831,000 as compared with $655,000.

“We are pleased to report first-quarter results reflecting continued growth of our agent network,” said Harry Wachtel, president of Boca Raton, Fla.-based AutoInfo. “In 2012, we will continue to broaden our transportation service offerings, expand our agent network and pursue strategic growth and other opportunities in furtherance of our mission to enhance stockholder values.”