Adams Resources Announces First Quarter Earnings
13 Maio 2005 - 1:18PM
PR Newswire (US)
Adams Resources Announces First Quarter Earnings HOUSTON, May 13
/PRNewswire-FirstCall/ -- Adams Resources & Energy, Inc.
(AMEX:AE) announced first quarter 2005 unaudited net earnings of
$2,851,000 or $.68 per common share on revenues of $527,808,000.
This compares to unaudited first quarter 2004 net earnings of
$938,000 or $.22 per common share. Chairman and Chief Executive
Officer, K.S. "Bud" Adams, Jr., said the earnings improvement was a
result of rising crude oil prices during this year's first quarter.
This event allowed the Company to liquidate lower priced crude oil
inventory into a relatively higher priced market. Such opportunity
provided a pre-tax gain of $2,144,000 during the first quarter of
2005. Additionally, during the current quarter, the Company sold
its interest in twelve producing oil and gas wells for a pre-tax
gain of $601,000. This sale was completed due to attractive pricing
and to eliminate the liability for plugging and abandonment costs
on twenty-five currently non-producing wells on the property. The
Company held a less than three percent working interest in each of
such wells. Further, within the oil and gas operation, the Company
initiated the drilling of eight wells during the first quarter of
2005, of which five proved to be productive. Mr. Adams also added
that demand for the Company's common carrier trucking service has
remained strong during 2005. A summary of operating results is as
follows: First Quarter 2005 2004 Operating Earnings Marketing $
3,851,000 $ 2,544,000 Transportation 1,169,000 415,000 Oil and gas
1,515,000 487,000 General & administrative expenses (2,152,000)
(1,603,000) Interest, net 1,000 (24,000) Income tax provision
(1,533,000) (628,000) Earnings from continuing operations 2,851,000
1,191,000 Loss from discontinued operations, net of tax ---
(253,000) Net earnings $ 2,851,000 $ 938,000 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 crude oil
and natural gas 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, and (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 and (q) successful
completion of drilling activity. 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) March 31, March
31, 2005 2004 Revenues $527,808 $ 461,315 Costs, expenses and other
523,424 (459,496) Income tax provision (1,533) (628) Earnings from
continuing operations 2,851 1,191 Loss from discontinued
operations, net of tax --- (253) Net earnings $ 2,851 $ 938
Earnings (loss) per share: From continuing operations $ .68 $ .28
From discontinued operations --- (.06) Basic and diluted net
earnings per common share $ .68 $ .22 Dividends per common share $
--- $ --- UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (In
thousands) March 31, December 31, 2005 2004 ASSETS Cash $ 23,066 $
19,942 Other current assets 198,423 189,397 Total current assets
221,489 209,339 Net property & equipment 30,993 29,076 Other
assets 438 439 $ 252,920 $ 238,854 LIABILITIES AND EQUITY Total
current liabilities $ 184,565 $ 173,550 Long-term debt 11,475
11,475 Deferred taxes and other 4,454 4,254 Shareholders' equity
52,426 49,575 $ 252,920 $ 238,854 CONTACT: Rick Abshire (713)
881-3609 DATASOURCE: Adams Resources & Energy, Inc. CONTACT:
Rick Abshire of Adams Resources & Energy, Inc., +1-713-881-3609
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