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QLTY Latest News

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QLTY Discussion

View Posts
Mma20 Mma20 9 years ago
What do they think is a fair price
👍️0
KingDMC KingDMC 9 years ago
Was just about to post!
👍️0
crudeoil24 crudeoil24 9 years ago
Sweet news to wake up to: Quality Distribution, Inc. (Nasdaq:QLTY) ("Quality Distribution" or the "Company"), a North American logistics and transportation provider with market leading businesses, today announced that it has entered into a definitive agreement to be acquired by funds advised by Apax Partners ("Apax"), a global private equity firm, for approximately $800 million, including the assumption of debt, or $16.00 per share in cash. The transaction price represents a premium of approximately 63% over Quality Distribution's closing share price on May 6, 2015. Quality Distribution believes that the transaction provides its shareholders with an attractive premium that delivers immediate compelling value for their shares. The definitive agreement was unanimously approved by Quality Distribution's Board of Directors, which recommended that Quality Distribution's shareholders approve the agreement.
👍️0
makesumgravy makesumgravy 15 years ago
Gary R. Enzor
Chief Executive Officer
Quality Distribution Inc.

The proxy statement for Quality Distribution Inc. uses the new SEC executive compensation rules.

In 2007, Gary R. Enzor raked in $550,349 in total compensation according to the SEC. According to the AFL-CIO's calculation method*, this CEO raked in $964,852 in total 2007 compensation.


👍️0
makesumgravy makesumgravy 15 years ago
Annual Revenue: $730,159,000

About Quality Distribution, Inc.
Quality Distribution completed its Initial Public Offering on November 7, 2003. 7,875,000 shares sold during the IPO at $17.00 per share. Quality trades on NASDAQ under the symbol of "QLTY."

👍️0
makesumgravy makesumgravy 15 years ago
Quality Distribution Inc. has named Stephen Attwood senior vice president and chief financial officer.

Attwood was most recently vice president and corporate controller at Swift Transportation. He also held senior management positions with Dell Computer (NASDAQ: DELL) and AlliedSignal.

Attwood received a bachelor’s degree in accounting from Arizona State University, a release said.

Attwood succeeds Timothy Page, who will depart the company later this year.

Quality Distribution reported a net loss in its first quarter and cut 60 jobs to trim costs.

👍️0
makesumgravy makesumgravy 15 years ago
Quality Distribution Inc. reported net income of $400,000, or 2 cents a share, or the second quarter ended June 30, compared to net income of $2.3 million, or 12 cents a share, in the same quarter of 2007.

Revenue for just-ended quarter was $224 million, a 15 percent increase from revenue of $194.7 million in the second quarter of 2007. Of the increase in revenue, $21.8 million was from the company’s subsidiary, Boasso America Corp., acquired in December, Quality Distribution said in a release.

Second quarter 2008 results included a pre-tax restructuring charge of $2.4 million, primarily related to the elimination of about 75 positions, the release said. The second quarter results also contained a pre-tax gain of $1.1 million from the sale of real property.

“The personnel reductions we took in the second quarter were difficult, but necessary in light of these challenging economic times,” Gary Enzor, president and chief executive of the trucking company, said in the release. “I am pleased to report that we are making tangible progress on profitability initiatives designed to improve our top line, our profit margins and cash flow.”

Insurance expense is trending favorably due to successful safety initiatives, Enzor said. Quality Distribution had $46 million in borrowing availability on June 30.

For the six months ended June 30, the company recorded a net loss of $1.6 million, or 8 cents a share, on revenue of $432.5 million. In the year-ago period, it had net income of $2.1 million, or 11 cents a share, on revenue of $372.8 million.

👍️0
makesumgravy makesumgravy 15 years ago
Timothy Page, former senior vice president and chief financial officer of Quality Distribution Inc., will leave the company effective Nov. 28.

Page has been serving as adviser to the chief executive since July 25, when the trucking firm announced that Stephen Attwood was hired as senior vice president and chief financial officer.

Quality Distribution earlier replaced its chairman, naming Thomas White to the post. White is an operating partner for Apollo Management LP, a private equity firm that controls Quality Distribution.

The executive moves followed a cut of 60 jobs at the firm in April.

Under terms of a separation agreement, Page will continue to receive the salary and benefits he received as senior vice president and chief financial officer until his resignation becomes effective, according to a filing with the Securities and Exchange Commission. Following his resignation, he will receive severance pay equal to his current base salary and continuing coverage under the company’s health plan for a year, the filing said.

Page received $256,183 in salary in 2007, according to Quality Distribution’s most recent proxy filing.

The agreement also calls for Page’s 37,500 unvested stock options to vest on Nov. 29 and he will retain the right to exercise them until Feb. 28, 2010. All 13,224 shares of restricted stock owned by Page also will vest on Nov. 29, the filing said.

Quality Distribution (NASDAQ: QLTY), based in Tampa, provides bulk transportation and related services.


👍️0
makesumgravy makesumgravy 15 years ago
Quality Distribution, Inc. Announces Third Quarter Results
Thursday November 6, 4:06 pm ET


TAMPA, Fla., Nov. 6, 2008 (GLOBE NEWSWIRE) -- Quality Distribution, Inc. (NasdaqGM:QLTY - News) (the ``Company'' or ``QDI'') today reported the results for its third quarter and nine months ended September 30, 2008. The Company recorded net income for the third quarter of 2008 of $0.7 million, or $0.04 per diluted share, as compared with net income for the same period last year of $1.5 million, or $0.08 per diluted share. The third quarter of 2008 results include a pre-tax restructuring charge of $1.7 million, primarily related to the closure of tank wash and trucking terminals. Applying a normalized tax rate of 39% and excluding the restructuring charge would have resulted in net income of $1.9 million, or $0.10 per diluted share, for the third quarter of 2008 as compared with net income of $2.1 million, or $0.11 per diluted share, for the same prior-year period.
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For the nine months ended September 30, 2008, the Company recorded a net loss of $0.9 million, or ($0.04) per diluted share, as compared with net income of $3.6 million, or $0.19 per diluted share, for the 2007 nine-month period.

Total revenue for the third quarter of 2008 increased $22.6 million, or 11.7%, over the third quarter of 2007 from $192.2 million to $214.7 million. Of this increase, $22.7 million was generated from the Company's subsidiary, Boasso America Corporation (``Boasso''), which was acquired effective December 18, 2007. Revenue, excluding fuel surcharge and the revenue from Boasso, decreased by $16.5 million, or 9.8%, driven by continued softening in the housing and auto markets, as well as general economic conditions.

Total revenue increased $82.2 million, or 14.6%, from $565.0 million for the nine months ended September 30, 2007 to $647.2 million for the nine months ended September 30, 2008. Of the increase, $64.3 million was generated from Boasso. Excluding fuel surcharge and Boasso, revenue decreased by $27.9 million, or 5.6%, due to the factors discussed above.

Gary Enzor, President and Chief Executive Officer, commented, ``Despite the challenging freight environment and two hurricanes that impacted Gulf operations, we were able to deliver positive earnings in the quarter because we took decisive actions early in the year. Our cost reduction initiatives more than offset the impact of volume declines during the third quarter of 2008 and we will continue to expand these initiatives heading into 2009. We expect many of the actions we have already taken to have carryover benefits into next year and position us to drive earnings and cash availability despite market softness.''

Steve Attwood, Chief Financial Officer, commented further, ``Our liquidity improved significantly during the quarter as well. We are pleased our availability grew by $11 million to $57 million at the end of the quarter.''

👍️0
makesumgravy makesumgravy 16 years ago
Press Release Source: Quality Distribution, Inc.


Quality Distribution, Inc. Announces Second Quarter Results
Thursday August 7, 4:06 pm ET


TAMPA, Fla., Aug. 7, 2008 (PRIME NEWSWIRE) -- Quality Distribution, Inc. (NasdaqGM:QLTY - News) (the ``Company'' or ``QDI'') today reported the results for its second quarter and six months ended June 30, 2008. Total revenue for the quarter increased $29.2 million, or 15%, over the second quarter of 2007 from $194.7 million to $224.0 million. Of this increase, $21.8 million was generated from the Company's subsidiary, Boasso America Corporation (``Boasso'') which was acquired effective December 18, 2007. Revenue, excluding fuel surcharge and the revenue from Boasso, decreased by $10.8 million, or 6.3% driven by softer volumes in the housing and auto markets, as well as general economic conditions.
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Total revenue increased $59.7 million, or 16% from $372.8 million for the six months ended June 30, 2007 to $432.5 million for the six months ended June 30, 2008. Of the increase, $41.6 million was generated from Boasso. Excluding fuel surcharge and Boasso, revenue decreased by $11.4 million, or 3.5% due to the factors discussed above.

The Company recorded net income for the second quarter of 2008 of $0.4 million, or $0.02 per diluted share, as compared with net income for the same period last year of $2.3 million, or $0.12 per diluted share. The second quarter results include a pre-tax restructuring charge of $2.4 million, primarily related to the elimination of approximately 75 positions. As a result, the annual reduction in payroll related costs is expected to exceed $5.0 million. The second quarter results also contain a pre-tax gain on the sale of real property of $1.1 million. Applying a normalized tax rate of 39%, and excluding the restructuring charge and the property gain, would have resulted in net income of $1.3 million, or $0.07 per diluted share for the second quarter of 2008, as compared with net income of $2.7 million, or $0.14 per diluted share for the same prior year period.

For the six months ended June 30, 2008, the Company recorded a net loss of $1.6 million, or ($0.08) per diluted share, as compared with net income of $2.1 million or $0.11 per diluted share for the 2007 six-month period.

Gary Enzor, President and Chief Executive Officer, commented, ``The personnel reductions we took in the second quarter were difficult, but necessary in light of these challenging economic times. I am pleased to report that we are making tangible progress on profitability initiatives designed to improve our top line, our profit margins and cash flow. Our insurance expense is trending favorably due to the success of our proactive safety initiatives and our borrowing availability was $46.0 million at June 30, 2008.''

The Company will host a conference call for investors to discuss these results on August 8, 2008 at 11:00 a.m. Eastern Time. The toll free dial in number is 888-713-4485; the toll number is 913-312-0695; the passcode is 1127924. A replay of the call will be available until September 8, 2008, by dialing 888-203-1112; passcode; 1127924. Copies of this earnings release and other financial information about the Company may be accessed in the Investor Relations section of the Company's website at http://www.qualitydistribution.com.

