Preston Corp. has reached agreement with its lenders on a restructuring of its loans and lines of credit.
William B. Potter, chairman and president of the Eastern Shore-based trucking company, said yesterday that the restructing was not an indication of financial distress or difficulty repaying its loans.
"We were current on everything," Mr. Potter said.
The company, which lost money in 1989 and 1990, has showed signs of recovery this year, despite a weak economy.
For the quarter that ended Sept. 30, Preston eked out a profit of 1 cent per share, marking the company's second straight quarter of profitablity. Through the first nine months of the year, the company registered a $1.2 million profit, compared with a loss of $18.4 million for the same period a year ago.