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Quality Distribution, Inc. Announces Third Quarter Results

TAMPA, Fla., Nov. 8, 2010 (GLOBE NEWSWIRE) -- Quality Distribution, Inc. (Nasdaq:QLTY) ("Quality" or the "Company"), which operates the largest chemical bulk tank truck network in North America, today reported net income of $0.4 million, or $0.02 per diluted share, for the third quarter ended September 30, 2010, compared to net income of $1.4 million, or $0.07 per diluted share, in the third quarter of 2009. Net income for the nine months ended September 30, 2010 was $3.3 million, or $0.15 per diluted share versus a net loss of $(185.1) million, or $(9.55) per diluted share, for the same period in 2009.

Adjusted net income for the third quarter ended September 30, 2010 was $2.2 million, or $0.10 per diluted share, compared to adjusted net income of $1.1 million, or $0.06 per diluted share, for the same quarter in 2009.   Adjusted net income for the third quarter of 2010 was derived by excluding $2.4 million of pre-tax restructuring charges and applying a normalized tax rate of 39%. The restructuring charges primarily represent approximately $2.0 million related to Quality's estimated costs from the withdrawal from three multi-employer pension plans. Adjusted net income for the third quarter of 2009 was derived by excluding a $0.3 million pre-tax restructuring charge, and applying a normalized tax rate of 39%.

Adjusted net income for the nine months ended September 30, 2010 was $5.2 million, or $0.24 per diluted share, compared to adjusted net income of $1.2 million, $0.06 per diluted share, for the same period in 2009. Adjusted net income for the nine months ended September 30, 2010 was derived by excluding $4.6 million of pre-tax restructuring charges, most of which relates to the withdrawal costs described above as well as lease termination and employee related termination benefits, and applying a normalized tax rate of 39%. Adjusted net income for the nine months ended September 30, 2009 was derived by excluding a $2.1 million pre-tax restructuring charges relating to non-driver terminations and closure or affiliation of terminals, an impairment charge of $148.6 million and a gain on early debt extinguishment of $0.7 million, and applying a normalized tax rate of 39%. A reconciliation of net income to adjusted net income (loss) is included in the attached financial exhibits.

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