Quality Distribution 4Q profit falls as sales drop

As it did when it released preliminary results on Feb. 9, Quality Distribution said it would have earned a penny per share without some items, including refinancing and restructuring costs and a gain on the sale of some assets.

The Associated Press

3/11/2010

TAMPA, Fla. — Tanker carrier Quality Distribution Inc. said Wednesday its fourth-quarter earnings fell on lower sales and one-time expenses.

The company said it earned $4.6 million, or 21 cents per share, compared with $13 million, or 66 cents per share, a year earlier.

As it did when it released preliminary results on Feb. 9, the company said it would have earned a penny per share without some items, including refinancing and restructuring costs and a gain on the sale of some assets.

Revenue fell 10 percent to $151.3 million compared with $168.1 million a year earlier.

On average, analysts surveyed by Thomson Reuters forecast a quarterly loss of 4 cents per share and revenue of $140.3 million.

For the full year the company lost $180.5 million, or $9.28 per share, compared with profit of $12.1 million, or 62 cents per share, in 2008. Revenue fell 25 percent to $613.6 million from $815.3 million.

Kevin Jones of The Trucker staff can be reached for comment at kevinj@thetrucker.com.

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