Target Logistics says earnings up for quarter, year
Target Logistics, a domestic and international freight forwarder and logistics provider, said net income for the quarter ended June 30 was $642,564, a 27 percent increase over the year-earlier period.
Revenues rose 10 percent to $40.4 million when compared to the same 2005 period.
For the fiscal year ended June 30, net income increased 73 percent to $2.7 million on a 16 percent increase in revenue to $160 million.
“Our continued success provides testimony to the strength of our non-asset-based business model,” said Stuart Hettleman, chief executive.
Subsequent to the end of the fiscal year, the company announced the acquisition of certain assets of Discovery Air Cargo, a freight forwarder providing service to the New York City and Long Island area. The acquisition is expected to add $7 million in annual revenues in the current fiscal year.