This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Quality Distribution, Inc. Announces First Quarter 2013 Results

-- 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.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,134.83 +93.29 0.52%
S&P 500 2,113.74 +9.54 0.45%
NASDAQ 5,061.3810 +28.63 0.57%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs