HOUSTON, March 11, 2016 /PRNewswire/ -- Adams Resources
& Energy, Inc., (NYSE MKT: AE), announced an unaudited fourth
quarter 2015 net loss of $8,404,000
or $1.99 per common share on revenues
of $348,255,000. This compares
to an unaudited net loss of $6,670,000 or $1.58
per share on revenues of $849,736,000
for the fourth quarter of 2014. For the full year 2015, the
Company incurred a net loss totaling $1,275,000 or $.30
per share on revenues of $1,944,279,000.
A summary of fourth quarter 2015 and 2014 operating results
follows:
|
Fourth
Quarter
|
|
2015
|
2014
|
Operating Earnings (Loss)
|
|
|
Marketing
|
$ 490,000
|
$ (1,333,000)
|
Transportation
|
489,000
|
1,156,000
|
Oil
and gas
|
(12,610,000)
|
(8,650,000)
|
Administrative expenses
|
(2,189,000)
|
(1,912,000)
|
|
(13,820,000)
|
(10,739,000)
|
Interest income (expense), net
|
82,000
|
96,000
|
Income tax benefit
|
5,334,000
|
3,669,000
|
Discontinued operations, net of tax
|
-
|
304,000
|
|
|
|
Net earnings (loss)
|
$ (8,404,000)
|
$ (6,670,000)
|
President and Chief Executive Officer, Thomas S. Smith, stated that 2015 fourth quarter
results include a $4.3 million
pre-tax write-down of the carrying value of crude oil inventories
within the marketing segment and a $10.9
million pre-tax write-down in the carrying value of
capitalized oil and gas property costs. These charges
followed declines in the commodity market price for crude
oil. Similarly in the fourth quarter of 2014, crude oil
prices dropped and the Company recognized a $12.6 million pretax write-down in the carrying
value of crude oil inventories and a $7.4
million pretax write-down in the carrying value of oil and
gas properties. The Company's financial position remains
sound and net cash provided by operating activities totaled
$25,477,000 for the full year
2015. The Company continues to have no bank debt or other
forms of debenture obligations and cash balances at December 31, 2015 totaled $91,877,000, an increase from $80,184,000 at December
31, 2014.
Cautionary Statement Regarding Forward-Looking
Statements
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.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
|
(In thousands,
except per share data)
|
|
|
Year Ended
|
Three Months
Ended
|
|
December
31,
|
December
31,
|
|
2015
|
2014
|
2015
|
2014
|
|
|
|
|
|
Revenues
|
$ 1,944,279
|
$ 4,132,826
|
$ 348,255
|
$ 849,736
|
|
|
|
|
|
Costs, expenses and
other
|
(1,946,324)
|
(4,123,046)
|
(361,993)
|
(860,379)
|
Income tax
(provision) benefit
|
770
|
(3,561)
|
5,334
|
3,669
|
Earnings (loss) from
continuing operations
|
(1,275)
|
6,219
|
(8,404)
|
(6,974)
|
Earnings (loss) from
discontinued operations, net of
tax
|
|
|
|
|
-
|
304
|
-
|
304
|
|
|
|
|
|
Net earnings
(loss)
|
$ (1,275)
|
$ 6,523
|
$
(8,404)
|
$
(6,670)
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share:
|
|
|
|
|
From continuing
operations
|
$
(.30)
|
$
1.48
|
$
(1.99)
|
$
(1.65)
|
From discontinued
operations
|
-
|
.07
|
-
|
.07
|
Basic and diluted net
earnings per common
share
|
$
(.30)
|
$
1.55
|
$
(1.99)
|
$
(1.58)
|
|
|
|
|
|
Dividends per common
share
|
$
.88
|
$
.88
|
$
.22
|
$
.22
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET
|
(In
thousands)
|
|
|
December 31,
|
December
31,
|
|
2015
|
2014
|
ASSETS
|
|
|
Cash
|
$ 91,877
|
$ 80,184
|
Other current
assets
|
84,660
|
170,761
|
Total current
assets
|
176,537
|
250,945
|
|
|
|
Net property &
equipment
|
59,715
|
84,871
|
Deposits and other
assets
|
6,963
|
4,998
|
|
$ 243,215
|
$ 340,814
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
Total current
liabilities
|
$ 80,197
|
$ 168,603
|
Deferred taxes and
other liabilities
|
10,508
|
14,714
|
Shareholders'
equity
|
152,510
|
157,497
|
|
$ 243,215
|
$ 340,814
|
Rick Abshire
(713)
881-3609
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/adams-resources-announces-fourth-quarter-2015-results-300234813.html
SOURCE Adams Resources & Energy, Inc.