QD's Income Up, Revenue Down in 3Q

November 04, 2009

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Bulk transportation provider Quality Distribution had a mixed third quarter, with improved net income and a drop in revenue from the year-ago quarter
. The Tampa, Fla.-based carrier raked in $1.4 million in net income, compared to $0.7 million in net income for the same quarter of 2008.

Excluding fuel surcharge, revenue for the company was down 13.5 percent from the third quarter of 2008, a reflection of the continued weak economic environment.

In October, the company announced it sold Quala Systems, its tank wash subsidiary, to QualaWash Holdings in a $13 million deal. The sale involved $10 million in cash, and $3 million in a subordinated note.

"We're still cautious in terms of this economic environment in the near term; however, we believe we are well positioned to take on the challenges and opportunities that 2010 will bring," said Gary Enzor, CEO.

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