Quality Distribution, Inc. Announces Second Quarter Results: Positive Earnings Trend Continues
TAMPA, Fla., July 28, 2010 (GLOBE NEWSWIRE) -- Quality Distribution, Inc. (Nasdaq:QLTY) ("Quality") today reported the results for its second quarter and the six months ended June 30, 2010. Total revenue for the second quarter of 2010 was $177.6 million, an increase of 18.5% from $149.8 million for the same quarter in 2009. Revenue excluding fuel surcharge for the second quarter of 2010 was $155.9 million, an increase of 13.1% from $137.9 million for the same quarter in 2009.
Net income for the second quarter of 2010 was $2.1 million, or $0.09 per diluted share, compared to a net loss of $186.2 million, or ($9.58) per diluted share, for the same quarter in 2009.
Adjusted net income per diluted share was $0.10 for the second quarter of 2010, compared to adjusted net income per diluted share of $0.02 for the same quarter in 2009. Adjusted net income for the second quarter of 2010 was derived by excluding a $1.1 million pre-tax restructuring charge and applying a normalized tax rate of 39%. Adjusted net income for the second quarter of 2009 was derived by excluding a $1.2 million pre-tax restructuring charge, a $148.6 million charge for the impairment of goodwill and intangibles, and a $42.5 million deferred tax asset valuation, which was primarily related to the goodwill impairment charge, and applying a normalized tax rate of 39%.Gary Enzor, Chief Executive Officer, stated, "Quality's performance this quarter reflects the strength of our business model and demonstrates the earnings power of Quality's platform in light of a still-recovering economy. Transportation revenue, which excludes the impact of the sale of our QSI tank wash business, was up 15.5% year over year, and our leaner cost structure yielded even more dramatic earnings improvement." Steve Attwood, Chief Financial Officer, commented further, "In the past two years, in the midst of a major general economic downturn, we have transformed our company by embracing a more cost- effective and asset light business model. Now that demand for our services is improving, we are beginning to realize the benefits of our model. In addition to the aforementioned revenue and earnings growth, our cash position remains strong as well. Availability under our ABL facility at the end of the second quarter was $47.8 million, and we have no major debt maturities prior to mid-2013."
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