HOUSTON, May 13, 2011 /PRNewswire/ -- Adams Resources
& Energy, Inc., (NYSE Amex: AE), announced first quarter 2011
unaudited net earnings of $5,583,000
or $1.32 per common share on revenues
of $697,188,000. This compares
to unaudited first quarter 2010 net earnings of $1,794,000 or $.43
per common share. Net cash provided by operating activities
totaled $718,000 for the three month
period ended March 31, 2011.
Chairman, K. S. "Bud" Adams, Jr., indicated the improved results
were from a $2.8 million pre-tax gain
on the sale of certain oil and gas producing interests coupled with
$3.2 million in pre-tax inventory
liquidation gains as the Company sold its crude oil inventories
into a rising market. The Company has also experienced earnings
improvement in its transportation segment as demand for the
Company's petrochemical hauling services has improved
substantially. Adams added that the Company continues to
avoid bank debt and other forms of debenture obligations and the
total of cash balances and short-term marketable securities stood
at $21,566,000 as of March 31, 2011.
A summary of operating results follows:
|
|
|
First
Quarter
|
|
|
2011
|
2010
|
|
|
|
|
|
|
Operating Earnings
(Expense)
|
|
|
|
|
Marketing
|
$ 6,546,000
|
$ 3,662,000
|
|
|
Transportation
|
1,992,000
|
861,000
|
|
|
Oil and gas
|
2,046,000
|
316,000
|
|
|
Administrative expenses
|
(2,109,000)
|
(2,264,000)
|
|
|
8,475,000
|
2,575,000
|
|
|
|
|
|
|
Interest income (expense),
net
|
48,000
|
(20,000)
|
|
|
Income tax (provision)
benefit
|
(2,940,000)
|
(761,000)
|
|
|
|
|
|
|
Net earnings
|
$ 5,583,000
|
$ 1,794,000
|
|
|
|
|
|
|
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, (b) fluctuations in hydrocarbon 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 of capital, (j) changes in regulations, (k)
results of current items of litigation, (l) uninsured items of
litigation or losses, (m) uncertainty in reserve estimates and cash
flows, (n) ability to replace oil and gas reserves, (o) security
issues related to drivers and terminal facilities, (p) commodity
price volatility, (q) demand for chemical based trucking
operations, (r) successful completion of drilling activity, (s)
financial soundness of customers and suppliers and (t) adverse
world economic conditions. 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 EARNINGS
|
|
|
(In
thousands, except per share
data)
|
|
|
|
|
|
|
March
31,
|
March 31,
|
|
|
2011
|
2010
|
|
|
|
|
|
|
Revenues
|
$ 697,188
|
$ 533,785
|
|
|
|
|
|
|
Costs, expenses and
other
|
(688,665)
|
(531,230)
|
|
|
Income tax
(provision)
|
(2,940)
|
(761)
|
|
|
|
|
|
|
Net earnings
|
$ 5,583
|
$ 1,794
|
|
|
|
|
|
|
Basic and diluted net
earnings
|
|
|
|
|
per common
share
|
$ 1.32
|
$ .43
|
|
|
|
|
|
|
Dividends per common
share
|
$ -
|
$ -
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
|
|
|
(In
thousands)
|
|
|
March
31,
|
December
31,
|
|
|
2010
|
2010
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Cash and marketable
securities
|
$ 21,566
|
$ 29,032
|
|
|
Other current
assets
|
264,264
|
217,944
|
|
|
Total current
assets
|
285,830
|
246,976
|
|
|
|
|
|
|
Net property &
equipment
|
56,862
|
47,589
|
|
|
Deposits and other
assets
|
3,265
|
6,740
|
|
|
$ 345,957
|
$ 301,305
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Total current
liabilities
|
$ 243,734
|
$ 206,998
|
|
|
Other long-term
liabilities
|
6,485
|
4,152
|
|
|
Shareholders'
equity
|
95,738
|
90,155
|
|
|
$ 345,957
|
$ 301,305
|
|
|
|
|
|
|
Contact:
Rick Abshire
(713) 881-3609
SOURCE Adams Resources & Energy, Inc.