Quality Distribution, Inc. Announces Preliminary Third Quarter 2010 Results
TAMPA, Fla., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Quality Distribution, Inc. (Nasdaq:QLTY) (" Quality") today announced preliminary results for the third quarter ended September 30, 2010.
Quality estimates that:
- For the three-month period ended September 30, 2010, Quality expects its total revenue to be approximately $181 million, and Consolidated EBITDA to be within the range of $16.5 million to $16.8 million;
- For the three-month period ended September 30, 2010, Quality expects operating income to be within the range of $9.6 million to $9.9 million;
- Consolidated EBITDA for the three-month period ended September 30, 2010 excludes restructuring costs of approximately $2.4 million, which primarily consists of approximately $2.0 million related to an estimated withdrawal liability from various multi-employer pension plans;
- For the last twelve-month period ended September 30, 2010, Quality expects total revenue to be approximately $672 million, and Consolidated EBITDA to be within the range of $61.5 million to $61.8 million;
- For the last twelve-month period ended September 30, 2010, Quality expects operating income to be within the range of $43.6 million to $43.9 million;
- Cash and total debt at September 30, 2010 were approximately $4 million and $316 million, respectively;
- Availability under Quality's asset-based revolving credit facility was approximately $65 million at September 30, 2010 and the outstanding borrowings under the ABL Facility were $65.2 million; and
- For the three-month period ended September 30, 2010, capital expenditures are expected to be approximately $2.5 million, and net proceeds from sales of property, plant and equipment are expected to be approximately $2.2 million.
Gary Enzor, Chief Executive Officer, stated, "Our anticipated third quarter results reflect a continued improvement in year over year performance, delivering strong free cash flow, enhanced liquidity and a solid reduction in leverage."
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