Target Logistics raises revenue, income

Target Logistics raises revenue, income Baltimore-based Target Logistics Inc. increased its net income four-fold in the quarter ended June 30 to $222,898 from $45,133 in the same quarter of last year.
   Announcing results for its fiscal fourth quarter and year ended June 30, Target Logistics said it increased its operating revenues 13 percent in the fiscal fourth quarter to $33.2 million. Its operating income for the quarter was $444,391 up from $148,148 in the same quarter of last year.
   However, the company’s net income for the year ended June 30 dropped to $540,142, from $839,500 a year ago. Target Logistics said the decrease was due to $1.5 million of exceptional gains recorded in fiscal year 2003. Operating revenues for fiscal 2004 ended June 30 increased 11 percent to $126.1 million. The company reported operating income of $1.3 million for fiscal 2004, a 450-percent increase over operating income of $238,800 reported for fiscal 2003.
   “The growth in operating income and revenues is a direct result of the continuing success of our acquisition strategy and the expansion of our team of sales executives,” said Stuart Hettleman, president and chief executive officer of Target Logistics.
   Target Logistics provides freight forwarding and logistics services through its wholly owned subsidiary, Target Logistics Services Inc.