Quality Distribution Inc. on Tuesday, Feb. 10, announced preliminary results for the fourth quarter and year ended Dec. 31. Based on currently available unaudited information, QDI estimates:
“Despite the continued softness in demand, the cost-reduction actions we took last year enabled us to generate $9.0 million of operating cash flow and near break-even results in one of the most challenging quarters in our company’s history,” said Gary Enzor, president and chief executive officer of Tampa, Fla.-based QDI. “Although we have yet to see an improvement in volumes, we are aggressively pursuing new business opportunities and additional reductions in our cost infrastructure.”
Steve Attwood, chief financial officer, said operations continue to generate positive cash flow even under tough market conditions. “During the fourth quarter, we reduced our total debt by $42.0 million, which included a $24.2 million reduction in our 9 percent subordinated notes and an $18.0 million reduction in the outstanding balance on our revolving credit facility,” Attwood said.
