May 2, 2007 11:00 AM, EDT

Target Logistics’ Income Dips

Freight forwarder Target Logistics said Wednesday its fiscal third-quarter profit fell to $340,000 or 2 cents a share, from $610,000 or 3 cents a year ago.

Revenue for the quarter ended March 31 rose 17.8% to $43.7 million, while operating income dropped to $614,000 from $1.1 million.

Although the results were less than it forecast, the company was optimistic for a “solid fourth quarter,” Chief Executive Officer Stuart Hettleman said in a statement.

The company said it would earn 8 to 10 cents per share for the full fiscal year, down from an earlier forecast of 12 to 15 cents per share.