The second quarter of 2009 brought a loss of $186.2 million, or $9.58 a share, to Quality Distribution
, compared with net income of $400,000, or 2 cents a share, during the year-ago quarter.
The Tampa, Fla.-based bulk transport company attributes the loss to a pre-tax restructuring charge of $1.2 million and a pre-tax non-cash charge of $148.6 million "related to the impairment of goodwill and other intangible assets," the company says.
Transportation revenue excluding fuel surcharge slipped to $112 million, a 23 percent drop from $151.8 million during the second quarter of 2008. The decrease in revenue was caused by the softness in the market, the company says.
"Cost reductions and our leaner business model have enabled us to generate positive net operating cash of $8.8 million for the quarter and $22.5 million for the six months in the most challenging months yet of this economic downturn," said Gary Enzor, CEO. "Sequentially, revenue was flat and is slightly increasing thus far in the third quarter."
, compared with net income of $400,000, or 2 cents a share, during the year-ago quarter.
The Tampa, Fla.-based bulk transport company attributes the loss to a pre-tax restructuring charge of $1.2 million and a pre-tax non-cash charge of $148.6 million "related to the impairment of goodwill and other intangible assets," the company says.
Transportation revenue excluding fuel surcharge slipped to $112 million, a 23 percent drop from $151.8 million during the second quarter of 2008. The decrease in revenue was caused by the softness in the market, the company says.
"Cost reductions and our leaner business model have enabled us to generate positive net operating cash of $8.8 million for the quarter and $22.5 million for the six months in the most challenging months yet of this economic downturn," said Gary Enzor, CEO. "Sequentially, revenue was flat and is slightly increasing thus far in the third quarter."
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