Headquartered in Tampa, Florida, QDI, through its subsidiaries, Quality Carriers, Inc. and Boasso America Corporation, and through its affiliates and owner-operators, provides bulk transportation and related services. QDI also provides tank cleaning services to the bulk transportation industry through its QualaWash(r) facilities. QDI is an American Chemistry Council Responsible Care(r) Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing.

The Quality Distribution, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5285

This release contains certain forward-looking information that is subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995 and is subject to certain risks and uncertainties that could cause actual results to differ materially from those expected or projected in the forward-looking statements. Without limitation, these risks and uncertainties include the Company's substantial leverage; economic factors; downturns in customers' business cycles or in the national economy; the cyclical nature of the transportation industry; claims exposure and insurance costs; adverse weather conditions; dependence on affiliates and owner-operators; changes in government regulation including transportation, environmental and anti-terrorism laws; the Company's environmental remediation costs; fluctuations in fuel pricing or availability; increases in interest rates; potential disruption at U.S. ports of entry; changes in senior management; the Company's ability to achieve projected operating objectives and debt reduction in 2008; its ability to successfully integrate acquired businesses or integrate affiliate businesses converted to Company controlled operations; the Company's ability to achieve projected reductions in payroll related costs; and the Company's ability to attract and retain qualified drivers. Readers are urged to carefully review and consider the various disclosures, including but not limited to risk factors, contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2007 and its quarterly reports on Form 10-Q, as well as other reports filed with the Securities and Exchange Commission. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this release.

QLTYG



QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In 000's) Except Per Share Data
Unaudited

Three months ended Six months ended
June 30, June 30,
------------------ ------------------
2008 2007 2008 2007
-------- -------- -------- --------

OPERATING REVENUES:
Transportation $151,765 $151,683 $301,024 $293,756
Other service revenues 26,677 19,143 53,422 36,111
Fuel surcharge 45,520 23,884 78,017 42,938
-------- -------- -------- --------
Total operating revenues 223,962 194,710 432,463 372,805
-------- -------- -------- --------

OPERATING EXPENSES:
Purchased transportation 131,606 123,427 251,578 239,374
Compensation 27,395 20,587 55,999 40,256
Fuel, supplies and
maintenance 33,035 19,275 63,168 35,399
Depreciation and
amortization 5,332 4,317 10,228 8,492
Selling and administrative 8,568 7,406 17,816 13,872
Insurance claims 2,865 4,444 8,427 11,082
Taxes and licenses 1,242 843 2,459 1,624
Communications and
utilities 3,389 2,497 7,005 5,129
(Gain) loss on disposal
of property and equipment (1,421) (10) (1,965) 199
Restructuring costs 2,375 -- 2,375 --
-------- -------- -------- --------
Total operating expenses 214,386 182,786 417,090 355,427
-------- -------- -------- --------

Operating income 9,576 11,924 15,373 17,378

Interest expense 8,640 8,075 17,791 15,752
Interest income (88) (176) (205) (375)
Other (income) expense 146 (396) 156 (359)
Income (loss) before
taxes 878 4,421 (2,369) 2,360
Provision for (benefit
from) income taxes 526 2,135 (802) 247
Net income (loss) $ 352 $ 2,286 $ (1,567) $ 2,113


PER SHARE DATA:





Net income (loss) per
common share
Basic $ 0.02 $ 0.12 $ (0.08) $ 0.11
Diluted $ 0.02 $ 0.12 $ (0.08) $ 0.11
======== ======== ======== ========

Weighted average number
of shares
Basic 19,375 19,354 19,372 19,351
Diluted 19,519 19,480 19,372 19,478


QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In 000's)
Unaudited

June 30, Dec. 31,
2008 2007
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 2,718 $ 9,711
Accounts receivable, net 110,166 99,081
Prepaid expenses 11,946 8,150
Deferred tax asset, net 20,483 20,483
Other 8,065 6,258
--------- ---------
Total current assets 153,378 143,683
Property and equipment, net 135,344 121,992
Goodwill 173,141 173,575
Intangibles, net 23,550 24,167
Non-current deferred tax asset, net 17,095 16,203
Other assets 12,554 14,356
--------- ---------
Total assets $ 515,062 $ 493,976
========= =========



LIABILITIES, MINORITY INTEREST AND
SHAREHOLDERS' EQUITY
Current liabilities:
Current maturities of indebtedness $ 4,797 $ 413
Current maturities of capital
lease obligations 2,619 1,451
Accounts payable 14,765 17,428
Affiliates and independent
owner-operators payable 16,897 12,597
Accrued expenses 27,648 25,957
Environmental liabilities 3,210 4,751
Accrued loss and damage claims 8,612 13,438
Income taxes payable -- 555
--------- ---------
Total current liabilities 78,548 76,590
Long-term indebtedness, less
current maturities 365,947 343,575
Capital lease obligations, less
current maturities 8,266 3,832
Environmental liabilities 6,418 6,418
Accrued loss and damage claims 12,507 18,474
Other non-current liabilities 14,895 15,954
--------- ---------
Total liabilities 486,581 464,843
Minority interest in subsidiary 1,833 1,833
SHAREHOLDERS' EQUITY
Common stock 362,343 361,617
Treasury stock (1,580) (1,564)
Accumulated deficit (127,713) (126,146)
Stock recapitalization (189,589) (189,589)
Accumulated other comprehensive loss (16,559) (16,748)
Stock subscriptions receivable (254) (270)
--------- ---------
Total shareholders' equity 26,648 27,300
--------- ---------
Total liabilities, minority
interest and shareholders' equity $ 515,062 $ 493,976
========= =========


