HOUSTON, Nov. 10, 2011 /PRNewswire/ -- Adams Resources
& Energy, Inc., (NYSE Amex: AE), announced today unaudited
third quarter 2011 net earnings of $9,026,000 or $2.14
per common share. Revenues for the quarter totaled
$801,690,000. Current results
compare to unaudited third quarter 2010 net earnings of
$2,762,000 or $.66 per common share. For the nine months ended
September 30, 2011 unaudited net
earnings were $18,198,000 or
$4.31 per share on revenues totaling
$2,323,088,000. Net cash provided by
operating activities was $57,442,000
for the nine-month period ended September
30, 2011.
Chairman K. S. "Bud" Adams, Jr. attributed the third quarter
2011 earnings increase to widened unit gross margins within the
Company's crude oil gathering and distribution business. Such
improvements result from the Company's physical asset
infrastructure and the related ability to capitalize on the current
relative over supply of crude oil in the South Texas region. Mr. Adams added that
over the course of the mid-term time horizon (12 months from
current date) crude oil marketing margins are expected to return to
historical levels due to competitive pressures and ongoing physical
asset development in the area.
A summary of operating results is as follows:
|
|
|
Third
Quarter
|
|
|
2011
|
2010
|
|
|
|
|
|
|
Operating Earnings
(Loss)
|
|
|
|
|
Marketing
|
$ 15,687,000
|
$ 4,646,000
|
|
|
Transportation
|
2,078,000
|
2,108,000
|
|
|
Oil and gas
|
(1,462,000)
|
(476,000)
|
|
|
Administrative expenses
|
(2,727,000)
|
(2,257,000)
|
|
|
13,576,000
|
4,021,000
|
|
|
Interest income,
net
|
142,000
|
79,000
|
|
|
Income tax
(provision)
|
(4,692,000)
|
(1,338,000)
|
|
|
|
|
|
|
Net earnings
|
$
9,026,000
|
$
2,762,000
|
|
|
|
|
|
|
Adams Resources & Energy, Inc. also announced its Board of
Directors has declared an annual cash dividend in the amount of
$.57 per common share, payable on
December 15, 2011 to shareholders of
record as of December 1, 2011.
The 2011 cash dividend represents a six percent increase over
the prior year amount.
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)
|
|
|
|
|
Nine Months
Ended
|
Three Months
Ended
|
|
|
September
30,
|
September
30,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
|
|
|
|
|
|
|
Revenues
|
$ 2,323,088
|
$ 1,583,381
|
$ 801,690
|
$ 502,455
|
|
|
|
|
|
|
|
|
Costs, expenses and other
|
(2,295,004)
|
(1,574,051)
|
(787,972)
|
(498,355)
|
|
|
Income tax (provision)
|
(9,886)
|
(3,089)
|
(4,692)
|
(1,338)
|
|
|
|
|
|
|
|
|
Net earnings
|
$
18,198
|
$
6,241
|
$
9,026
|
$
2,762
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
Basic and diluted net
earnings
|
|
|
|
|
|
|
per common share
|
$
4.31
|
$
1.48
|
$
2.14
|
$
.66
|
|
|
|
|
|
|
|
|
Dividends per common
share
|
$
-
|
$
-
|
$
-
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
|
|
|
(In
thousands)
|
|
|
|
|
September
30,
|
December
31,
|
|
|
2011
|
2010
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Cash
|
$ 49,560
|
$ 29,032
|
|
|
Other current
assets
|
226,041
|
217,944
|
|
|
Total current
assets
|
275,601
|
246,976
|
|
|
|
|
|
|
Net property &
equipment
|
74,783
|
47,589
|
|
|
Other assets
|
3,203
|
6,740
|
|
|
$ 353,587
|
$ 301,305
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Total current
liabilities
|
$ 231,114
|
$ 206,998
|
|
|
Deferred taxes and
other
|
14,120
|
4,152
|
|
|
Shareholders'
equity
|
108,353
|
90,155
|
|
|
$
353,587
|
$
301,305
|
|
|
|
|
|
|
Contact: Rick Abshire (713)
881-3609
SOURCE Adams Resources & Energy, Inc.