Current Report Filing (8-k)
August 07 2015 - 11:36AM
Edgar (US Regulatory)
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): August 6, 2015
ADAMS RESOURCES & ENERGY, INC.
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction
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(Commission file
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(IRS employer
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of incorporation)
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number)
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Identification no.)
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17 S. Briar Hollow Lane, Houston, Texas
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77027
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(Address of principal executive offices)
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(Zip code)
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(713) 881-3600
____________________________________
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act
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(17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act
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(17 CFR 240.13e-4c))
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Item 2.02.
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Results of Operations and Financal Condition.
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On August 6, 2015, Adams Resources & Energy, Inc., a Delaware corporation, issued a press release announcing a dividend and financial results for the second quarter ended June 30, 2015. A copy of the news release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference. The information in the 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.
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ADAMS RESOURCES & ENERGY. INC.
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August 7, 2015
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BY: /s/ Richard B. Abshire
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Richard B. Abshire
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Chief Financial Officer
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FOR IMMEDIATE RELEASE
Rick Abshire (713) 881-3609
ADAMS RESOURCES ANNOUNCES DIVIDEND AND
SECOND QUARTER 2015 EARNINGS
Houston (August 6, 2015)--Adams Resources & Energy, Inc. (NYSE MKT:AE) announced second quarter 2015 unaudited net earnings of $4,340,000 or $1.03 per common share. Revenues for the quarter totaled $600,558,000. Current period net earnings compare to unaudited second quarter 2014 net earnings of $3,975,000 or $.94 per common share.
Thomas S. Smith, President and Chief Executive Officer, attributed the 2015 earnings improvement to fuel cost saving within the Companies trucking fleet. The Company operates over 500 trucks hauling crude oil and liquid chemicals with diesel fuel a significant expense, averaging over $20 million per year at current prices. Recent declines in the market price of crude oil have led to reduced diesel fuel prices with a resultant cost savings to the Company.
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A summary of operating results is as follows:
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Operating Earnings (Expense)
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Marketing
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$ |
9,842,000 |
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$ |
7,776,000 |
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Transportation
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1,169,000 |
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955,000 |
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Oil and natural gas
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(1,772,000 |
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(508,000 |
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Administrative expenses
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(2,318,000 |
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(2,147,000 |
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6,921,000 |
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6,076,000 |
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Interest income, net
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95,000 |
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45,000 |
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Income tax (provision)
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(2,676,000 |
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(2,146,000 |
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Net earnings
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$ |
4,340,000 |
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$ |
3,975,000 |
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The Company’s Board of Directors also declared a quarterly cash dividend in the amount of $.22 (twenty-two cents) per common share, payable on September 17, 2015 to shareholders of record as of September 3, 2015.
The Company’s quarterly report on Form 10-Q for the period ended June 30, 2015 will be filed with the Securities and Exchange Commission on August 7, 2015 and will be available on the Company’s website at adamsresources.com.
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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 and potential adverse world economic conditions, (b) fluctuations in hydrocarbon commodity 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 and cost of capital, (j) results of current items of litigation, (k) uninsured items of litigation or losses, (l) uncertainty in reserve estimates and cash flows, (n) successful drilling activity and the ability to replace oil and gas reserves, (m) security issues related to drivers and terminal facilities, (o) demand for chemical based trucking operations, (p) financial soundness of customers and suppliers. These and other risks are described in the Company’s reports that are on file with the Securities and Exchange Commission.
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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(In thousands, except per share data)
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Six Months Ended
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Three Months Ended
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Revenues
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$ |
1,156,131 |
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$ |
2,109,120 |
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$ |
600,558 |
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$ |
1,159,931 |
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Costs, expenses and other
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(1,144,124 |
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(2,094,545 |
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(593,542 |
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(1,153,810 |
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Income tax (provision)
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(4,570 |
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(5,237 |
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(2,676 |
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(2,146 |
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Net earnings
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$ |
7,437 |
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$ |
9,338 |
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$ |
4,340 |
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$ |
3,975 |
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Earnings per common share:
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Basic and diluted net earnings
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per common share
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$ |
1.76 |
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$ |
2.21 |
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$ |
1.03 |
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$ |
.94 |
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Dividends per common share
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$ |
.44 |
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$ |
.44 |
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$ |
.22 |
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$ |
.22 |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
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(In thousands)
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June 30,
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December 31,
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ASSETS
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Cash
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$ |
83,980 |
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$ |
80,184 |
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Other current assets
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174,342 |
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170,761 |
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Total current assets
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258,322 |
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250,945 |
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Net property & equipment
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75,841 |
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84,871 |
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Deposits and other assets
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5,409 |
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4,998 |
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$ |
339,572 |
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$ |
340,814 |
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LIABILITIES AND EQUITY
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Total current liabilities
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$ |
161,207 |
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$ |
168,603 |
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Other long-term liabilities
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15,287 |
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14,714 |
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Shareholders’ equity
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163,078 |
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157,497 |
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$ |
339,572 |
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$ |
340,814 |
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