RECONCILIATION OF NET INCOME (LOSS) TO TAX
EFFECTED AND ADJUSTED NET INCOME (LOSS) AND RECONCILIATION OF NET
INCOME (LOSS) PER SHARE TO TAX
EFFECTED AND ADJUSTED NET INCOME (LOSS)
PER SHARE For the Three Months and Six Months
Ended June 30, 2008 and 2007
(In 000's)
Unaudited

Tax Effected and Adjusted Net Income (Loss) and Tax Effected and
Adjusted Net Income (Loss) Per Share (as defined) are presented
herein because they are important metrics used by management to
evaluate and understand the performance of the ongoing operations
of the Company's business. Management uses a 39% tax rate for
calculating the provision for (benefit from) income taxes to
normalize the Company's tax rate to that of comparable
transportation companies, and to compare Company periods with
different effective tax rates. In addition, we adjust Net Income
(Loss) for significant items that are not regularly recurring.
Tax Effected and Adjusted Net Income (Loss) and Tax Effected and
Adjusted Net Income (Loss) Per Share are not measures of
financial performance or liquidity under United States Generally
Accepted Accounting Principles ("GAAP"). Tax Effected and
Adjusted Net Income (Loss) and Tax Effected and Adjusted Net
Income (Loss) Per Share should not be considered in isolation or
as a substitute for the consolidated statements of operations and
cash flow data prepared in accordance with GAAP as an indication
of the Company's operating performance or liquidity.


Three months Six months
Net Income (Loss) ended ended
Reconciliation: June 30, June 30,
---------------- -----------------
2008 2007 2008 2007
------- ------- ------- -------

Net income (loss) $ 352 $ 2,286 $(1,567) $ 2,113

Net income (loss) per
common share:
Basic $ 0.02 $ 0.12 $ (0.08) $ 0.11
====================================
Diluted $ 0.02 $ 0.12 $ (0.08) $ 0.11
====================================

Adjustments to net income
(loss):
Provision for (benefit from)
income taxes 526 2,135 (802) 247
Restructuring costs 2,375 -- 2,375 --
Gains on property sales (1,161) -- (2,128) --
------------------------------------
Income (loss) before income
taxes 2,092 4,421 (2,122) 2,360
------------------------------------


Provision for (benefit from)
income taxes at 39% 816 1,724 (828) 920
------------------------------------
Tax effected and adjusted
net income (loss) $ 1,276 $ 2,697 $(1,294) $ 1,440
====================================

Tax effected and adjusted
net income (loss) per
common share:
Basic $ 0.07 $ 0.14 $ (0.07) $ 0.07
====================================
Diluted $ 0.07 $ 0.14 $ (0.07) $ 0.07
====================================
Weighted average number
of shares:
Basic 19,375 19,354 19,372 19,351
Diluted 19,519 19,480 19,372 19,478



Contact:
Quality Distribution, Inc.
Stephen R. Attwood, Senior Vice President and
Chief Financial Officer
800-282-2031 ext. 7129

👍️0
makesumgravy makesumgravy 16 years ago
Quality Distribution, Inc. Announces First Quarter Results
Date : 05/07/2008 @ 5:21PM
Source : PR Newswire
Stock : Quality Distribution (MM) (QLTY)
Quote : 3.32 0.07 (2.15%) @ 9:52AM
<< Back Quote Chart Financials Trades


Quality Distribution, Inc. Announces First Quarter Results





TAMPA, Fla., May 7 /PRNewswire-FirstCall/ -- Quality Distribution, Inc. (NASDAQ:QLTY) (the "Company") today reported the results for its first quarter ended March 31, 2008. Total revenue for the quarter increased 17.1% over the first quarter of 2007 from $178.1 million to $208.5 million. Of this increase, $19.8 million was generated from the Company's subsidiary, Boasso America Corporation ("Boasso") which was acquired effective December 18, 2007. Revenue, excluding fuel surcharge and excluding the acquired Boasso revenue, was flat with last year as previously disclosed: $158.5 million in 2008 compared with $159.0 million in 2007. Revenue in March was impacted by fewer workdays due to the Easter holiday.

(Logo: http://www.newscom.com/cgi-bin/prnh/20041104/FLTH034LOGO )

The Company incurred a net loss for first quarter of 2008 of $1.9 million, or $0.10 per diluted share, as compared to a net loss for the same period of last year of $0.2 million, or $0.01 per diluted share. Applying a normalized tax rate of 39% would have resulted in a diluted loss per share of $0.07 for the first quarter of 2007.

