HOUSTON, May 9, 2012 /PRNewswire/ -- Adams Resources
& Energy, Inc., (NYSE Amex - AE), announced first quarter 2012
unaudited net earnings of $6,575,000
or $1.56 per common share on revenues
of $877,489,000. This compares
to unaudited first quarter 2011 net earnings of $5,583,000 or $1.32
per common share. Net cash provided by operating activities
totaled $9,211,000 for the
three-month period ended March 31,
2012.
K. S. Adams, Jr., Chairman,
commented that demand within the Company's marketing and
transportation segments remained strong during the first quarter of
2012 leading to the favorable results. Both comparative
periods benefited from gains on property sales with the 2012
quarter reflecting $2.9 million in
pre-tax gains from the sale of used truck-tractors and from
equipment sales associated with the Company's discontinued refined
products marketing business. Comparatively, the first quarter
2011 benefited from a $2.8 million
pre-tax gain on the sale of certain oil and gas property
interests.
|
A summary
of operating results follows:
|
|
|
First
Quarter
|
|
2012
|
2011
|
|
|
|
|
Operating
Earnings (Expense)
|
|
|
|
Marketing
|
$
8,158,000
|
$
6,846,000
|
|
Transportation
|
3,054,000
|
1,992,000
|
|
Oil and gas
|
402,000
|
2,046,000
|
|
Administrative expenses
|
(2,232,000)
|
(2,109,000)
|
|
9,382,000
|
8,775,000
|
|
Interest
income (expense), net
|
20,000
|
48,000
|
|
Income tax
(provision) benefit
|
(3,352,000)
|
(3,045,000)
|
|
Discontinued operation earnings (loss)
|
525,000
|
(195,000)
|
|
|
|
|
Net
earnings
|
$
6,575,000
|
$
5,583,000
|
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.
Rick Abshire
(713) 881-3609
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
|
|
(In
thousands, except per share data)
|
|
|
Three
Months Ended
|
|
March
31,
|
March 31,
|
|
2012
|
2011
|
|
|
|
|
Revenues
|
$
877,489
|
$
663,846
|
|
|
|
|
Costs,
expenses and other
|
(868,087)
|
(655,023)
|
|
Income tax
(provision)
|
(3,352)
|
(3,045)
|
|
|
|
|
Earnings
from continuing operations
|
6,050
|
5,778
|
|
Earnings
(loss) from discontinued operations
|
525
|
(195)
|
|
Net
earnings
|
$
6,575
|
$
5,583
|
|
|
|
|
Earnings (loss) per share:
|
|
|
|
From continuing operations
|
$
1.43
|
$
1.37
|
|
From discontinued operations
|
.13
|
(.05)
|
|
Basic and diluted net earnings per common
share
|
1.56
|
1.32
|
|
|
|
|
Dividends per common share
|
$
-
|
$
-
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
|
|
(In
thousands)
|
|
|
March
31,
|
December
31,
|
|
2012
|
2011
|
|
|
|
|
ASSETS
|
|
|
|
Cash and marketable securities
|
$
35,989
|
$
37,066
|
|
Other current assets
|
290,931
|
267,899
|
|
Total current assets
|
326,920
|
304,965
|
|
|
|
|
Net property & equipment
|
80,818
|
68,857
|
|
Deposits and other assets
|
4,796
|
5,018
|
|
$
412,534
|
$
378,840
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
Total current liabilities
|
$
282,815
|
$
256,094
|
|
Other long-term liabilities
|
12,462
|
12,064
|
|
Shareholders' equity
|
117,257
|
110,682
|
|
$
412,534
|
$
378,840
|
SOURCE Adams Resources & Energy, Inc.