Company Reports Fourth Quarter Net Loss of $(0.51) per Diluted Share
Adjusted Earnings of $0.06 per Diluted Share Generated in Q4 2010
Fourth Quarter Revenue Up 9.6% vs. Prior Year PeriodTAMPA, Fla., March 9, 2011 (GLOBE NEWSWIRE) -- Quality Distribution, Inc. (Nasdaq:QLTY) ("Quality" or the "Company"), which operates the largest chemical bulk tank truck network and is the largest provider of intermodal tank container and depot services in North America, today reported a net loss of $10.7 million, or $(0.51) per diluted share, for the fourth quarter ended December 31, 2010, compared to net income of $4.6 million, or $0.21 per diluted share, in the fourth quarter ended December 31, 2009. Net loss for the year ended December 31, 2010 was $7.4 million, or $(0.36) per diluted share compared to a net loss of $180.5 million, or $(9.28) per diluted share, for 2009. Adjusted net income for the fourth quarter of 2010 was $1.3 million, or $0.06 per diluted share, compared to adjusted net income of $0.2 million, or $0.01 per diluted share, for the same quarter in 2009. Adjusted net income for the fourth quarter of 2010 was derived by excluding approximately $9.1 million of charges associated with the Company's debt refinancing, $3.2 million of restructuring costs, and $0.7 million of costs associated with an unconsummated stock offering, and then applying a normalized tax rate of 39% to the adjusted income. Adjusted net income for the year ended December 31, 2010 was $6.5 million, or $0.30 per diluted share, compared to adjusted net income of $1.3 million, $0.07 per diluted share, for the same period in 2009. Adjusted net income for the year ended December 31, 2010 was derived by excluding the fourth quarter costs previously noted, as well as $4.6 million of restructuring costs incurred in the first nine months of 2010, and then applying a normalized tax rate of 39%. These adjustment items are excluded as Quality does not consider the costs to be part of regular operating activities. A reconciliation of net (loss) income to adjusted net income is included in the attached financial exhibits.
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