HOUSTON, Aug. 7, 2013 /PRNewswire/ -- Adams Resources
& Energy, Inc. (NYSE MKT-AE) announced second quarter 2013
unaudited net earnings of $6,330,000
or $1.50 per common share.
Revenues for the quarter totaled $965,874,000. Current net earnings compare to
unaudited second quarter 2012 net earnings of $5,386,000 or $1.28
per common share. For the six months ended June 30, 2013, net earnings were $14,345,000 or $3.40 per common share.
F.T. "Chip" Webster, President
and Chief Executive Officer, attributed the 2013 earnings
improvement to certain currently reduced non-cash operating losses
relative to the prior comparative quarter. During the second
quarter of 2012 the Company incurred $5.6
million of net inventory and mark-to-market pre-tax
valuation losses as the result of declining crude oil prices.
In contrast, similar losses totaled $1.5
million for the second quarter of 2013. Mr.
Webster added, "the Company
continues to see volume growth within its crude oil marketing
segment but unit margins have narrowed with stiffened
competition."
A summary of operating results is as
follows:
|
Second
Quarter
|
|
2013
|
2012
|
|
|
|
|
Operating Earnings
(Expense)
|
|
|
|
Marketing
|
$
10,546,000
|
$
9,327,000
|
|
Transportation
|
1,833,000
|
2,258,000
|
|
Oil and
gas
|
360,000
|
(557,000)
|
|
Administrative
expenses
|
(2,703,000)
|
(2,465,000)
|
|
10,036,000
|
8,563,000
|
|
Interest income,
net
|
11,000
|
19,000
|
|
Income tax
(provision)
|
(3,705,000)
|
(3,085,000)
|
|
Discontinued
operations
|
(12,000)
|
(111,000)
|
|
|
|
|
Net
earnings
|
$
6,330,000
|
$
5,386,000
|
The Company's Board of Directors also declared a quarterly cash
dividend in the amount of $.22
(22 cents) per common share, payable
on September 17, 2013 to shareholders
of record as of September 3,
2013.
The Company's quarterly report on Form 10-Q for the period ended
June 30, 2013 will be filed with the
Securities and Exchange Commission on August
8, 2013 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
OPERATIONS
(In thousands,
except per share data)
|
|
|
Six Months
Ended
|
Three Months
Ended
|
|
June 30,
|
June 30,
|
|
2013
|
2012
|
2013
|
2012
|
|
|
|
|
|
|
Revenues
|
$
1,919,375
|
$
1,708,963
|
$
965,874
|
$
831,474
|
|
|
|
|
|
|
Costs, expenses and
other
|
(1,896,694)
|
(1,690,979)
|
(955,827)
|
(822,892)
|
|
Income tax
(provision)
|
(8,312)
|
(6,437)
|
(3,705)
|
(3,085)
|
|
Earnings from
continuing operations
|
14,369
|
11,547
|
6,342
|
5,497
|
|
Earnings (loss) from discontinued
operations
|
(24)
|
414
|
(12)
|
(111)
|
|
|
|
|
|
|
Net
earnings
|
$
14,345
|
$
11,961
|
$
6,330
|
$
5,386
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share:
|
|
|
|
|
|
From continuing operations
|
$
3.41
|
$
2.74
|
$
1.51
|
$
1.31
|
|
From discontinued operations
|
(.01)
|
.10
|
(.01)
|
(.03)
|
|
Basic and diluted net earnings per common
share
|
$
3.40
|
$
2.84
|
$
1.50
|
$
1.28
|
|
|
|
|
|
|
Dividends per common
share
|
$
.22
|
$
-
|
$
.22
|
$
-
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEET
(In
thousands)
|
|
June 30,
|
December
31,
|
|
2013
|
2012
|
|
|
|
|
ASSETS
|
|
|
|
Cash and
marketable securities
|
$
34,214
|
$
47,239
|
|
Other current
assets
|
293,444
|
277,317
|
|
Total current assets
|
327,658
|
324,556
|
|
|
|
|
Net property &
equipment
|
95,644
|
90,712
|
|
Deposits and other
assets
|
3,915
|
4,233
|
|
$
427,217
|
$
419,501
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Total current
liabilities
|
$
259,416
|
$
266,082
|
|
Other
long-term liabilities
|
18,526
|
17,561
|
|
Shareholders'
equity
|
149,275
|
135,858
|
|
$
427,217
|
$
419,501
|
Rick Abshire (713)
881-3609
SOURCE Adams Resources & Energy, Inc.