HOUSTON, Nov. 8, 2012 /PRNewswire/ -- Adams Resources
& Energy, Inc. (NYSE MKT-AE) announced third quarter 2012
unaudited net earnings of $ 8,263,000
or $1.96 per common share.
Current earnings compare to unaudited third quarter 2011 net
earnings of $9,026,000 or
$2.14 per common share. For the
nine months ended September 30, 2012,
net earnings were $20,224,000 or
$4.79 per common share. Third quarter
2012 revenues totaled $795,525,000
and were $2,504,488,000 for the first
nine months of the year.
President and Chief Executive Officer, F.T. "Chip" Webster attributed the current quarterly
earnings variance to a $623,000 state
tax refund received in 2011 that reduced the prior third quarter
tax expense. Mr. Webster added
that marketing operating earnings were reduced by $2.6 million for the comparative current quarter
with a narrowing of unit margins resulting from expanded
competition in the South Texas
operational area. However, such decline was offset by dry
hole and impairment expense reductions within the Company's oil and
gas exploration operation and $1.5
million of pre-tax gains from equipment and property
sales.
A summary of operating results is as follows:
|
Third
Quarter
|
|
2012
|
2011
|
|
|
|
|
Operating Earnings (Expense)
|
|
|
|
Marketing
|
$
13,452,000
|
$
16,055,000
|
|
Transportation
|
2,607,000
|
2,078,000
|
|
Oil and gas
|
314,000
|
(1,462,000)
|
|
Administrative expenses
|
(2,603,000)
|
(2,727,000)
|
|
13,770,000
|
13,944,000
|
|
Interest income, net
|
77,000
|
142,000
|
|
Income tax (provision)
|
(5,510,000)
|
(4,820,000)
|
|
Discontinued operations
|
(74,000)
|
(240,000)
|
|
|
|
|
Net earnings
|
$
8,263,000
|
$
9,026,000
|
Adams Resources & Energy, Inc. also announced its Board of
Directors has declared an annual cash dividend in the amount of
$.62 per common share, payable on
December 17, 2012 to shareholders of
record as of December 3, 2012.
The 2012 cash dividend represents a nine 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,
|
|
2012
|
2011
|
2012
|
2011
|
|
|
|
|
|
|
Revenues
|
$
2,504,488
|
$
2,197,379
|
$
795,525
|
$
755,995
|
|
|
|
|
|
|
Costs,
expenses and other
|
(2,472,657)
|
(2,168,986)
|
(781,678)
|
(741,909)
|
|
Income tax
(provision)
|
(11,947)
|
(9,994)
|
(5,510)
|
(4,820)
|
|
Earnings
from continuing operations
|
19,884
|
18,399
|
8,337
|
9,266
|
|
Earnings
(loss) from discontinued
|
|
|
|
|
|
operations
|
340
|
(201)
|
(74)
|
(240)
|
|
|
|
|
|
|
Net
earnings
|
$
20,224
|
$
18,198
|
$
8,263
|
$
9,026
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share:
|
|
|
|
|
|
From continuing
operations
|
$
4.71
|
$
4.36
|
$
1.98
|
$
2.20
|
|
From discontinued
operations
|
.08
|
(.05)
|
(.02)
|
(.06)
|
|
Basic and diluted net
earnings
|
|
|
|
|
|
per common share
|
$
4.79
|
$
4.31
|
$
1.96
|
$
2.14
|
|
|
|
|
|
|
Dividends
per common share
|
$
-
|
$
-
|
$
-
|
$
-
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
|
|
(In
thousands)
|
|
September
30,
|
December
31,
|
|
2012
|
2011
|
|
|
|
|
ASSETS
|
|
|
|
Cash and marketable securities
|
$
52,054
|
$
37,066
|
|
Other current assets
|
236,694
|
267,899
|
|
Total current assets
|
288,748
|
304,965
|
|
|
|
|
Net property & equipment
|
95,471
|
68,857
|
|
Deposits and other assets
|
4,436
|
5,018
|
|
$
388,655
|
$
378,840
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
Total current liabilities
|
$
241,057
|
$
256,094
|
|
Other long-term liabilities
|
16,692
|
12,064
|
|
Shareholders' equity
|
130,906
|
110,682
|
|
$
388,655
|
$
378,840
|
CONTACT: Rick Abshire (713)
881-3609
SOURCE Adams Resources & Energy, Inc.