John Gallagher | Feb 28, 2009 4:21PM EST
Bulk tank truck carrier Quality Distribution posted a $13 million profit in the fourth quarter of 2008 after an $11.2 million loss in the comparable period a year earlier, its bottom line benefiting from cutting costs and the addition of Boasso America, which was purchased in December 2007.
Revenue for the quarter was $168.1 million, a decrease of 9.9 percent from $186.6 million for the same quarter in 2007. Total revenue for 2008 was $815.3 million, an increase of 8.5 percent from $751.6 million in 2007. The addition of Boasso contributed $22.8 million to fourth quarter revenue and $87.1 million for the year.
Quality Distribution President Gary Enzor said that while volume declined roughly 20 percent year-over-year the company managed to generate $9 million in operating cash flow. The company also reduced debt by $42 million in the quarter.
