Quality Distribution rebounds from ‘09 2Q net loss

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Quality Distribution

Quality Distribution Inc. on Wednesday, July 28, announced that total revenue for the second quarter of 2010 ended June 30 was $177.6 million, an increase of 18.5 percent from $149.8 million for the same quarter in 2009. Revenue excluding fuel surcharge was $155.9 million, an increase of 13.1 percent from $137.9 million. Net income was $2.1 million compared to a net loss of $186.2 million.

“Quality’s performance this quarter reflects the strength of our business model and demonstrates the earnings power of Quality’s platform in light of a still-recovering economy,” said Gary Enzor, chief executive officer of the Tampa, Fla.-based company. “Transportation revenue, which excludes the impact of the sale of our QSI tank wash business, was up 15.5 percent year over year, and our leaner cost structure yielded even more dramatic earnings improvement.”

Steve Attwood, chief financial officer, said that in the past two years, in the midst of a major general economic downturn, Quality Distribution has transformed by embracing a more cost- effective and asset-light business model. “Now that demand for our services is improving, we are beginning to realize the benefits of our model,” Attwood said. “In addition to the aforementioned revenue and earnings growth, our cash position remains strong as well.”