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-- Quality Generates First Quarter Revenues of $229.4 Million --
-- Company Earns Net Income of $0.34 per Diluted Share ---- Q1 2013 Adjusted Net Income of $0.14 per Diluted Share ---- First Quarter Adjusted EBITDA Up 13.1% vs. Prior-Year Period ---- Quality Announces Affiliation Plan for Marcellus and Utica Shale Operations --
TAMPA, Fla., May 1, 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 $9.1 million, or $0.34 per diluted share, for the first quarter ended March 31, 2013, compared to net income of $6.7 million, or $0.26 per diluted share, in the first quarter ended March 31, 2012.
Adjusted net income for the first quarter of 2013 was $3.9 million, or $0.14 per diluted share, compared to adjusted net income of $4.6 million, or $0.18 per diluted share, for the same quarter in 2012. Both periods are calculated by excluding items not considered part of regular operating activities. Results for 2012 were adjusted by applying a normalized tax rate of 39.0%; 2013 adjusted net income for the quarter reflects the Company's actual effective tax rate of 38.6% rather than using a normalized tax rate as it has in prior periods. This reflects the Company's expectation of a more stable effective tax rate in 2013 and going forward. For consistency purposes, the Company intends to present prior period adjusted results using normalized tax rates as originally reported.
Adjusted net income included the following pre-tax items which the Company does not consider to be part of its regular operating activities: for the first quarter of 2013, severance of $0.6 million, affiliate conversion costs of $0.3 million, a net gain on the disposition of property of $2.6 million and an acquisition earnout benefit of $6.8 million; for the first quarter of 2012, acquisition expenses of $0.4 million. A reconciliation of net income to adjusted net income for both periods is included in the attached financial exhibits.