HOUSTON, March 14, 2013 /PRNewswire/ -- Adams
Resources & Energy, Inc., (NYSE Amex -AE), announced unaudited
fourth quarter 2012 net earnings of $7,567,000 or $1.79
per common share on revenues totaling $876,476,000. This compares to an unaudited
fourth quarter 2011 net earnings of $4,733,000 or $1.13
per share on revenues of $847,609,000. For the full year of 2012,
net earnings totaled $27,791,000 or
$6.59 per share on revenues of
$3,380,964,000. The
Company paid an annual cash dividend of $.62 per share during the fourth quarter of 2012
which represented an 8.8 percent increase over 2011. Net cash
provided by operating activities totaled $54,494,000 for the year 2012. The Company
continues to have no bank debt or other forms of debenture
obligations. Cash balances at December
31, 2012 totaled $47,239,000.
A summary of operating results follows:
|
Fourth
Quarter
|
|
2012
|
2011
|
|
|
|
Operating
Earnings (Loss)
|
|
|
Marketing
|
$
16,229,000
|
$
23,309,000
|
Transportation
|
2,334,000
|
1,518,000
|
Oil and gas
|
(3,760,000)
|
(14,284,000)
|
Administrative expenses
|
(2,469,000)
|
(2,389,000)
|
|
12,334,000
|
8,154,000
|
Interest
income (expense), net
|
64,000
|
3,000
|
Income tax
(expense)
|
(4,750,000)
|
(3,113,000)
|
Discontinued operations, net of tax
|
(81,000)
|
(311,000)
|
|
|
|
Net
earnings (loss)
|
$
7,567,000
|
$
4,733,000
|
President and Chief Executive Officer F.T. "Chip" Webster commented that during the fourth
quarter of 2012 the Company recorded a $4.6
million pretax noncash write-down of oil and gas property
costs due to continuing declines in natural gas prices. A
similar but larger, at $13.5 million,
noncash write-down occurred during the fourth quarter of 2011. For
the year 2012, the Company participated in the drilling of 109
wells with no dry holes. Oil and gas proved reserve additions
during 2012 replaced 101 percent of 2012 production on an
equivalent barrel basis.
Cautionary Statement Regarding Forward-Looking
Statements
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 OPERATIONS
|
(In
thousands, except per share data)
|
|
|
Year
Ended
|
Three
Months Ended
|
|
December
31,
|
December
31,
|
|
2012
|
2011
|
2012
|
2011
|
|
|
|
|
|
Revenues
|
$
3,380,964
|
$
3,044,988
|
$
876,476
|
$
847,609
|
|
|
|
|
|
Costs,
expenses and other
|
(3,336,735)
|
(3,008,438)
|
(864,078)
|
(839,452)
|
Income tax
(provision)
|
(16,697)
|
(13,107)
|
(4,750)
|
(3,113)
|
Earnings
from continuing operations
|
27,532
|
23,443
|
7,648
|
5,044
|
Earnings
(loss) from discontinued
|
|
|
|
|
operations
|
259
|
(512)
|
(81)
|
(311)
|
|
|
|
|
|
Net
earnings
|
$
27,791
|
$
22,931
|
$
7,567
|
$
4,733
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share:
|
|
|
|
|
From continuing
operations
|
$
6.53
|
$
5.56
|
$
1.81
|
$
1.19
|
From discontinued
operations
|
.06
|
(.12)
|
(.02)
|
(.06)
|
Basic and diluted net
earnings
|
|
|
|
|
per common share
|
$
6.59
|
$
5.44
|
$
1.79
|
$
1.13
|
|
|
|
|
|
Dividends
per common share
|
$
.62
|
$
.57
|
$
-
|
$
-
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
|
(In
thousands)
|
|
December
31,
|
December
31,
|
|
2012
|
2011
|
|
|
|
ASSETS
|
|
|
Cash
|
$
47,239
|
$
37,066
|
Other current assets
|
277,317
|
267,899
|
Total current assets
|
324,556
|
304,965
|
|
|
|
Net property & equipment
|
90,712
|
68,857
|
Deposits and other assets
|
4,233
|
5,018
|
|
$
419,501
|
$
378,840
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
Total current liabilities
|
$
266,082
|
$
256,094
|
Deferred taxes and other liabilities
|
17,561
|
12,064
|
Shareholders' equity
|
135,858
|
110,682
|
|
$
419,501
|
$
378,840
|
Rick Abshire
(713)
881-3609
SOURCE Adams Resources & Energy, Inc.