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-- Quality Reports Fourth Quarter Revenue of $215.4 Million --
-- Company Earns Fourth Quarter 2012 Net Income of $0.21 per Diluted Share ---- Q4 2012 Adjusted Net Income of $0.11 per Diluted Share –-- Fourth Quarter Adjusted EBITDA Up 13.4% vs. Prior-Year Period --
TAMPA, Fla., Feb. 20, 2013 (GLOBE NEWSWIRE) -- Quality Distribution, Inc. (Nasdaq:QLTY) ("Quality" or the "Company"), a North American logistics and transportation provider with market leading businesses, today reported net income of $5.7 million, or $0.21 per diluted share, for the fourth quarter ended December 31, 2012, compared to net income of $5.5 million, or $0.22 per diluted share, in the fourth quarter ended December 31, 2011. Net income for the year ended December 31, 2012 was $50.1 million, or $1.84 per diluted share compared to net income of $23.4 million, or $0.96 per diluted share, for 2011.
Adjusted net income for the fourth quarter of 2012 was $3.0 million, or $0.11 per diluted share, compared to adjusted net income of $3.8 million, or $0.15 per diluted share, for the same quarter in 2011. Both periods are calculated by applying a normalized tax rate of 39% and excluding items not considered part of regular operating activities.
Adjusted net income for the fourth quarter of 2012 included the following pre-tax items which the Company does not consider to be part of its regular operating activities: costs associated with the previously disclosed termination and conversion 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 net acquisition earnout benefit of ($2.6) million. A reconciliation of net income to adjusted net income for both periods is included in the attached financial exhibits.
"Our preliminary fourth quarter results were in line with the expectations we shared during our third quarter conference call," stated Gary Enzor, Chief Executive Officer. "This past year was filled with transformative events such as multiple Energy Logistics acquisitions and a difficult but necessary affiliate transition, which pressured our organization on numerous fronts. Looking forward, our leadership team is optimistic about 2013 as we focus intensely on improving operating results, controlling our capital spending and delivering on our goal to generate strong earnings and returns for our shareholders."