HOUSTON, May 9, 2014 /PRNewswire/ -- Adams Resources
& Energy, Inc., (NYSE MKT - AE), announced first quarter 2014
unaudited net earnings of $5,363,000
or $1.27 per common share on revenues
of $949,189,000. This compares
to unaudited first quarter 2013 net earnings of $8,015,000 or $1.90
per common share. Net cash provided by operating activities
totaled $35,411,000 for the
three-month period ended March 31,
2014.
Frank T. "Chip" Webster,
President and Chief Executive Officer, attributed the earnings
reduction to narrowed unit margins within the Company's crude oil
marketing business. During 2013, the Company benefitted
from underdeveloped infrastructure in the South Texas supply region caused by the
establishment of new field production from the Eagle Ford
trend. In 2014, the supply-demand balance stabilized causing
unit margins to revert to more historically typical levels.
A summary of operating results
follows:
|
First
Quarter
|
|
2014
|
2013
|
|
|
|
Operating Earnings
(Expense)
|
|
|
Crude oil
marketing
|
$
9,370,000
|
$
13,434,000
|
Transportation
|
1,175,000
|
1,398,000
|
Oil and
gas
|
121,000
|
(131,000)
|
Administrative
expenses
|
(2,254,000)
|
(2,032,000)
|
|
8,412,000
|
12,669,000
|
Interest income
(expense), net
|
42,000
|
36,000
|
Income tax
(provision) benefit
|
(3,091,000)
|
(4,632,000)
|
Discontinued
operation earnings (loss)
|
-
|
(58,000)
|
Net
earnings
|
$
5,363,000
|
$
8,015,000
|
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 June 17, 2014 to shareholders of record as of
June 3, 2014.
The Company's quarterly report on Form 10-Q for the period ended
March 31, 2014 will be filed with the
Securities and Exchange Commission on May
12, 2014 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, (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)
|
|
|
Three Months
Ended
|
|
March 31,
|
March 31,
|
|
2014
|
2013
|
|
|
|
Revenues
|
$
949,189
|
$
952,435
|
|
|
|
Costs, expenses and
other
|
(940,735)
|
(939,730)
|
Income tax
(provision)
|
(3,091)
|
(4,632)
|
|
|
|
Earnings from
continuing operations
|
5,363
|
8,073
|
Earnings (loss) from
discontinued operations
|
-
|
(58)
|
Net
earnings
|
$
5,363
|
$
8,015
|
|
|
|
Earnings (loss)
per share:
|
|
|
From continuing
operations
|
$
1.27
|
$
1.91
|
From discontinued
operations
|
-
|
(.01)
|
Basic and diluted net
earnings per common share
|
1.27
|
1.90
|
|
|
|
Dividends per
common share
|
$
.22
|
$
-
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET
|
(In
thousands)
|
|
|
March 31,
|
December
31,
|
|
2014
|
2013
|
|
|
|
ASSETS
|
|
|
Cash and marketable
securities
|
$
87,379
|
$
60,733
|
Other current
assets
|
280,563
|
290,997
|
Total current
assets
|
367,942
|
351,730
|
|
|
|
Net property &
equipment
|
91,908
|
91,865
|
Deposits and other
assets
|
4,762
|
4,487
|
|
$
464,612
|
$
448,082
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
Total current
liabilities
|
$
284,829
|
$
272,169
|
Deferred tax and
other liabilities
|
20,663
|
21,228
|
Shareholders'
equity
|
159,120
|
154,685
|
|
$
464,612
|
$
448,082
|
Rick Abshire
(713)
881-3609
SOURCE Adams Resources & Energy, Inc.