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.
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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