HOUSTON, Aug. 12 /PRNewswire-FirstCall/ -- Adams Resources & Energy, Inc. (NYSE Amex: AE) announced second quarter 2009 unaudited net earnings of $2,734,000 or $.65 per common share. Revenues for the quarter totaled $515,070,000. Current earnings compare to unaudited second quarter 2008 net earnings of $4,825,000 or $1.15 per common share. For the six months ended June 30, 2009, net earnings were $4,604,000 or $1.09 per common share.
Chairman and Chief Executive Officer, K.S. "Bud" Adams, Jr., attributed the comparative current year earnings decline to reduced commodity prices for both crude oil and natural gas. During the second quarter of 2009, sale prices realization on Company produced crude oil averaged $59.73 per barrel while natural gas prices averaged $4.39 per mcf. For the comparative second quarter of 2008, crude oil sales realizations averaged $122.91 per barrel with natural gas averaging $11.61 per mcf.
A summary of operating results is as follows: Second Quarter
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2009 2008
---- ---- Operating Earnings (Expense)
Marketing $6,799,000 $7,172,000
Transportation 612,000 1,371,000
Oil and gas (699,000) 1,093,000
Administrative expenses (2,384,000) (2,503,000)
----------- -----------
4,328,000 7,133,000
Interest income, net 22,000 175,000
Income tax (provision) (1,616,000) (2,483,000)
----------- ----------- Net earnings $2,734,000 $4,825,000
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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, and (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,
---------------- ------------------
2009 2008 2009 2008
---------------- ------------------ Revenues $855,211 $2,246,340 $515,070 $1,280,352 Costs, expenses and other (848,035) (2,235,680) (510,720) (1,273,044)
Income tax (provision) (2,572) (3,624) (1,616) (2,483)
------- ------- ------- ------- Net earnings $4,604 $7,036 $2,734 $4,825
====== ====== ====== ====== Basic and diluted net
earnings per common share $1.09 $1.67 $.65 $1.15
===== ===== ==== ===== Dividends per common share $- $- $- $-
== == == ==
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
June 30, December 31,
2009 2008
-------- ------------ ASSETS
Cash $21,978 $18,208
Other current assets 177,154 151,158
------- -------
Total current assets 199,132 169,366 Net property & equipment 36,650 35,586
Deposits and other assets 5,670 5,974
----- -----
$241,452 $210,926
======== ======== LIABILITIES AND EQUITY
Total current liabilities $153,598 $127,807
Other long-term liabilities 1,489 1,358
Shareholders' equity 86,365 81,761
------ ------
$241,452 $210,926
======== ======== Contact:
Rick Abshire
713-881-3609
DATASOURCE: Adams Resources & Energy, Inc.
CONTACT: Rick Abshire of Adams Resources & Energy, Inc., +1-713-881-3609
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