Quality Distribution's Positive Earnings Driven By Stronger Volumes

May 06, 2010

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Quality Distribution, which provides bulk transportation and related services, managed to get its net income up in the first quarter to $0.8 million, or 4 cents a share, on stronger volumes and increased revenue.
The same quarter last year saw a net loss of $0.3 million, or 2 cents a share.

The company reported total revenue of $161.3 million, an increase of 7.7 percent from $149.7 million for the same quarter in 2009. Revenue excluding fuel surcharge for the first quarter of 2010 was $143.8 million, up 3.7 percent from $138.6 million for the same quarter in 2009.

"We are very pleased to report year-over-year revenue growth for the first quarter," said Gary Enzor, CEO. "Higher volumes, coupled with a leaner cost structure, yielded positive first quarter earnings for the first time in four years. We are committed to growing organically. We have built a strong network of affiliates who have the infrastructure necessary to support additional growth as demand continues to increase."

On May 1, the company added F.T. Silfies, a dry bulk carrier, to its network, Enzor said.

"Now that we have affiliated trucking operations, and significantly reduced our cost structure and capital expenditure requirements, our focus is squarely on driving top-line profitable growth," said Steve Attwood, chief financial officer.

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