Quality Distribution, Inc. (NASDAQ:QLTY) spike up by 6.52% or 61 cents to trade
close at $9.96 after announcing its fourth fiscal quarter preliminary results
for fiscal fourth quarter & fiscal 2010 below consensus. Shares of the company
headquartered in Tampa, opened at $8.7 and traded in the range of $8.68-$10.03
with volume of 343,486 shares, above the daily average of 98,315 shares. The
stock has 52 week trading range of $3.71-$11.07. Currently, the market capital
of the stock stands at $213.72 million with P/E of 27.26. On Feb 1, the company
announced its outlook for fiscal fourth quarter and fiscal year 2010. It said
that it expects fourth quarter net loss to be within the range of 53 to 51 cents
a share. This loss includes about $9.1 million in charges related to a debt
refinancing and $3.2 million of restructuring costs. Excluding the above
charges, the adjusted profit of 5 cents to 6 cents a share has been expected
below the street consensus of 7 cents a share. Revenue of about $165 million has
been predicted, below the Street prediction of revenue of $167.5 million. For
fiscal 2010, the company expects total revenue to be approximately $686.0
million and adjusted net income to be within the range of 29 to 30 cents a
share. Analysts on an average are expecting to post total revenue of $690
million and adjusted net income of 31 cents a share for fiscal 2010. The Company
also announced the launch of a public offering for about 4 million shares of
common stock. It offers about 2 million shares of its common to the public and
certain affiliates of Apollo Management, L.P. (Apollo) are offering for resale
to the public approximately 2,000,000 shares of Qualitys common stock owned by
them. To cover over-allotments, it has granted underwriters an option to buy up
to 600,000 shares. It intends to use the net proceeds from this offering to
retire or repay existing indebtedness. Quality Distribution, Inc. (QDI) operates
chemical bulk tank truck network in North America through its wholly owned
subsidiary Quality Carriers, Inc. (QCI) and is a provider of ISO (International
Organization for Standardization) container and depot services through its
wholly owned subsidiary Boasso America Corporation (Boasso). The bulk tank truck
carriers consists primarily of liquid and dry bulk chemicals, including plastics
and bulk dry and liquid food-grade products.
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