Quality Distribution Inc. (QLTY)

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Quality Distribution Inc. reported net income of $400,000, or 2 cents a share, or the second quarter ended June 30, compared to net income of $2.3 million, or 12 cents a share, in the same quarter of 2007.

Revenue for just-ended quarter was $224 million, a 15 percent increase from revenue of $194.7 million in the second quarter of 2007. Of the increase in revenue, $21.8 million was from the company’s subsidiary, Boasso America Corp., acquired in December, Quality Distribution said in a release.

Second quarter 2008 results included a pre-tax restructuring charge of $2.4 million, primarily related to the elimination of about 75 positions, the release said. The second quarter results also contained a pre-tax gain of $1.1 million from the sale of real property.

“The personnel reductions we took in the second quarter were difficult, but necessary in light of these challenging economic times,” Gary Enzor, president and chief executive of the trucking company, said in the release. “I am pleased to report that we are making tangible progress on profitability initiatives designed to improve our top line, our profit margins and cash flow.”

Insurance expense is trending favorably due to successful safety initiatives, Enzor said. Quality Distribution had $46 million in borrowing availability on June 30.

For the six months ended June 30, the company recorded a net loss of $1.6 million, or 8 cents a share, on revenue of $432.5 million. In the year-ago period, it had net income of $2.1 million, or 11 cents a share, on revenue of $372.8 million.