HOUSTON, Aug. 8, 2016 /PRNewswire/ -- Adams Resources
& Energy, Inc. (NYSE MKT:AE) announced second quarter 2016
unaudited net earnings of $3,404,000
or $.81 per common share.
Revenues for the quarter totaled $293,163,000. Current period net earnings compare
to unaudited second quarter 2015 net earnings of $4,340,000 or $1.03
per common share.
Thomas S. Smith, President and
Chief Executive Officer, attributed the 2016 earnings decline to
reduced volumes and unit margins within the Company's crude oil
marketing business. The current commodity price for crude has
suppressed drilling and production in the Company's area of
interest and competition has stiffened for the fewer barrels
available.
A summary of operating results is as follows:
|
Second
Quarter
|
|
2016
|
2015
|
|
|
|
|
Operating Earnings
(Expense)
|
|
|
|
Marketing
|
$
7,235,000
|
$
9,842,000
|
|
701,000
|
1,169,000
|
|
Oil and natural
gas
|
(397,000)
|
(1,772,000)
|
|
Administrative
expenses
|
(1,938,000)
|
(2,318,000)
|
|
5,601,000
|
6,921,000
|
|
Interest income,
net
|
96,000
|
95,000
|
|
Equity investment, net
of tax
|
(136,000)
|
-
|
|
Income tax
(provision)
|
(2,157,000)
|
(2,676,000)
|
|
|
|
|
Net
earnings
|
$
3,404,000
|
$
4,340,000
|
The Company's Board of Directors also declared a quarterly cash
dividend in the amount of $.22
(twenty-two cents) per common share,
payable on September 19, 2016 to
shareholders of record as of September 6, 2016.
The Company's quarterly report on Form 10-Q for the period ended
June 30, 2016 will be filed with the
Securities and Exchange Commission on August
9, 2016 and will be available on the Company's website at
adamsresources.com.
The information in this release includes certain forward-looking
statements that are based on assumptions that in the future may
prove not to have been accurate. A number of factors could cause
actual results or events to differ materially from those
anticipated. Such factors include, among others, (a) general
economic conditions and potential adverse world economic
conditions, (b) fluctuations in hydrocarbon commodity prices and
margins, (c) variations between commodity contract volumes and
actual delivery volumes, (d) unanticipated environmental
liabilities or regulatory changes, (e) counterparty credit default,
(f) inability to obtain bank and/or trade credit support, (g)
availability and cost of insurance, (h) changes in tax laws, (i)
the availability and cost of capital, (j) results of current items
of litigation, (k) uninsured items of litigation or losses, (l)
uncertainty in reserve estimates and cash flows, (n) successful
drilling activity and the ability to replace oil and gas reserves,
(m) security issues related to drivers and terminal facilities, (o)
demand for chemical based trucking operations, (p) financial
soundness of customers and suppliers. These and other risks
are described in the Company's reports that are on file with the
Securities and Exchange Commission.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share
data)
|
|
|
Six Months
Ended
June 30,
|
Three Months
Ended
June 30,
|
|
|
2016
|
2015
|
2016
|
2015
|
|
|
|
|
|
|
Revenues
|
$
543,694
|
$
1,156,131
|
$
293,163
|
$
600,558
|
|
|
|
|
|
|
Costs, expenses and
other
|
(535,815)
|
(1,144,124)
|
(287,602)
|
(593,542)
|
|
Income tax
(provision)
|
(3,045)
|
(4,570)
|
(2,157)
|
(2,676)
|
|
|
|
|
|
|
Net
earnings
|
$
4,834
|
$
7,437
|
$
3,404
|
$
4,340
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
Basic and diluted net earnings per
common share
|
|
|
|
|
|
$
1.15
|
$
1.76
|
$
.81
|
$
1.03
|
|
|
|
|
|
|
Dividends per common
share
|
$
.44
|
$
.44
|
$
.22
|
$
.22
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET
(In thousands)
|
|
June 30,
2016
|
December
31,
2015
|
|
|
|
|
|
ASSETS
|
|
|
|
Cash
|
$
90,771
|
$
91,877
|
|
Other current
assets
|
99,148
|
84,660
|
|
Total current
assets
|
189,919
|
176,537
|
|
|
|
|
Net property &
equipment
|
51,617
|
59,715
|
|
Deposits and other
assets
|
9,990
|
6,963
|
|
$
251,526
|
$
243,215
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Total current
liabilities
|
$
87,540
|
$
80,197
|
|
Other long-term
liabilities
|
8,498
|
10,508
|
|
Shareholders'
equity
|
155,488
|
152,510
|
|
$
251,526
|
$
243,215
|
Rick Abshire (713)
881-3609
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/adams-resources-announces-dividend-and-second-quarter-2016-earnings-300310766.html
SOURCE Adams Resources & Energy, Inc.