Quality Reports $186 Million 2Q Loss

Tank truck carrier Quality Distribution reported a second-quarter loss of $186.2 million, or $9.58 per diluted share, compared to income of $400,000, or 2 cents, a year ago.

The loss included 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 charges, the company said late Wednesday.

Transportation revenue excluding fuel surcharges fell to $112.1 million from $151.8 million, the company said late Wednesday.

“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 Chief Executive Officer Gary Enzor.

“Revenue was flat and is slightly increasing thus far in the third quarter,” he said in a statement.