Quality Distribution Inc. reported positive numbers for the first quarter of 2012 compared to last year's first quarter. The company had a net income of $6.7 million, or 26 cents per diluted share, for the first quarter ended March 31, 2012,
compared to net income of $2.7 million, or 12 cents per diluted share, in 2011.
Operating income for the first quarter of 2012 was $13.8 million, an increase of 13.5% versus the first quarter of 2011, primarily due to the benefit from profitable energy logistics business and reduced insurance costs. These benefits were partially offset by higher maintenance costs, as well as increased selling and administrative expenses due to approximately $0.4 million in acquisition-related costs.
Total revenue for the first quarter was $191.9 million, an increase of 7.9% versus the same quarter last year. Excluding fuel surcharges, revenue for the first quarter of 2012 increased 6.5% compared to the prior-year period. This quarter-over-quarter increase in revenue of $9.8 million (excluding fuel surcharges) was driven primarily by $10.9 million of revenues from the company's new energy logistics business and a $4.4 million increase in intermodal revenues, partially offset by $5.5 million of lower revenues in the chemical logistics business.
These lower revenues were driven by the lingering adverse impact of the installation of the electronic on-board recorders on driver headcount. Although turnover is improving on a year-over-year basis and driver counts are rising slightly, the company expects industry-wide tightness in driver capacity to impact the chemical logistics business in the second quarter of 2012.
For more information, go to www.qualitydistribution.com.