The Company announced in April that it had eliminated approximately 60 positions, most of which were at its corporate office in Tampa, Florida. As a result, the annual reduction in payroll related costs is expected to be over $5 million, and the Company intends to record a pre-tax charge for severance, benefits and related costs of approximately $1.8 million in the second quarter.

Gary Enzor, President and Chief Executive Officer commented, "The decision to eliminate personnel was a difficult one, but one that was necessary given our recent financial results. The demand environment remains challenging, particularly in the construction and automotive sectors; however, there are extensive revenue opportunities available to us and we are aggressively pursuing them. At the same time, we will continue to identify further cost reduction opportunities and we are accelerating the implementation of a number of productivity initiatives. The initiatives are being implemented across a variety of functions to facilitate top-line growth and fundamentally improve the profitability of the company."

The Company will host a conference call for investors to discuss these results on May 8, 2008 at 11:00 a.m. Eastern Time. The toll free dial-in number is 888-677-8756; the toll number is 913-981-5589; the passcode is 8543263. A replay of the call will be available until June 7, 2008, by dialing 888-203-1112; passcode; 8543263. Copies of this earnings release and other financial information about the Company may be accessed in the Investor Relations section of the Company's website at http://www.qualitydistribution.com/.

Headquartered in Tampa, Florida, QDI, through its subsidiaries, Quality Carriers, Inc. and Boasso America Corporation, and through its affiliates and owner-operators, provides bulk transportation and related services. QDI also provides tank cleaning services to the bulk transportation industry through its QualaWash(R) facilities. QDI is an American Chemistry Council Responsible Care(R) Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing.

This release contains certain forward-looking information that is subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995 and is subject to certain risks and uncertainties that could cause actual results to differ materially from those expected or projected in the forward-looking statements. Without limitation, these risks and uncertainties include the Company's substantial leverage; economic factors; downturns in customers' business cycles or in the national economy; the cyclical nature of the transportation industry; claims exposure and insurance costs; adverse weather conditions; dependence on affiliates and owner-operators; changes in government regulation including transportation, environmental and anti-terrorism laws; the Company's environmental remediation costs; fluctuations in fuel pricing or availability; increases in interest rates; potential disruption at U.S. ports of entry; changes in senior management; the Company's ability to achieve projected operating objectives and debt reduction in 2008; its ability to successfully integrate acquired businesses or integrate affiliate businesses converted to Company-controlled operations; the Company's ability to achieve projected reductions in payroll related costs; and the Company's ability to attract and retain qualified drivers. Readers are urged to carefully review and consider the various disclosures, including but not limited to risk factors, contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2007 and its quarterly reports on Form 10-Q, as well as other periodic reports filed with the Securities and Exchange Commission. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this release.

QLTYG

Contact: Timothy B. Page Senior Vice President and Chief Financial Officer 800-282-2031 ext. 7376


QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In 000's) Except Per Share Data Unaudited

Three Months Ended March 31, 2008 2007 OPERATING REVENUES: Transportation $149,259 $142,073 Other service revenues 26,745 16,968 Fuel surcharge 32,497 19,054 Total operating revenues 208,501 178,095 OPERATING EXPENSES: Purchased transportation 119,972 115,947 Compensation 28,604 19,669 Fuel, supplies and maintenance 30,133 16,124 Depreciation and amortization 4,896 4,175 Selling and administrative 9,248 6,466 Insurance claims 5,562 6,638 Taxes and licenses 1,217 781 Communications and utilities 3,616 2,632 (Gain) loss on disposal of property and equipment (544) 209 Total operating expenses 202,704 172,641

Operating income 5,797 5,454

Interest expense 9,151 7,677 Interest income (117) (199) Other expense 10 37 Loss before taxes (3,247) (2,061) Benefit from income taxes (1,328) (1,888) Net loss $(1,919) $(173)

PER SHARE DATA: Net loss per common share Basic $(0.10) $(0.01) Diluted $(0.10) $(0.01)

Weighted average number of shares Basic 19,064 19,348 Diluted 19,064 19,348


QUALITY DISTRIBUTION, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In 000's) Unaudited

March 31, December 31, 2008 2007 ASSETS Current assets: Cash and cash equivalents $2,695 $9,711 Accounts receivable, net 105,952 99,081 Prepaid expenses 11,502 8,150 Deferred tax asset, net 20,483 20,483 Other 6,532 6,258 Total current assets 147,164 143,683 Property and equipment, net 127,231 121,992 Goodwill 172,790 173,575 Intangibles, net 23,932 24,167 Non-current deferred tax asset, net 17,385 16,203 Other assets 13,356 14,356 Total assets $501,858 $493,976

