HOUSTON, Nov. 5, 2015 /PRNewswire/ -- Adams Resources
& Energy, Inc. (NYSE MKT: AE) announced a third quarter 2015
unaudited net loss of $308,000 or
$0.07 per common share. The
current loss compares to third quarter 2014 unaudited net earnings
of $3,855,000 or $.92 per common share. For the nine months
ended September 30, 2015, net
earnings were $7,129,000 or
$1.69 per common share.
Thomas S. Smith, President and
Chief Executive Officer, attributed the current loss to reduced
prices for crude oil and natural gas produced and sold. The Company
also experienced narrowed margins and reduced volumes within its
marketing and transportation segments. Falling crude oil prices
also caused a $2.5 million non-cash
write down in the carrying value of crude oil inventories. In
addition, the comparative third quarter of 2014 benefited from a
$2,198,000 pre-tax gain on the sale
of certain producing oil and gas properties. Mr. Smith added
that net cash flow from operations remained sound at $23.5 million for the first nine months of
2015. The Company has curtailed oil and gas exploration
efforts and available cash balances increased from $80,184,000 at December
31, 2014 to $95,235,000 at
September 30, 2015.
A summary of operating results is as follows:
|
Third
Quarter
|
|
2015
|
2014
|
Operating Earnings
(Expense)
|
|
|
Marketing
|
$ 3,715,000
|
$ 5,041,000
|
Transportation
|
918,000
|
1,464,000
|
Oil and gas
|
(2,909,000)
|
1,527,000
|
Administrative
expenses
|
(2,101,000)
|
(2,300,000)
|
|
(377,000)
|
5,732,000
|
Interest income,
net
|
63,000
|
116,000
|
Income tax (provision)
benefit
|
6,000
|
(1,993,000)
|
|
|
|
Net earnings
(loss)
|
$ (308,000)
|
$ 3,855,000
|
The Company also announced that its Board of Directors declared
a quarterly cash dividend in the amount of $.22 (twenty-two
cents) per common share, payable on December 16, 2015 to shareholders of record as of
December 2, 2015.
The Company's quarterly report on Form 10-Q for the period ended
September 30, 2015 will be filed with
the Securities and Exchange Commission on November 6, 2015 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)
|
|
|
Nine Months
Ended
|
Three Months
Ended
|
|
September
30,
|
September
30,
|
|
2015
|
2014
|
2015
|
2014
|
|
|
|
|
|
Revenues
|
$ 1,596,024
|
$ 3,283,090
|
$ 439,893
|
$ 1,173,970
|
|
|
|
|
|
Costs, expenses and
other
|
(1,584,331)
|
(3,262,667)
|
(440,207)
|
(1,168,122)
|
Income tax
(provision) benefit
|
(4,564)
|
(7,230)
|
6
|
(1,993)
|
|
|
|
|
|
Net earnings
(loss)
|
$
7,129
|
$ 13,193
|
$
(308)
|
$ 3,855
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share:
|
|
|
|
|
Basic and diluted net earnings
|
|
|
|
|
(loss) per common
share
|
$
1.69
|
$
3.13
|
$
(.07)
|
$
.92
|
|
|
|
|
|
Dividends per common
share
|
$
.66
|
$
.66
|
$
.22
|
$
.22
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET
|
(In
thousands)
|
|
September
30,
|
December
31,
|
|
2015
|
2014
|
|
|
|
ASSETS
|
|
|
Cash and marketable
securities
|
$
95,235
|
$ 80,184
|
Other current
assets
|
117,794
|
170,761
|
Total current
assets
|
213,029
|
250,945
|
|
|
|
Net property &
equipment
|
69,866
|
84,871
|
Deposits and other
assets
|
5,906
|
4,998
|
|
$ 288,801
|
$ 340,814
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
Total current
liabilities
|
$ 113,364
|
$ 168,603
|
Other long-term
liabilities
|
13,595
|
14,714
|
Shareholders'
equity
|
161,842
|
157,497
|
|
$ 288,801
|
$ 340,814
|
Rick Abshire (713)
881-3609
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visit:http://www.prnewswire.com/news-releases/adams-resources-announces-dividend-and-third-quarter-2015-earnings-300173706.html
SOURCE Adams Resources & Energy, Inc.