Quality announces lower 4Q earnings

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Quality Distribution Inc. on Tuesday, Feb. 9,. announced preliminary results for the quarter and year ended Dec. 31, 2009.

Based on currently available unaudited information, Quality estimates:
• Total revenue for the fourth quarter of 2009 was $151.2 million, a decrease of 10.1 percent from $168.1 million for the same quarter in 2008. Total revenue for full year 2009 was $613.5 million, a decrease of 24.8 percent from $815.3 million for full year 2008. Revenue excluding fuel surcharge for the fourth quarter of 2009 was $135.7, a decrease of 6.5 percent from $145.1 million in the fourth quarter of 2008. Revenue excluding fuel surcharge for 2009 was $559.5, a decrease of 16.5 percent from $669.9 million in 2008.
• Net income for the fourth quarter of 2009 was $4.6 million compared to net income of $13.0 million for the same quarter in 2008. Net loss for 2009 was $180.5 million compared to net income of $12.1 million for 2008.
• Free cash flow of $10.5 million and $39.1 million for the fourth quarter and full year 2009, respectively.

“In 2009, we generated an estimated $27.9 million more free cash flow than we did in 2008,” said Gary Enzor, president and chief executive officer of the Tampa, Fla.-based company. “As a company, Quality is focused now more than ever on developing opportunities for growth. We are leaner than we’ve ever been before, and we have the flexibility to respond to the challenges and opportunities that 2010 may bring.”

Steve Attwood, chief financial officer, said the company continues to generate positive cash flow. “Our borrowing availability under our ABL Facility was $44.7 million at the end of the year,” Attwood said.