Quality Distribution Loses $186.2 Million in 2Q
The second quarter of 2009 brought a loss of $186.2 million, or $9.58 a share, to Quality Distributio
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."
More Drivers
EEOC Sues KLLM Over Alleged Sex Discrimination in Driver Training
KLLM is facing a federal sex-discrimination lawsuit over policies the EEOC alleges put female truck driver trainees at a disadvantage.
Read More →
FMCSA Moves to Codify English Language Requirements for Commercial Drivers
By changing regulations on English-language proficiency requirements for commercial drivers, rather than relying on a guidance memo, the FMCSA said future administrations won't be able to walk back the Trump administration's stricter enforcement with just a memo.
Read More →
Drivers Put Western Star Trucks to the Test at Star Nation Experience
Watch to get an inside look at the Western Star trucks, technology, and community behind the Star Nation Experience 2026!
Read More →
Trump Administration Looks to Put More Veterans Behind the Wheel
The Freedom Haulers program pulls together existing and expanded programs at several federal agencies to recruit veterans to drive commercial heavy-duty trucks and cut the red tape for them to get a CDL, training, and employment.
Read More →
Putting Mack’s Command Steer to the Test
A test drive of Mack’s Command Steer active steering system evaluates how it can make truck driving easier and less tiring.
Read More →
Competition Heating Up for Truck Drivers
New report reveals rising driver hiring costs, the return of sign-on bonuses, growing AI advantages, and the operational factors shaping driver retention.
Read More →
How Fraley & Schilling Improved Logbook Compliance by Over 50%
Fraley & Schilling needed a way to close a compliance workflow gap in its ELD system without adding more work from driver training, reminders, and back-office follow-ups. It found the answer in a custom driver app.
Read More →
Volvo Goes Gaming
Volvo has roared into American Truck Simulator with two new flagship trucks.
Read More →
What the Best Fleets to Drive For Teach About Driver Retention
Survey fatigue, AI-powered routing, owner-operator expectations, and the decline of social media all emerged as themes from this year's Best Fleets to Drive For program.
Read More →
Driver Retention Lessons From the Best Fleets to Drive For
What separates trucking's best workplaces from the rest? Jane Jazrawy shares the biggest lessons from this year's Best Fleets to Drive For program on driver retention, communication, AI, and workforce trends on the HDT Talks Trucking podcast.
Read More →