HOUSTON, Aug. 11, 2011 /PRNewswire/ -- Adams Resources
& Energy, Inc. (NYSE Amex: AE) announced second quarter 2011
unaudited net earnings of $ 3,589,000
or $.85 per common share.
Revenues for the quarter totaled $824,210,000. Current earnings compare to
unaudited second quarter 2010 net earnings of $1,685,000 or $.39
per common share. For the six months ended June 30, 2011, net earnings were $9,172,000 or $2.17
per common share.
Chairman and Chief Executive Officer, K.S. "Bud" Adams, Jr.,
attributed the 2011 earnings improvement to increased unit margins
within the Company's crude oil marketing business. Through its
previous and newly constructed barge terminal facilities, the
Company is able to move South
Texas sourced crude oil supply to alternative end markets
along the Gulf Coast for resale at enhanced unit margins.
A summary of operating results is as follows:
|
|
|
Second
Quarter
|
|
|
2011
|
2010
|
|
|
|
|
|
|
Operating Earnings
(Expense)
|
|
|
|
|
Marketing
|
$ 5,533,000
|
$ 2,405,000
|
|
|
Transportation
|
2,933,000
|
2,153,000
|
|
|
Oil and gas
|
(171,000)
|
236,000
|
|
|
Administrative
expenses
|
(2,488,000)
|
(2,138,000)
|
|
|
5,807,000
|
2,656,000
|
|
|
Interest income, net
|
36,000
|
19,000
|
|
|
Income tax
(provision)
|
(2,254,000)
|
(990,000)
|
|
|
|
|
|
|
Net earnings
|
$ 3,589,000
|
$ 1,685,000
|
|
|
|
|
|
|
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,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
|
|
|
|
|
|
|
Revenues
|
$ 1,521,398
|
$ 1,080,926
|
$ 824,210
|
$ 547,141
|
|
|
|
|
|
|
|
|
Costs, expenses and
other
|
(1,507,032)
|
(1,075,696)
|
(818,367)
|
(544,466)
|
|
|
Income tax
(provision)
|
(5,194)
|
(1,751)
|
(2,254)
|
(990)
|
|
|
|
|
|
|
|
|
Net earnings
|
$ 9,172
|
$ 3,479
|
$ 3,589
|
$ 1,685
|
|
|
|
|
|
|
|
|
Basic and diluted net
earnings
|
|
|
|
|
|
|
per common
share
|
$ 2.17
|
$ .82
|
$ .85
|
$ .39
|
|
|
|
|
|
|
|
|
Dividends per common
share
|
$ -
|
$ -
|
$ -
|
$ -
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
|
|
|
(In
thousands)
|
|
|
June
30,
|
December
31,
|
|
|
2011
|
2010
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Cash and marketable
securities
|
$ 36,687
|
$ 29,032
|
|
|
Other current
assets
|
249,833
|
217,944
|
|
|
Total current
assets
|
286,520
|
246,976
|
|
|
|
|
|
|
Net property &
equipment
|
69,562
|
47,589
|
|
|
Deposits and other
assets
|
3,306
|
6,740
|
|
|
$ 359,388
|
$ 301,305
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Total current
liabilities
|
$ 251,296
|
$ 206,998
|
|
|
Other long-term
liabilities
|
8,765
|
4,152
|
|
|
Shareholders'
equity
|
99,327
|
90,155
|
|
|
$ 359,388
|
$ 301,305
|
|
|
|
|
|
|
Rick Abshire (713)
881-3609
SOURCE Adams Resources & Energy, Inc.