QUALITY DISTRIBUTION INC

CIK:0000922863|SEC Filings

Consolidated Statements of Operations - Entity [Domain] - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
OPERATING REVENUES:
Transportation	$ 169,439	$ 184,331	$ 342,683	$ 353,857
Service revenue	35,127	34,113	69,206	66,300
Fuel surcharge	22,387	37,155	45,511	69,929
Total operating revenues	226,953	255,599	457,400	490,086
OPERATING EXPENSES:
Purchased transportation	151,936	173,685	304,692	331,304
Compensation	21,858	22,955	45,323	44,210
Fuel, supplies and maintenance	23,958	25,630	47,392	48,760
Depreciation and amortization	5,034	5,403	10,324	10,898
Selling and administrative	10,860	7,780	19,000	15,038
Insurance costs	5,388	4,713	10,682	10,984
Taxes and licenses	929	740	1,555	1,676
Communication and utilities	776	1,023	1,945	1,955
Gain on disposal of property and equipment	(1,534)	(1,202)	(2,206)	(1,713)
Total operating expenses	219,205	240,727	438,707	463,112
Operating (loss) income	7,748	14,872	18,693	26,974
Interest expense	6,059	7,282	12,641	14,646
Interest income	(120)	(121)	(240)	(245)
Gain on early extinguishment of debt		(4,217)		(4,217)
Write-off of debt issuance costs			166
Other (income) expense, net	(2,322)	(154)	(1,922)	3
(Loss) income before income taxes	4,131	12,082	8,048	16,787
Provision for income taxes	1,971	713	3,364	2,345
Net income	$ 2,160	$ 11,369	$ 4,684	$ 14,442
Net income per common share
Basic	$ 0.08	$ 0.41	$ 0.17	$ 0.53
Diluted	$ 0.08	$ 0.41	$ 0.17	$ 0.52
Weighted-average number of shares
Basic	27,960	27,404	27,931	27,248
Diluted	28,380	27,911	28,298	27,809

Consolidated Statements of Cash Flows - Entity [Domain] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,684	$ 14,442
Adjustments to reconcile to net cash and cash equivalents provided by operating activities:
Deferred income tax expense	2,640	6,076
Depreciation and amortization	10,324	10,898
Bad debt expense (recoveries)	196	(35)
Gain on disposal of property and equipment	(2,206)	(1,713)
Gain on early extinguishment of debt		(4,217)
Write-off of deferred financing costs	134
Write-off of bond discount	32
Stock-based compensation	3,284	1,702
Amortization of deferred financing costs	906	1,184
Amortization of bond discount	85	99
Provision for (release of) deferred tax asset valuation allowance	341	(3,915)
Changes in assets and liabilities:
Accounts and other receivables	3,817	(26,835)
Prepaid expenses	1,899	1,844
Other assets	(546)	(1,756)
Accounts payable	420	784
Independent affiliates and independent owner-operators payable	4,527	7,356
Accrued expenses	983	(402)
Environmental liabilities	(1,015)	(407)
Accrued loss and damage claims	634	(1,252)
Other liabilities	(845)	(1,172)
Current income taxes	(334)	(193)
Net cash provided by (used in) operating activities	29,960	2,488
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(25,023)	(19,203)
Acquisition of businesses and assets	(1,041)
Acquisition of an independent affiliate's assets	(5,140)
Proceeds from sales of property and equipment	27,478	12,021
Proceeds from insurance recoveries	3,000
Net cash used in investing activities	(726)	(7,182)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt	(11,705)	(17,102)
Principal payments on capital lease obligations	(196)	(460)
Proceeds from revolver	150,800	173,100
Payments on revolver	(161,800)	(155,200)
Payments on acquisition notes		(200)
Deferred financing costs	(221)	(4)
Change in bank overdraft	(4,593)	825
Proceeds from exercise of stock options	246	4,406
Net cash (used in) provided by financing activities	(27,469)	5,365
Net increase in cash and cash equivalents	1,765	671
Cash and cash equivalents, beginning of period	1,358	1,957
Cash and cash equivalents, end of period	3,123	2,628
Supplemental Disclosure of Cash Flow Information Cash paid during the period for:
Interest	11,599	13,114
Income Taxes	$ 630	$ 539

Consolidated Balance Sheets - Entity [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 3,123	$ 1,358
Accounts receivable, net	131,614	136,790
Prepaid expenses	12,171	14,118
Deferred tax asset, net	25,556	29,333
Other	10,750	10,374
Total current assets	183,214	191,973
Property and equipment, net	147,596	156,249
Assets held-for-sale	5,056	2,040
Goodwill	34,896	34,896
Intangibles, net	14,892	15,388
Non-current deferred tax asset, net	19,738	18,942
Other assets	7,594	8,295
Total assets	412,986	427,783
Current liabilities:
Current maturities of indebtedness	4,744	2,699
Current maturities of capital lease obligations	198	334
Accounts payable	8,782	12,955
Independent affiliates and independent owner-operators payable	19,637	15,110
Accrued expenses	33,497	32,617
Environmental liabilities	4,181	4,389
Accrued loss and damage claims	9,321	8,851
Total current liabilities	80,360	76,955
Long-term indebtedness, less current maturities	323,431	348,080
Capital lease obligations, less current maturities	122	182
Environmental liabilities	3,023	3,830
Accrued loss and damage claims	10,656	10,493
Other non-current liabilities	18,338	19,937
Total liabilities	$ 435,930	$ 459,477
Commitments and contingencies-Note 13
SHAREHOLDERS' DEFICIT
Common stock, no par value; 49,000 shares authorized; 29,837 issued and 28,102 outstanding at June 30, 2015 and 29,725 issued and 28,027 outstanding at December 31, 2014	$ 454,155	$ 450,625
Treasury stock, 1,735 shares at June 30, 2015 and 1,698 shares at December 31, 2014	(12,246)	(11,860)
Accumulated deficit	(245,181)	(249,865)
Stock recapitalization	(189,589)	(189,589)
Accumulated other comprehensive loss	(30,083)	(31,005)
Total shareholders' deficit	(22,944)	(31,694)
Total liabilities and shareholders' (deficit) equity	$ 412,986	$ 427,783