Key Developments: Quality Distribution Inc (QLTY.W)
8.78USD
21 May 2013
$0.07 (+0.80%)
$8.71
$8.73
$8.78
$8.70
300
867
$11.90
$4.92
Latest Key Developments (Source: Significant Developments)
Quality Distribution Inc Announces Management Change
Quality Distribution Inc announced that Stephen R. Attwood, President and Chief Operating Officer of Quality Distribution, will retire effective April 30 th , 2013. Thomas N. Flessor will succeed Attwood in managing the Company's energy logistics business as President of QC Energy Resources (QCER), a wholly-owned subsidiary of Quality Distribution. Full Article
Quality Distribution Inc Issues Q4 2012 Revenue And EBITDA Guidance Above Analysts' Estimates; EBIT Guidance Below Analysts' Estimates
Quality Distribution Inc. announced for the fourth quarter of 2012, it expects its total revenue to be approximately $215.0 million, operating income to be within the range of $9.9-$10.6 million, adjusted EBITDA to be within the range of $20.0 million to $20.7 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $200.9 million, EBIT of $11.9 million and EBITDA of $18.8 million for fourth quarter of 2012. Full Article
Quality Distribution Inc Announces Share Repurchase Authorization for Up to $15 Million
Quality Distribution Inc announced that Board of Directors has authorized the repurchase of up to $15 million of Quality's common stock. Under the program, repurchases may be made in the open market, or through privately negotiated transactions, block transactions, or other mechanisms, as determined by the Company's management and in accordance with prevailing market conditions and the requirements of the Securities and Exchange Commission. Quality expects to fund share repurchases from future cash flows from operations or borrowings under its asset-based revolving credit facility. The share repurchase program does not have an expiration date, the Company is not obligated to acquire a particular number of shares, and the program may be discontinued at any time at the Company's discretion. Full Article
Quality Distribution Inc.'s Subsidiaries Announces Acquisition Of Dunn's Tank Service & Nassau Disposal
Quality Distribution Inc. announced that certain of its wholly-owned subsidiaries have purchased the operating assets of Dunn's Tank Service, Inc. (Dunn's) and the operating assets and rights of Nassau Disposal, Inc. (Nassau), for an aggregate cash purchase price of $34.3 million. An additional $3.6 million in cash consideration may be payable if certain future operating and financial performance criteria are satisfied. Full Article
Quality Distribution Inc. Completes Acquisition Of Wylie Bice Trucking And RM Resources, LLC
Quality Distribution Inc. announced that it has completed its previously announced acquisition of the operating assets and rights of RM Resources, LLC (RM). Together with the previously announced closing of the acquisition of certain operating assets of Wylie Bice Trucking, LLC (Bice) on June 1, 2012, the aggregate purchase price for the combined businesses is approximately $81.5 million plus potential additional consideration of $19.0 million if certain future operating and financial performance criteria are satisfied. The increased purchase price was primarily due to new revenue producing assets purchased after the initial valuation date. Quality utilized borrowings under its asset-based credit facility to finance the cash portion of these transactions. The transactions were structured as asset acquisitions, with aggregate consideration paid to the sellers as follows: approximately $52.2 million in cash; a total of $21.3 million in five year subordinated seller notes bearing interest at a 5% fixed rate; and $8.0 million in unregistered restricted shares of Quality common stock. Up to an additional $19.0 million may be payable in cash one year after the closing date, contingent upon the collective businesses meeting certain future operating and financial performance criteria. Full Article
Quality Distribution Inc. Completes Acquisition Of Wylie Bice Trucking
Quality Distribution Inc. announced that it has completed its previously announced acquisition of certain operating assets of Wylie Bice Trucking, LLC. Quality also anticipates completing the previously announced acquisition of the operating assets and rights of RM Resources, LLC in the immediate future. Full Article
Quality Distribution Inc.'s Quality Carriers, Inc., Announces Acquisition Of Trojan Vacuum Services From Wiley Lease Co., Ltd.
