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Quality Distribution, Inc. Announces Fourth Quarter And Full Year 2013 Results

Stocks in this article: QLTY

-- Q4 Revenue of $225 Million Up 4.7% Organically Over Prior Year Quarter -- -- Full Year Revenue of $930 Million Up 10.4% Over Prior Year -- -- Quality Reports Q4 Net Loss of $0.85 per Diluted Share on Non-Cash Impairment Charges – -- Quality Generates Q4 Adjusted Net Income of $0.13 per Diluted Share --

-- Quality Reduces 2013 Debt by $36 Million Using Record $46 Million of Operating Cash Flow – -- Company Initiates Earnings and Free Cash Flow Guidance for 2014 --

TAMPA, Fla., Feb. 25, 2014 (GLOBE NEWSWIRE) -- Quality Distribution, Inc. (Nasdaq:QLTY) ("Quality" or the "Company"), a North American logistics and transportation provider with market leading businesses, today reported strong increases in top line revenues for each business segment for the fourth quarter and full year periods. Fourth quarter consolidated revenues rose 4.7% versus the prior-year period and full year revenue for 2013 rose 10.4% versus 2012.

The Company reported a net loss of $22.8 million, or $0.85 per diluted share, for the fourth quarter ended December 31, 2013, compared to net income of $5.7 million, or $0.21 per diluted share, for the fourth quarter ended December 31, 2012. The fourth quarter 2013 loss was driven primarily by $35.6 million, or $0.82 per diluted share, of non-cash goodwill and intangible asset impairment charges related to the Energy Logistics business.

Adjusted net income for the fourth quarter of 2013 was $3.6 million, or $0.13 per diluted share, compared to adjusted net income of $3.0 million, or $0.11 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 fourth quarter of 2013, non-cash impairment charges of $35.6 million and reorganization costs of $4.1 million related to the Energy Logistics business and $1.4 million for excess claims settlement expenses in the Chemical Logistics business; for the fourth quarter of 2012, $1.3 million primarily due to an independent affiliate conversion in the Chemical and Energy Logistics businesses, $0.6 million of acquisition costs, and $0.7 million of losses related to Hurricane Sandy in the Intermodal business, offset by a net acquisition earnout benefit in the Energy Logistics business of $2.6 million. A reconciliation of net (loss) income to adjusted net income for both periods is included in the attached financial exhibits.

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