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-- Company Reports Net Income of $0.10 per Diluted Share --
-- Quality Generates Adjusted Net Income of $0.20 per Diluted Share –-- Organic Growth Drives Third Quarter Consolidated Revenue Up 6.1% vs Prior Year ---- Quality Reduces $17.6 million of Debt in Q3 Using Significant Free Cash Flow --
TAMPA, Fla., Nov. 5, 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 $2.8 million, or $0.10 per diluted share, for the third quarter ended September 30, 2013, compared to net income of $8.9 million, or $0.32 per diluted share, in the third quarter ended September 30, 2012.
Adjusted net income for the third quarter of 2013 was $5.4 million, or $0.20 per diluted share, compared to adjusted net income of $4.8 million, or $0.17 per diluted share, for the same quarter in 2012. Adjusted results are calculated by excluding the following pre-tax items not considered part of regular operating activities: For the third quarter of 2013, $1.2 million of costs associated with the partial redemption of the 9.875% Second-Priority Senior Notes , equity offering costs of $0.5 million, and reorganization costs of $3.8 million related to the Energy Logistics business; for the third quarter of 2012, expense adjustments totaling $3.5 million primarily due to an independent affiliate conversion in the Chemical Logistics business. A reconciliation of net income to adjusted net income for both periods is included in the attached financial exhibits.
The Company paid down $17.6 million of debt during the third quarter, utilizing near-record levels of free cash flow, plus asset sale proceeds. On a year-to-date basis, Quality paid down $29.8 million of indebtedness, which is consistent with its objectives of reducing leverage and lowering the Company's cost of debt capital.