Quality Distribution, Inc. Q1 2010 Earnings Call Transcript
Thanks, Joan. Good morning, everyone. Thank you for joining us today. I’m pleased to provide the following overview of our first quarter results. Q1 revenue excluding fuel surcharge increased 3.7% over the same period last year even though 2009 results included revenues from our QSI wash business which was sold later in the year. More importantly, transportation revenues were 7.1% higher year-over-year and increased steadily during the quarter.
We achieved double-digit volume increases with many of our national accounts as demand increased in every geographical region and were particularly strong with freight originating out of the Gulf of Mexico.
GAAP earnings for the quarter of $0.04 per diluted share included pretax restructuring charges of $1.1 million, after adjusting for restructuring charges and normalizing tax rates the Company had $0.04 of adjusted earnings compared to an adjusted loss of $0.01 in Q1 of 2009. It’s worth noting although Q1 is historically our toughest quarter on an adjusted basis our Q1 earnings this year are more than half of what we earn for the entire year of 2009.Our cash position continues to improve as well. We currently have $54.1 million of availability under our ABL facility, an increase of $9.4 million during the quarter and an $11.1 million since the end of Q1 2009. The Company is beginning to realize the earnings potential and cash flow benefits of our new business model. As previously communicated now that our debt has been restructured and we’ve affiliated trucking operations our focus is on growing our business, both organically and through acquisition. In April, Randy Strutz joined our team as Senior Vice President of Sales. Randy is aligning his team with our affiliates to jointly pursue new business opportunities. On May 1 st we announced the addition of F.T. Silfies, a dry bulk carrier with annual revenues were approximately $20 million to our affiliate network. We will continue to pursue acquisition opportunities to have the potential to help us grow profitably. That concludes my prepared remarks. I’ll now turn the call over to Gary.
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