Quality Distribution, Inc. Announces Third Quarter EPS of $.02

Quality Distribution, Inc. QLTY today reported net income of $0.4 million, or $0.02 per diluted share, for the third quarter ended September 30, 2010, compared to net income of $1.4 million, or $0.07 per diluted share, in the third quarter of 2009. Net income for the nine months ended September 30, 2010 was $3.3 million, or $0.15 per diluted share versus a net loss of $(185.1) million, or $(9.55) per diluted share, for the same period in 2009. Adjusted net income for the third quarter ended September 30, 2010 was $2.2 million, or $0.10 per diluted share, compared to adjusted net income of $1.1 million, or $0.06 per diluted share, for the same quarter in 2009. Adjusted net income for the third quarter of 2010 was derived by excluding $2.4 million of pre-tax restructuring charges and applying a normalized tax rate of 39%. The restructuring charges primarily represent approximately $2.0 million related to Quality's estimated costs from the withdrawal from three multi-employer pension plans. Adjusted net income for the third quarter of 2009 was derived by excluding a $0.3 million pre-tax restructuring charge, and applying a normalized tax rate of 39%.