Quality Distribution Inc. announced that its wholly-owned subsidiary, Quality Carriers, Inc., has purchased the operating assets of Trojan Vacuum Services ("Trojan") from Wiley Lease Co., Ltd. ("Seller") for $8.7 million in cash. An additional $1.0 million in cash consideration may be payable to the Seller in connection with the acquisition, contingent upon Trojan meeting certain future financial performance criteria. Headquartered in Pleasanton, TX, Trojan provides transportation services to the unconventional oil and gas industry within the Eagle Ford shale region, primarily hauling flowback and production water for various energy customers. In conjunction with the transaction, Quality has entered into a water disposal services agreement for the exclusive right to utilize Seller's disposal water capacity within its fluid disposal wells, which the Seller has retained. Quality expects the acquisition to be accretive to earnings beginning in the second quarter of 2012. Full Article
Quality Distribution Inc. Announces Pricing Of Public Offering Of Common Stock
Quality Distribution Inc. announced that its previously announced underwritten public offering of 5,000,000 shares of its common stock, of which Quality is offering for sale 2,500,000 shares and certain affiliates of Apollo Management, L.P. (Apollo) are offering for resale 2,500,000 shares, was priced at $13.00 per share. Apollo has granted the underwriters of the common stock offering an option to purchase up to 750,000 additional shares of common stock. Quality intends to use the net proceeds from the sale of shares in this offering for general corporate purposes, including potential acquisitions. Quality may also elect to redeem a portion of its second-priority senior secured notes due 2018. Pending such use of proceeds, Quality will reduce the amounts owing under its ABL facility. Quality will not receive any proceeds from the sale of the shares by the selling stockholders in this offering. The offering is expected to be consummated on March 13, 2012, subject to certain customary conditions. The offering is being made pursuant to Quality's registration statement on Form S-3 filed with the Securities and Exchange Commission. Goldman, Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch and Credit Suisse Securities (USA) LLC are acting as joint bookrunning managers for the offering. Full Article
Quality Distribution Inc. Announces Launch Of Public Offering Of Common Stock
Quality Distribution Inc. announced the launch of a public offering of approximately 5,000,000 shares of its common stock. Quality is offering for sale to the public 2,500,000 shares of its common stock and certain affiliates of Apollo Management, L.P. ("Apollo") are offering for resale to the public approximately 2,500,000 shares of Quality's common stock owned by them. Apollo will grant to the underwriters of the common stock offering an option to purchase up to 750,000 additional shares of common stock. Quality intends to use the net proceeds from the sale of shares in this offering for general corporate purposes, including potential acquisitions. Quality may also elect to redeem a portion of its second-priority senior secured notes due 2018. Pending such use of proceeds, Quality will reduce the amounts owing under its ABL facility. Quality will not receive any proceeds from the sale of the shares by the selling stockholders in this offering. The offering will be made under Quality's registration statement on Form S-3 filed with the Securities and Exchange Commission. Goldman, Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch and Credit Suisse Securities (USA) LLC are acting as joint bookrunning managers for the offering. The co-managers for the offering are SunTrust Robinson Humphrey, Inc., BB&T Capital Markets, a division of Scott & Stringfellow, LLC, RBC Capital Markets, LLC, Apollo Global Securities, LLC, Avondale Partners and Sterne, Agee & Leach, Inc. Full Article
Quality Distribution Inc. Issues Q4 2011 Guidance
Quality Distribution Inc. announced for the fourth quarter of 2011, it expects its total revenue to be approximately $178.0 million, operating income to be within the range of $13.0-$13.3 million, net income to be within the range of $5.5-$5.8 million and consolidated adjusted EBITDA to be within the range of $17.6-$17.9 million. Consolidated adjusted EBITDA excludes approximately $0.7 million of employee non-cash compensation expense (a reconciliation of estimated operating income to estimated consolidated adjusted EBITDA is included in the attached financial exhibits). The Company expects net income to be within the range of $0.22 and $0.23 per diluted share and adjusted net income to be within the range of $0.14 to $0.15 per diluted share Full Article
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