Adams Resources Increases Third Quarter 2005 Net Earnings and Announces a 23% Dividend Increase
10 Novembro 2005 - 7:53PM
PR Newswire (US)
HOUSTON, Nov. 10 /PRNewswire-FirstCall/ -- Adams Resources &
Energy, Inc., (AMEX:AE), announced unaudited third quarter 2005 net
earnings of $5,297,000 or $1.26 per common share on revenues
totaling $794,617,000. This compares to unaudited third quarter
2004 net earnings of $4,352,000 or $1.03 per share. For the nine
months ended September 30, 2005, net earnings were $10,034,000 or
$2.38 per share. A summary of operating results follows: Third
Quarter 2005 2004 Operating earnings Marketing $5,914,000
$6,070,000 Transportation 1,231,000 1,609,000 Oil and gas 1,883,000
1,021,000 General and administrative (1,959,000) (2,120,000)
Interest, net 29,000 (5,000) Income tax provision (2,102,000)
(2,274,000) Earnings from continuing operations 4,996,000 4,301,000
Earnings from discontinued operations, net of tax 301,000 51,000
Net earnings $5,297,000 $4,352,000 Chairman K.S. "Bud" Adams, Jr.,
attributed the earnings increase to higher commodity prices for
sales of the Company's production of crude oil and natural gas. The
Company also sold its interest in a crude oil gathering pipeline
located in the offshore Gulf of Mexico with a $451,000 pre-tax gain
recognized from the sale. The Company also announced its Board of
Directors has declared an annual cash dividend in the amount of
$.37 per common share, payable on December 15, 2005 to shareholders
of record as of December 2, 2005. The amount of the dividend is
increased by 23 percent, or $.07 per share, over last year.
Chairman K. S. "Bud" Adams, Jr., said the Company's continued
strength and the more favorable tax laws led to the dividend
increase. 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 CONSOLIDATED
STATEMENT OF OPERATIONS (In thousands, except per share data) Nine
Months Ended Three Months Ended September 30, September 30, 2005
2004 2005 2004 Revenues $1,864,455 $1,506,941 $794,617 $550,393
Costs, expenses and other 1,850,078 1,496,940 787,519 543,818
Income tax provision 4,622 3,443 2,102 2,274 Earnings from
continuing operations 9,755 6,558 4,996 4,301 Income (loss) from
discontinued operations, net of tax 279 (150) 301 51 Net earnings
$10,034 $6,408 $5,297 $4,352 Earnings (loss) per share From
continuing operations $2.31 1.56 $1.19 1.02 From discontinued
operations .07 (.04) .07 .01 Basic and diluted net earnings per
common share $2.38 $1.52 $1.26 $1.03 Dividends per common share
$--- $--- $--- $--- UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands) September 30, December 31, 2005 2004 ASSETS Cash
$24,610 $19,942 Other current assets 251,778 189,397 Total current
assets 276,388 209,339 Net property and equipment 31,415 29,076
Other assets 2,479 439 $310,282 $238,854 LIABILITIES Total current
liabilities $233,818 $173,550 Long-term debt 11,475 11,475 Deferred
taxes and other 5,380 4,254 Shareholders' equity 59,609 49,575
$310,282 $238,854 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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