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Quality Distribution (QLTY) Prelim. Q2 Revenue Misses Expectations

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July 27, 2015 5:05 PM EDT

Quality Distribution (NASDAQ: QLTY) announced the following estimated preliminary second quarter 2015 results:

• For the three-month period ended June 30, 2015, Quality expects total revenue excluding fuel surcharges to be within the range of $200 million to $205 million and Adjusted EBITDA to be within the range of $21.6 million to $22.4 million. (The Street sees Q2 revenue of $260.3 million.);

• Estimated Adjusted EBITDA for the three-month period ended June 30, 2015 excludes cash and non-cash pre-tax reorganization costs within the Energy Logistics business, costs associated with the Company’s previously announced merger with Gruden Acquisition, Inc. (“Gruden”), as well as other costs not considered part of normal operating activities; and

• Total debt net of cash at June 30, 2015 was approximately $325 million.

Quality has provided these estimated results in connection with the debt financing being arranged to consummate the pending merger with Gruden. Quality does not generally release preliminary results and, following the completion of the pending merger with Gruden, Quality does not expect to provide similar information on a going forward basis.


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