It was “another year of achievement, significant revenue growth and expansion of our agent network and transportation services,” said Harry Wachtel, president of AutoInfo. Gross revenues increased 63% and net revenues increased 49%, according to Wachtel. “Our success has been driven by the addition of new agent offices, the organic growth of our organization and expansion of our transportation services. During the fourth quarter of 2008, we experienced a decline in revenues as the economy in general and the transportation industry experienced a slow down,” said Wachtel. “This has continued into the first quarter of 2009,” he added. A new $30 million credit facility will help position the companyfor growth as the economy recovers, Wachtel said.
The Company reported gross revenues of $180.2 million in 2008 as compared with $110.3 million for the prior year. Net revenues (gross revenues less the direct cost of transportation) were $31.7 million as compared with $21.3 million for the prior year. The company reported net income of $2.2 million or basic earnings per share of $.07, as compared with $1.6 million or $.05 per share for the prior year.
AutoInfo, Inc., operating through its Sunteck subsidiary, is a non-asset based transportation services company, providing transportation capacity and related transportation services to shippers throughout the United States, and to a lesser extent, Canada. “Our non-asset based services include ground transportation coast to coast, local pick up and delivery. We have strategic alliances with less than truckload, contract carrier, common carriers and independent owner-operators to service our customers' needs quickly and effectively,” said Wachtel.