Last $12.83 USD
Change Today +0.22 / 1.74%
Volume 12.3K
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As of 12:07 PM 04/16/14 All times are local (Market data is delayed by at least 15 minutes).

quality distribution inc (QLTY) Key Developments

Quality Distribution Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014; Reports Impairment Charges for the Fourth Quarter of 2013

Quality Distribution Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total operating revenues of USD 225.421 million compared to USD 215.392 million a year ago. Operating loss was USD 28.142 million compared to operating income of USD 10.244 million a year ago. Loss before income taxes was USD 35.406 million compared to income before income taxes of USD 5.014 million a year ago. Net loss was USD 22.798 million compared to net income of USD 5.709 million a year ago. Basic and diluted loss per share was USD 0.85 compared to basic and diluted income per share of USD 0.21 a year ago. Adjusted income before income taxes was USD 5.705 million compared to USD 4.982 million a year ago. Adjusted net income was USD 3.616 million compared to USD 3.039 million a year ago. Diluted adjusted net income per share was USD 0.13 compared to USD 0.11 a year ago. LBITDA was USD 21.850 million compared to EBITDA of USD 19.470 million a year ago. Adjusted EBITDA was USD 19.263 million compared to USD 20.302 million a year ago. On a sequential basis adjusted operating margin was down primarily due to the lower fourth quarter seasonality typically experienced in each of business segments. For the year, the company reported total operating revenues of USD 929.810 million compared to USD 842.118 million a year ago. Operating loss was USD 42.764 million compared to operating income of USD 49.143 million a year ago. Loss before income taxes was USD 66.321 million compared to income before income taxes of USD 22.749 million a year ago. Net loss was USD 42.038 million compared to net income of USD 50.076 million a year ago. Diluted loss per share was USD 1.58 compared to basic and diluted income per share of USD 1.84 a year ago. Adjusted income before income taxes was USD 29.079 million compared to USD 30.939 million a year ago. Adjusted net income was USD 18.433 million compared to USD 18.873 million a year ago. Diluted adjusted net income per share was USD 0.68 compared to USD 0.69 a year ago. LBITDA was USD 9.908 million compared to EBITDA of USD 73.097 million a year ago. Adjusted EBITDA was USD 86.596 million compared to USD 84.469 million a year ago. The company also generated a record USD 46 million of operating cash flow in 2013 and reduced debt to adjusted EBITDA leverage ratio by 12% or 4.4x at year end on a year-over-year basis. These improvements were achieved in a year when earnings on an adjusted basis were relatively flat from the prior year. For the first quarter of 2014, the company expects earnings per diluted share to be in the range of USD 0.09 to USD 0.13. For the full year of 2014, the company expects earnings per diluted share to be in the range of USD 0.70 to USD 0.80 and free cash flow (defined as EBITDA, less net capital expenditures, less cash interest, less cash taxes, less non-cash stock-based compensation) to be in the range of USD 48.0 to USD 52.0 million. These estimates assume a 39% tax rate. The company expects 2014 net capital expenditures to be in the range of USD 8.0 to USD 12.0 million. The company expects annual revenue growth to be in the high single digit range driven by growth in all segments of business and Gary will touch on that momentarily. The expected decline in free cash flow from 2013 to 2014 primarily reflects higher projected net CapEx spending this year of USD 8 million to USD 12 million as need to deploy capital primarily in Chemical segment to achieve projected growth opportunities. For the fourth quarter, the company reported a USD 35.6 million, or USD 0.82 per diluted share, of non-cash goodwill and intangible asset impairment charges related to the Energy Logistics business.

Quality Distribution Inc. - Analyst/Investor Day

To discuss about business outlook for 2014 and beyond

Quality Distribution Inc. to Report Q4, 2013 Results on Feb 25, 2014

Quality Distribution Inc. announced that they will report Q4, 2013 results at 5:00 PM, Eastern Standard Time on Feb 25, 2014

Quality Distribution Inc., Q4 2013 Earnings Call, Feb 26, 2014

Quality Distribution Inc., Q4 2013 Earnings Call, Feb 26, 2014

Quality Distribution Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Revises Capital Expenditure Guidance for the Full Year of 2013 and Provides Earnings Guidance for the Year 2014

Quality Distribution Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net income of $2.8 million, or $0.10 per diluted share compared to net income of $8.9 million, or $0.32 per diluted share, in the third quarter ended September 30, 2012. Adjusted net income was $5.4 million, or $0.20 per diluted share, compared to adjusted net income of $4.8 million, or $0.17 per diluted share, for the same quarter in 2012. Total revenue was $235.7 million, an increase of 6.1% versus $222.1 million in the same quarter last year. Excluding fuel surcharges, revenue for the third quarter of 2013 increased $12.4 million, or 6.5%, compared to the prior-year period. This revenue improvement was driven by organic growth in each segment. Operating income for the third quarter of 2013 and 2012 was $11.6 million in both periods. Adjusted EBITDA for the third quarter of 2013 was $22.4 million, up 1.1% compared to 22.2 million in the third quarter of 2012, driven primarily by growth in the Chemical and Intermodal businesses, offset in part by a decline in the Energy business. Operating cash flow was $20.9 million, which was close to a record and nearly four times the prior-year period level. The increase was primarily due to higher cash flow from operations and seasonal contraction of working capital requirements. Capital expenditures were $3.4 million, which were more than offset by $5.4 million of equipment sale proceeds. Income before income taxes was $3,243,000 against $4,250,000 a year ago. Net income was $2,763,000 or $0.10 per basic and diluted share against $8,863,000 or $0.32 per basic and diluted share a year ago. EBITDA was $17,516,000 against $17,768,000 a year ago. For the nine months, capital expenditures, net of proceeds from asset sales, were $1.2 million compared with $20.0 million for the comparable prior-year nine month period, representing a significant year-over-year decrease in net capital expenditures. Total operating revenue was $704,389,000 against $626,726,000 a year ago. Operating loss was $14,622,000 against operating income of $38,899,000 a year ago. Loss before income taxes was $30,915,000 against income before income taxes of $17,735,000 a year ago. Net Loss was $19,240,000 or $0.73 basic and diluted per share against net income of $44,367,000 or $1. 64 diluted per share a year ago. Adjusted net income was $14,546,000 or $0. 54 diluted per share against $15,834,000 or $0. 59 diluted per share a year ago. EBITDA was $11,942,000 against EBITDA of $53,627,000 a year ago. Adjusted EBITDA was $67,333,000 against $64,167,000 a year ago. The company revised capital expenditure guidance for the full year of 2013 and provided earnings guidance for the year 2014. The company expects net capital expenditures for 2013 to be between $4.0 and $6.0 million, which is below original estimate of $10.0 to $15.0 million. The company expects to stabilize operating results in 2014.

 

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