LIABILITIES, MINORITY INTEREST AND SHAREHOLDERS' EQUITY Current liabilities: Current maturities of indebtedness $1,895 $413 Current maturities of capital lease obligations 1,564 1,451 Accounts payable 16,604 17,428 Affiliates and independent owner-operators payable 17,568 12,597 Accrued expenses 30,167 25,957 Environmental liabilities 4,093 4,751 Accrued loss and damage claims 11,136 13,438 Income taxes payable - 555 Total current liabilities 83,027 76,590 Long-term indebtedness, less current maturities 348,156 343,575 Capital lease obligations, less current maturities 3,747 3,832 Environmental liabilities 6,418 6,418 Accrued loss and damage claims 16,657 18,474 Other non-current liabilities 16,116 15,954 Total liabilities 474,121 464,843 Minority interest in subsidiary 1,833 1,833 SHAREHOLDERS' EQUITY Common stock 362,039 361,617 Treasury stock (1,564) (1,564) Accumulated deficit (128,065) (126,146) Stock recapitalization (189,589) (189,589) Accumulated other comprehensive loss (16,647) (16,748) Stock subscriptions receivable (270) (270) Total shareholders' equity 25,904 27,300 Total liabilities, minority interest and shareholders' equity $501,858 $493,976


RECONCILIATION OF NET LOSS TO TAX EFFECTED NET LOSS AND RECONCILIATION OF NET

LOSS PER SHARE TO TAX EFFECTED NET LOSS PER SHARE For the Three Months Ended March 31, 2008 and 2007 (In 000's) Unaudited


Tax Effected Net Loss and Tax Effected Net Loss Per Share (as defined) is presented herein because they are important metrics used by management to evaluate and understand the performance of the ongoing operations of the Company's business. Management uses a 39% tax rate for calculating the benefit from income taxes to normalize the Company's tax rate to that of comparable transportation companies, and to compare Company periods with different effective tax rates. Tax Effected Net Loss and Tax Effected Net Loss Per Share are not a measure of financial performance or liquidity under United States Generally Accepted Accounting Principles ("GAAP"). Tax Effected Net Loss and Tax Effected Net Loss Per Share should not be considered in isolation or as a substitute for the consolidated statements of operations and cash flow data prepared in accordance with GAAP as an indication of the Company's operating performance or liquidity.

Three months ended March 31, Net Loss Reconciliation: 2008 2007

Net loss $(1,919) $(173)

Net loss per common share: Basic $(0.10) $(0.01) Diluted $(0.10) $(0.01)

Adjustments to net loss: Benefit from income taxes (1,328) (1,888) Loss before income taxes (3,247) (2,061)

Benefit from income taxes at 39% (1,266) (804) Tax effected net loss $(1,981) $(1,257)

Tax effected net loss per common share: Basic $(0.10) $(0.07) Diluted $(0.10) $(0.07) Weighted average number of shares: Basic 19,064 19,348 Diluted 19,064 19,348

http://www.newscom.com/cgi-bin/prnh/20041104/FLTH034LOGO

DATASOURCE: Quality Distribution, Inc.


CONTACT: Timothy B. Page, Senior Vice President and Chief Financial

Officer of Quality Distribution, Inc., 800-282-2031 ext. 7376


Web site: http://www.qualitydistribution.com/

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makesumgravy makesumgravy 16 years ago
Quality Distribution, Inc. Announces Reduction in Force
TAMPA, Fla., April 14 /PRNewswire-FirstCall/ -- Quality Distribution, Inc. (Nasdaq: QLTY) (the 'Company') announced today that it has reduced its workforce. Most of the reductions occurred at the Company's Tampa, FL headquarters where approximately 17% of the positions were eliminated. The Company eliminated approximately sixty positions and expects a reduction in payroll related cost in excess of $5 million dollars annually. In conjunction with this action, the Company will take a pre-tax charge for severance related costs of approximately $1.5 million in the second quarter.

(Logo: http://www.newscom.com/cgi-bin/prnh/20041104/FLTH034LOGO )

Gary Enzor, Chief Executive Officer stated, 'This was a very difficult decision, but one that was necessary in light of our recent financial performance. We made these reductions while giving full consideration to ensuring that we maintain our commitment to the highest standards for customer service and compliance. In addition to the announced staff reductions, we are focused on further cost reductions driven via procurement, increased loaded ratio and improved productivity. While our recent profitability has been below our expectations, we made these changes to strengthen our market leading position and we remain committed to both top and bottom line growth. We believe we have the access to capital necessary to not only weather the current economic cycle, but also to pursue our growth plans. With the December 2007 refinancing of our Senior Credit Facility, the Company had in excess of $50 million available borrowing capacity at the end of the quarter, a greater level of availability than at any time in our history.'

The Company also announced that first quarter revenues excluding fuel surcharge were approximately $177 million, an 11% increase over last year. Excluding the impact of our acquisition of Boasso, which closed in December of 2007, revenue for the quarter was flat with last year, as we continued to be impacted by the softness in the housing markets as well as 10% fewer work days in March this year as compared to last March.

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makesumgravy makesumgravy 16 years ago
March 31,2008

Quality Distribution, Inc. Announces Reduction of its Self-Insured Auto Liability Deductible from $5 Million to $2 Million Per Occurrence
TAMPA, Fla., March 31 /PRNewswire-FirstCall/ -- Quality Distribution, Inc. (Nasdaq: QLTY) (the 'Company') announced that effective March 31, 2008, the Company has purchased an insurance policy from subsidiaries of AIG to cover all auto liability claims between $2 million and $5 million dollars. This policy does not have an aggregate limit. The initial term of the policy is 18 months. Previously, the Company was responsible for the first $5 million of any auto liability claim. The Company's current excess liability policy covering claims between $5 million and $40 million remains unchanged.

