SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


____________________________________________

FORM 8-K

CURRENT REPORT


Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 6, 2014

 
ADAMS RESOURCES & ENERGY, INC.
 
 
(Exact name of registrant as specified in its charter)
 
         
         
Delaware
 
1-7908
 
74-1753147
   
(State or other jurisdiction of incorporation)
 
(Commission file number)
 
(IRS employer
identification no.)
   
         
         
17 South Briar Hollow Lane, Suite 100
Houston, Texas
 
 
77027
   
(Address of principal executive offices)
 
(Zip code)
   
         
   
(713) 881-3600
       
   
(Registrant’s telephone number, including area code)
       


 
 

 

 Item 2.02.  Results of Operations and Financial Condition.

On November 6, 2014, Adams Resources & Energy, Inc., a Delaware corporation, issued a press release announcing financial results for the third quarter ended September 30, 2014.  A copy of the earnings release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.  The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 
 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
ADAMS RESOURCES & ENERGY, INC.
   
   
   
Date:  November 6, 2014
By:/s/ Richard B. Abshire
 
Richard B. Abshire
 
Chief Financial Officer






Exhibit 99.1

FOR IMMEDIATE RELEASE
Rick Abshire (713) 881-3609

ADAMS RESOURCES ANNOUNCES DIVIDEND AND THIRD QUARTER 2014 EARNINGS

Houston (November 6, 2014)--Adams Resources & Energy, Inc. (NYSE MKT-AE) announced third quarter 2014 unaudited net earnings of $3,855,000 or $0.92 per common share.  Current earnings compare to unaudited third quarter 2013 net earnings of $7,156,000 or $1.70 per common share.  For the nine months ended September 30, 2014, net earnings were $13,193,000 or $3.13 per common share.  Third quarter 2014 revenues totaled $1,173,970,000 and were $3,283,090,000 for the first nine months of the year.

President and Chief Executive Officer, F.T. “Chip” Webster, attributed the current quarter’s earnings decline to a pre-tax, non-cash, inventory valuation loss of $4,203,000 as compared to a pre-tax inventory liquidation gain of $851,000 during the third quarter of 2013.  Crude oil inventory values declined from an average of $100.63 per barrel as of June 30, 2014 to $86.06 per barrel for the September 30, 2014 valuation.  Partially offsetting the inventory variance was the oil and gas segment benefiting from a $2,198,000 pre-tax gain on the sale of certain producing oil and gas properties.

A summary of operating results is as follows:
 
   
Third Quarter
 
   
2014
   
2013
 
Operating Earnings (Expense)
           
Marketing                                                        
  $ 5,041,000     $ 11,394,000  
Transportation                                                        
    1,464,000       1,248,000  
Oil and gas                                                        
    1,527,000       752,000  
Administrative expenses                                                        
    (2,300,000 )     (2,248,000 )
      5,732,000       11,146,000  
Interest income, net                                                                
    116,000       32,000  
Income tax (provision)                                                                
    (1,993,000 )     (3,940,000 )
Discontinued operations                                                                
    -       (82,000 )
                 
Net earnings                                                                
  $ 3,855,000     $ 7,156,000  

The Company also announced that its Board of Directors declared a quarterly cash dividend in the amount of $.22 (twenty-two cents) per common share, payable on December 16, 2014 to shareholders of record as of December 2, 2014.

The Company’s quarterly report on Form 10-Q for the period ended September 30, 2014 will be filed with the Securities and Exchange Commission on November 7, 2014 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)
 
   
   
Nine Months Ended
   
Three Months Ended
 
   
September 30,
   
September 30,
 
   
2014
   
2013
   
2014
   
2013
 
                         
Revenues                                                    
  $ 3,283,090     $ 2,977,873     $ 1,173,970     $ 1,060,340  
                                 
Costs, expenses and other                                                    
    (3,262,667 )     (2,943,521 )     (1,168,122 )     (1,049,162 )
Income tax (provision)                                                    
    (7,230 )     (12,425 )     (1,993 )     (3,940 )
Earnings from continuing operations
    13,193       21,927       3,855       7,238  
Earnings (loss) from discontinued
                               
    operations                                                    
    -       (426 )     -       (82 )
                                 
Net earnings                                                    
  $ 13,193     $ 21,501     $ 3,855     $ 7,156  
                                 
                                 
Earnings (loss) per common share:
                               
    From continuing operations
  $ 3.13     $ 5.20     $ .92     $ 1.72  
    From discontinued operations
    -       (.10 )     -       (.02 )
    Basic and diluted net earnings
                               
per common share                                               
  $ 3.13     $ 5.10     $ .92     $ 1.70  
                                 
Dividends per common share                                                    
  $ .66     $ .44     $ .22     $ .22  




UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
 
(In thousands)
 
   
September 30,
   
December 31,
 
   
2014
   
2013
 
             
ASSETS
           
Cash and marketable securities                                                                         
  $ 97,435     $ 60,733  
Other current assets                                                                         
    259,018       290,997  
Total current assets                                                                 
    356,453       351,730  
                 
Net property & equipment                                                                         
    93,631       91,865  
Deposits and other assets                                                                         
    5,816       4,487  
    $ 455,900     $ 448,082  
                 
LIABILITIES AND EQUITY
               
Total current liabilities                                                                         
  $ 272,290     $ 272,169  
Other long-term liabilities                                                                         
    18,516       21,228  
Shareholders’ equity                                                                         
    165,094       154,685  
    $ 455,900     $ 448,082  

 
 

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