TAMPA, Fla., Feb. 12, 2013 (GLOBE NEWSWIRE) -- Quality Distribution, Inc. (Nasdaq:QLTY) ("Quality"), a North American logistics and transportation provider with market leading businesses, today announced the following estimated preliminary fourth quarter 2012 results:
- For the three-month period ended December 31, 2012, Quality expects its total revenue to be approximately $215.0 million, operating income to be within the range of $9.9 million to $10.6 million, and adjusted EBITDA to be within the range of $20.0 million to $20.7 million. Expected adjusted EBITDA excludes the following: costs associated with the previously disclosed termination of an independent affiliate relationship of $1.3 million, residual acquisition expenses of $0.6 million, the effects of Hurricane Sandy of $0.7 million, and acquisition earnout adjustments of ($2.6) million (a reconciliation of estimated operating income to estimated adjusted EBITDA is included in the attached financial exhibits);
- For the three-month period ended December 31, 2012, Quality expects revenue from its chemical logistics business to be approximately $145.0 million, revenue from its energy logistics business to be approximately $39.0 million and revenue from its intermodal business to be approximately $31.0 million;
- For the three-month period ended December 31, 2012, Quality expects net income to be within the range of $0.19 and $0.21 per diluted share. After applying a normalized tax rate of 39%, and excluding the other items noted above, Quality expects adjusted net income to be within the range of $0.10 to $0.12 per diluted share (a reconciliation of estimated net income to estimated adjusted net income is included in the attached financial exhibits);
- Cash and total debt at December 31, 2012 were approximately $2.7 million and $418.8 million, respectively. Borrowing availability under the Company's asset-based revolving credit facility was $55.2 million at December 31, 2012;
- For the three-month period ended December 31, 2012, gross capital expenditures were $4.9 million and sales of equipment were $6.0 million.
This information is being provided in anticipation of the Company's participation in the Stifel Nicolaus Transportation and Logistics Conference and the BB&T 28 th Annual Transportation Conference on Wednesday, February 13, 2013. The Company plans to release its full fourth quarter and fiscal year 2012 financial results on Wednesday, February 20, 2013 (see details below).
On November 23, 2012, the Company initiated a program to repurchase up to $15 million of its common stock. During the fourth quarter of 2012, the Company repurchased 0.6 million shares for approximately $3.7 million. From January 1, 2013 through February 11, 2013, the Company repurchased 0.5 million shares for approximately $3.2 million.