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Last $15.92 USD
Change Today +0.13 / 0.82%
Volume 191.2K
QLTY On Other Exchanges
Symbol
Exchange
NASDAQ GM
As of 8:10 PM 07/28/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

4041 Park Oaks Boulevard

Suite 200

Tampa, FL 33610

United States

Phone: 813-630-5826

Fax:

Quality Distribution, Inc., through its subsidiaries, operates a chemical bulk tank truck network in North America. The company provides intermodal International Organization for Standardization (ISO) tank container and depot services in North America. The company also provides logistics and transportation services, including the transportation of crude oil, production fluids and fresh water to the UCO&G (unconventional oil and gas) market. It operates an asset-light business model and service customers across North America through a network of 95 terminals servicing the chemical market, 19 terminals servicing the energy market, and 9 ISO tank depot services terminals (intermodal) servicing the chemical and other bulk liquid markets. As of December 31, 2014, the company managed a fleet of approximately 3,200 tractors; 5,700 trailers; and 1,200 pieces of energy logistics equipment utilized by the company, its independent affiliates, independent owner-operators, or shippers. Segments The company operates through three business segments: Chemical Logistics, Intermodal, and Energy Logistics. Chemical Logistics This segment consists of the transportation of bulk chemicals primarily through the company’s network that includes company-operated terminals and terminals operated by 28 independent affiliates. The company, through its subsidiary, QCI, coordinates the transport of a range of chemical products and provides its customers with logistics and other value-added services. The company is a core carrier for majority of the primary companies engaged in chemical processing, including Arclin, Ashland, BASF, Bayer, Dow, DuPont, Honeywell, PPG Industries, Procter & Gamble, Shell Oil Company, Unilever, and Valspar. The company provides services to the top 100 chemical producers with the U.S. operations. The company primarily operates in the for-hire chemical and food grade bulk transport market. Intermodal This segment consists of the company’s subsidiary, Boasso America Corporation (Boasso), which provides intermodal ISO tank container transportation and depot services through terminals located in the eastern half of the United States. Boasso’s terminals are positioned near all major shipping ports along the Gulf and East Coasts, as well as inland ports in Chicago and Detroit. In addition to intermodal tank transportation services, Boasso provides tank cleaning, heating, testing, maintenance and storage services to customers. Boasso also provides local and over-the-road trucking, primarily within the proximity of the port cities where its depots are located. Energy Logistics This segment consists primarily of the transportation of crude oil, disposal water and fresh water for the UCO&G market, through the company’s network that includes one company-operated terminal and terminals operated by four independent affiliates. The company’s subsidiary, QCER (QC Energy Resources, Inc.; QC Energy Resources, LLC; QC Energy Resources Northwest, LLC; QC Energy Resources Texas, LLC; and QC Environmental Services, Inc.), services the UCO&G market through the transportation of crude oil, flowback and produced brine water, fresh water and the disposal of flowback and produced brine water, as well as providing services ancillary to these activities. As of December 31, 2014, the company operated in the Bakken, Denver-Julesburg, Eagle Ford, Marcellus, Mississippian Limestone, Mowry, Niobrara, Permian Basin, Powder River, Utica and Woodford shale regions in North America, all of which have experienced drilling for both oil and natural gas, with the exception of Marcellus, which is solely natural gas. The company’s energy logistics business is primarily involved in fluid management and logistics in the upstream segment of the energy industry, in connection with the establishment and servicing of production wells, and the midstream segment of the energy industry in connection with the transportation of crude oil. Customers The company’s chemical logistics business services the top 100 chemical producers with the U.S. operations; its intermodal business provides services to all major non-vessel operating common carriers engaged in its operating footprint; and its energy logistics business provides services to a base of participants in the energy exploration and production market in the U.S. The company’s major customers include Arclin; Arkema; Ashland; BASF; Chesapeake Energy; Dow; DuPont; Hess; Hoyer Global, Inc.; Newport Tank Container; PPG Industries; Procter & Gamble; Stolt-Nielsen USA; Talisman; Valspar; and others. Strategy The company’s strategy to target multiple resource-rich shales helps to diversify its customer offerings, lessen the impact of swings in any one commodity or regional activity and optimize equipment utilization. Seasonality Due to the nature of the company’s customers’ business, its revenues are seasonal. Revenues decline during winter months, including its first and fourth fiscal quarters (year ending December 2014) and over holidays, and rise during its second and third fiscal quarters. Regulation As a motor carrier, the company is subject to regulation by the Federal Motor Carrier Safety Administration, which is a unit of the DOT. The company is subject to compliance with cargo security and transportation regulations issued by the Transportation Security Administration and by the Department of Homeland Security, including regulation by the Bureau of Customs and Border Protection. History Quality Distribution, Inc. was founded in 1984.

 

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Industry Analysis

QLTY

Industry Average

Valuation QLTY Industry Range
Price/Earnings 22.1x
Price/Sales 0.4x
Price/Book NM Not Meaningful
Price/Cash Flow 10.7x
TEV/Sales 0.1x
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