Incomnet Reduces Costs, Doubles Quarter’s Profit

Incomnet, a Woodland Hills company that operates computerized trading networks for the auto-parts industry, said higher profit margins and reduced costs helped double its third-quarter profit despite a 6% drop in sales compared to the same period last year.

The company earned $139,308 during the three months ended Sept. 30 compared to $67,077 for the same period last year. Revenues were $466,566 compared to $495,242 last year.

For the nine months ended Sept. 30, Incomnet’s profit was nearly flat at $313,400 while revenues dropped 11% to $1.4 million from $1.6 million last year.

Incomnet also announced it has signed a letter of intent with Cisvest International of Miami to expand Incomnet’s auto-parts locating network into international markets. The company said that Cisvest, which is controlled by the Cisneros Group of Venezuela, plans to acquire a “substantial equity position” in Incomnet. Incomnet did not disclose the size of the proposed stake.

Incomnet also said that during the third quarter it launched a new trading network covering 20 additional states and focusing on parts for foreign and exotic cars.