(Logo: http://www.newscom.com/cgi-bin/prnh/20041104/FLTH034LOGO )

Timothy B. Page, Chief Financial Officer said: 'Reducing our self- insurance exposure to $2 million for any one claim should reduce our exposure to earnings volatility related to insurance expense. Furthermore, we are very pleased that the premiums for this policy are not expected to increase our total insurance expense beyond the level that the Company has previously indicated.'

Headquartered in Tampa, Florida, QDI, through its subsidiaries, Quality Carriers, Inc. and Boasso America Corporation, and through its affiliates and owner-operators, provides bulk transportation and related services. QDI also provides tank cleaning services to the bulk transportation industry through its QualaWash(R) facilities. QDI is an American Chemistry Council Responsible Care(R) Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing.

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makesumgravy makesumgravy 16 years ago
March 12, 2008 - 6:27 PM EDT

Quality Distribution, Inc. Announces Fourth Quarter and Year End Quarter Results
TAMPA, Fla., March 12 /PRNewswire-FirstCall/ -- Quality Distribution, Inc. (Nasdaq: QLTY) (the 'Company') today reported the results for its fourth quarter and fiscal year ended December 31, 2007. Total revenue for the quarter increased 9.0% over the fourth quarter of 2006 from $171.1 million to $186.6 million. Total revenue for the year increased by 2.9% from $730.2 million last year to $751.6 million in 2007. Revenue excluding fuel surcharge was $159.4 million for the fourth quarter 2007 and $656.9 million for the year 2007.

(Logo: http://www.newscom.com/cgi-bin/prnh/20041104/FLTH034LOGO )

The Company incurred a net loss for fourth quarter of 2007 of $11.2 million, or ($0.58) per fully diluted share, as compared to net income for the same period of last year of $6.1 million, or $0.31 per fully diluted share. Applying a normalized tax rate of 39% to both periods would have resulted in a fully diluted loss per share for the fourth quarter 2007 of ($0.49), as compared with fully diluted earnings per share of $0.03 for the fourth quarter of 2006. Net income for 2006 was significantly influenced by the fact that we recorded as part of our provision for income taxes, a non cash benefit of $45.8 million, resulting from the release of the Company's deferred tax valuation allowance.

As stated in our earnings pre-release on February 12, 2008, in addition to a weakening economic environment, the Company's fourth quarter of 2007 was negatively impacted by several factors: the recent refinancing of our senior credit facility resulted in a $1.2 million non-cash charge to write off the remaining deferred financing costs related to the Company's previous senior credit facility, a $1.6 million charge related to unconsummated acquisition and re-financing activities during the year, a $0.8 million charge for bridge commitment fees related to the Boasso acquisition, and $4.8 million of incremental charges related to the adverse development of several large casualty claims that were settled at the end of the fourth quarter. The total pre-tax impact of these charges on the fourth quarter was approximately $8.4 million. Conversely, in the fourth quarter of last year, several unusual events had a net positive impact of $4.7 million on pretax income, including: a gain on the sale of real estate of approximately $4.3 million, a credit to insurance expense of $0.7 million related to the recovery of monies from an early 1990s claim, and better than normalized insurance claims experience of $0.7 million, which were offset by a $1.0 million charge for the write off of costs related to a planned secondary offering. After the adjustments mentioned above, there was a net decrease in the pre-tax income of our core business of $3.6 million (or ($0.12) tax effected EPS) in the fourth quarter of this year as compared to the fourth quarter of last year. The primary factors attributable to the reduction in quarterly year over year profitability were increased depreciation and lease costs related to updating our fleet over the past two years, loss on sale and/or impairment of obsolete revenue equipment and reduced margins due to affiliate conversions which take twelve to eighteen months to stabilize.

As previously announced, on December 18, 2007, the Company acquired 100% of the outstanding capital stock of Boasso America Corporation ('Boasso') for an aggregate purchase price of $58.8 million less the outstanding debt of Boasso, and subject to a working capital adjustment. The fourth quarter and annual results include two weeks of results from the Boasso acquisition.

Commenting on the results and acquisitions, President and Chief Executive Officer Gary Enzor stated, 'As we stated in our earnings pre-release of February 12, 2008, we are very disappointed with our Q4 and full year 2007 results. We are committed to taking actions necessary to improve results.'

Mr Enzor added: 'We are very pleased with the Boasso acquisition: Boasso's revenue for January and February 2008 has increased 10% as compared with the same periods last year. We expect Boasso to continue performing at these levels and in addition we expect to realize operating leverage as Quality Distribution's approximately $8 million of ISO container revenue is absorbed into Boasso's more robust and more profitable operating model. Furthermore, Boasso is scheduled to open a major new ISO container operation in Newark, New Jersey this summer, a location we expect to contribute significant revenue and bottom line growth.'

Timothy Page, Chief Financial Officer stated, 'As for the rest of Quality Distribution, revenue (excluding fuel surcharge and Boasso) in our core trucking business is up 2% above last year through the end of February. Total revenue (excluding fuel surcharge and Boasso) is up 2.8%. While not meeting our expectations, we are pleased that given the weak economy and a significant housing sector related revenue decline with our largest customer, our transportation revenue is up versus last year.'

