SAN FRANCISCO (Thomson Financial) - Quality Distribution Inc. late Wednesday
reported it swung to a fourth-quarter net loss of $11.2 million, or 58 cents a
share, from a net profit of $6.11 million, or 31 cents a share, during the year
earlier.
The prior-year results reflect a non-cash benefit of $45.8 million,
resulting from the release of the company's deferred tax valuation allowance.
Results from the latest quarter were negatively impacted by pretax charges
of about $8.4 million, the company said.
The Tampa, Fla.-based provider of truck transportation services posted total
operating revenue for the three months ended Dec. 31 of $186.6 million versus
$171.1 million last year.
The mean estimate of analysts polled by Thomson Financial was for a
per-share loss of 27 cents.
"As we stated in our earnings pre-release of February 12, 2008, we are very
disappointed with our Q4 and full-year 2007 results," President and Chief
Executive Gary Enzor said in a statement. "We are committed to taking actions
necessary to improve results."
The company's stock closed the regular session up 12 cents, or about 4.6%,
at $2.75.
Katherine Hunt
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