Lake Success-based automotive sales software maker DealerTrack turned a profit in its most recent quarter, compared to a loss in the comparable three-month period last year.
For the quarter ended June 30, DealerTrack showed a $2.1 million profit on $89 million in sales, up from a $117,000 loss on $61.9 million in sales during the same quarter last year. It generated net income per share for the quarter of $0.05, compared to zero in the year-ago quarter.
Mark O'Neil, chairman and chief executive officer of DealerTrack, said the company's acquisitions of other companies has helped it improve financially, and he expected that they will continue to do so. In January, the company bought triVIN Holdings Inc., of Groton, Conn., a provider of automobile title management services to lenders and vehicle registration services to car dealers.
And more recently, it closed last month on the purchase of a Texas company, eCarList, an inventory managment software maker.
"We are very pleased with our results for the second quarter as our transaction businesses benefitted from the continued improvement in the credit environment," O'Neil said."We believe that the subscription business will grow more rapidly in the future as our acquisition of eCarList will enable us to provide the most comprehensive inventory management solution in the industry."