Mr. Page added, 'The proceeds from the refinancing of our credit facility were primarily used to fund the acquisition of Boasso. Besides extending the maturities of our existing Senior Credit Facility, this refinancing provides us with additional borrowing availability and along with the recent declines in LIBOR rates is expected to yield a reduction in our blended cost of capital.'

In the fourth quarter of 2007, the Company changed its accounting policy for tires. Prior to the change, the cost of original and replacement tires mounted on equipment were reported as prepaid tires and amortized based on estimated usage. Under the new policy, the Company capitalizes the cost of tires mounted on equipment as a part of the total equipment cost and depreciates the cost over the useful life of the related equipment. This change in policy is consistent with industry practice, and did not have a material impact on the Company's pre-tax results in 2006 and 2007. The Company has reported this change retrospectively applying the new policy to all prior period financial statements presented.

The Company will host a conference call for investors to discuss these results on March 13, 2008 at 11:00 a.m. Eastern Time. The toll free dial-in number is 888-240-9352; the toll number is 913-981-5525; the passcode is 4790489. https://cis.premconf.com/sc/scw.dll/usr?cid=vlllrwznnzzvlcmdcA replay of the call will be available until April 12, 2008 by dialing 888-203-1112; passcode; 4790489. Copies of this earnings release and other financial information about the Company may be accessed in the Investor Relation section of the Company's website at www.qualitydistribution.com.

Headquartered in Tampa, Florida, QDI, through its subsidiaries, Quality Carriers, Inc. and Boasso America Corporation, and through its affiliates and owner-operators, provides bulk transportation and related services. QDI also provides tank cleaning services to the bulk transportation industry through its QualaWash(R) facilities. QDI is an American Chemistry Council Responsible Care(R) Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing.

This release contains certain forward-looking information that is subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995 and is subject to certain risks and uncertainties that could cause actual results to differ materially from those expected or projected in the forward-looking statements. Without limitation, these risks and uncertainties include the Company's substantial leverage; economic factors; downturns in customers' business cycles or in the national economy; the cyclical nature of the transportation industry; claims exposure and insurance costs; adverse weather conditions; dependence on affiliates and owner-operators; changes in government regulation including transportation, environmental and anti-terrorism laws; the Company's environmental remediation costs; fluctuations in fuel pricing or availability; increases in interest rates; potential disruption at U.S. ports of entry; changes in senior management; the Company's ability to achieve projected operating objectives and debt reduction in 2008; its ability to successfully integrate acquired businesses or integrate affiliate businesses converted to Company-controlled operations; and the Company's ability to attract and retain qualified drivers. Readers are urged to carefully review and consider the various disclosures, including but not limited to risk factors, contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2006 and its quarterly reports on Form 10-Q, as well as other periodic reports filed with the Securities and Exchange Commission. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this release.

Contact: Timothy B. Page
Senior Vice President and Chief Financial Officer
800-282-2031 ext. 7376





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makesumgravy makesumgravy 16 years ago
Quality Distribution, Inc. to Announce Fourth Quarter and Year End 2007 Results on March 12, 2008
TAMPA, Fla., March 7 /PRNewswire-FirstCall/ -- Quality Distribution, Inc. (Nasdaq: QLTY) (the 'Company') announced today that it intends to release fourth quarter and year end 2007 financial results after the market closes on Wednesday, March 12, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20041104/FLTH034LOGO )

The Company will host a conference call for investors to discuss these results on March 13, 2008 at 11:00 a.m. Eastern Time. The toll free dial-in number is 888-240-9352; the toll number is 913-981-5525; the passcode is 4790489. A replay of the call will be available until April 12, 2008, by dialing 888-203-1112; passcode; 4790489. Copies of this earnings release and other financial information about the Company may be accessed in the Investor Relations section of the Company's website at www.qualitydistribution.com.

Headquartered in Tampa, Florida, Quality Distribution, Inc. through its subsidiary, Quality Carriers, Inc., and through its affiliates and owner- operators, provides bulk transportation and related services. The Company also provides tank cleaning services to the bulk transportation industry through its QualaWash(R) facilities. Quality Distribution, Inc. is an American Chemistry Council Responsible Care(R) Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing.

Contact: Timothy B. Page
Senior Vice President and Chief Financial Officer
800-282-2031 ext. 7376

QLTY-g
QLTYg

SOURCE Quality Distribution, Inc.



Source: PR Newswire (March 7, 2008 - 2:41 PM EST)

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makesumgravy makesumgravy 16 years ago
Earnings:
http://app.quotemedia.com/quotetools/popups/story.jsp
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makesumgravy makesumgravy 16 years ago
I like this company but I think the pps will still come down. One to keep on the radar.
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mick mick 16 years ago
pps is interesting.

Detailed Quote for Quality Distribution Inc. (QLTY)
$ 4.57 -0.03 (-0.65%) Volume: 12.23 k 3:58 PM EST Feb 8, 2008

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makesumgravy makesumgravy 16 years ago
Its still not to late.........should pick yourself up some. Its a pretty simple process.
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mick mick 16 years ago
i came over to look to this company. interesting.
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makesumgravy makesumgravy 16 years ago
http://biz.yahoo.com/prnews/071218/cltu097.html?.v=68
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