HOUSTON, March 22, 2012 /PRNewswire/ -- Adams Resources
& Energy, Inc., (NYSE Amex: AE), announced unaudited fourth
quarter 2011 net earnings of $4,733,000 or $1.13
per common share on revenues totaling $891,311,000. This compares to an unaudited
fourth quarter 2010 net earnings of $2,390,000 or $.57
per share on revenues of $628,589,000. For the full year of 2011,
net earnings totaled $22,931,000 or
$5.44 per share on revenues of
$3,214,399,000. The Company
paid an annual cash dividend of $.57
per share during the fourth quarter of 2011 which represented a 5.5
percent increase over 2010. Net cash provided by operating
activities totaled $55,815,000 for
the year 2011. The Company continues to have no bank debt or
other forms of debenture obligations. Cash balances at
December 31, 2011 totaled
$37,066,000.
A summary of operating results follows:
|
|
|
Fourth
Quarter
|
|
|
2011
|
2010
|
|
|
|
|
|
Operating Earnings
(Loss)
|
|
|
|
Marketing
|
$ 22,830,000
|
$ 6,011,000
|
|
Transportation
|
1,518,000
|
1,501,000
|
|
Oil and gas
|
(14,284,000)
|
(1,833,000)
|
|
Administrative
expenses
|
(2,389,000)
|
(2,385,000)
|
|
|
7,675,000
|
3,294,000
|
|
Interest income (expense),
net
|
3,000
|
77,000
|
|
Income tax (expense)
benefit
|
(2,945,000)
|
(981,000)
|
|
|
|
|
|
Net earnings
(loss)
|
$ 4,733,000
|
$ 2,390,000
|
|
|
|
|
|
|
Chairman, K. S. "Bud" Adams, Jr., attributed the comparative
fourth quarter 2011 earnings increase to both volume and operating
margin improvements within the Company's crude oil marketing
business. Such fourth quarter improvements were substantially
offset, however, by a pretax noncash write-down of $13.5 million on oil and gas property costs due
to recent declines in natural gas prices. For the year 2011, the
Company participated in the drilling of 86 wells of which 75 wells
were successful with 11 dry holes. Oil and gas proved reserve
discoveries and additions during 2011 replaced 320 percent of 2011
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.
Rick Abshire
(713) 881-3609
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In
thousands, except per share data)
|
|
|
|
|
Year
Ended
|
Three Months
Ended
|
|
|
December
31,
|
December
31,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
|
|
|
|
|
|
Revenues
|
$ 3,214,399
|
$ 2,211,970
|
$ 891,311
|
$ 628,589
|
|
|
|
|
|
|
|
Costs, expenses and
other
|
(3,178,637)
|
(2,199,269)
|
(883,633)
|
(625,218)
|
|
Income tax
(provision)
|
(12,831)
|
(4,070)
|
(2,945)
|
(981)
|
|
|
|
|
|
|
|
Net earnings
|
$ 22,931
|
$ 8,631
|
$ 4,733
|
$ 2,390
|
|
|
|
|
|
|
|
Basic and diluted net
earnings
|
|
|
|
|
|
per common
share
|
$ 5.44
|
$ 2.05
|
$ 1.13
|
$ .57
|
|
|
|
|
|
|
|
Dividends per common
share
|
$ .57
|
$ .54
|
$ .57
|
$ .54
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In
thousands)
|
|
|
|
|
|
|
December
31,
|
December
31,
|
|
|
2011
|
2010
|
|
ASSETS
|
|
|
|
Cash
|
$ 37,066
|
$ 29,032
|
|
Other current
assets
|
267,899
|
217,944
|
|
Total current
assets
|
304,965
|
246,976
|
|
|
|
|
|
Net property &
equipment
|
69,235
|
47,589
|
|
Deposits and other
assets
|
4,640
|
6,740
|
|
|
$ 378,840
|
$ 301,305
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Total current
liabilities
|
$ 256,094
|
$ 206,998
|
|
Long-term debt
|
-
|
-
|
|
Other long-term
liabilities
|
12,064
|
4,152
|
|
Shareholders'
equity
|
110,682
|
90,155
|
|
|
$ 378,840
|
$ 301,305
|
|
|
|
|
|
|
SOURCE Adams Resources & Energy, Inc.