Adams Resources Announces Second Quarter Earnings
11 Agosto 2006 - 11:34AM
PR Newswire (US)
HOUSTON, Aug. 11 /PRNewswire-FirstCall/ -- Adams Resources &
Energy, Inc., (AMEX:AE), announced second quarter 2006 unaudited
net earnings of $4,038,000 or $.96 per common share. Revenues for
the quarter totaled $595,000,000. Current earnings compare to
unaudited second quarter 2005 net earnings of $1,886,000 or $.44
per common share. For the six-months ended June 30, 2006, net
earnings were $7,682,000 or $1.82 per common share. Net cash flow
provided by operating activities totaled $13,477,000 for the six
months ended June 30, 2006. Chairman K. S. "Bud" Adams, Jr.
attributed the earnings improvement to increased crude oil and
natural gas prices. Average crude oil prices increased 35% to
$67.88 per barrel while average natural gas prices rose 4% to $7.27
per mcf for the Company's production. Rising prices also
contributed approximately $1 million to pre-tax earnings as a
result of liquidating crude oil inventories into a relatively
higher priced market. A summary of operating results is as follows:
Second Quarter 2006 2005 Operating Earnings Marketing $3,706,000
$2,165,000 Transportation 1,974,000 1,825,000 Oil and gas 2,140,000
1,193,000 General & administrative expenses (2,004,000)
(2,383,000) 5,816,000 2,800,000 Interest, net 120,000 6,000 Income
tax provision (1,898,000) (957,000) Earnings from continuing
operations 4,038,000 1,849,000 Earnings from discontinued
operations --- 37,000 Net earnings $4,038,000 $1,886,000 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, except per
share data) Six Months Ended Three Months Ended June 30, June 30,
2006 2005 2006 2005 Revenues $1,083,028 $1,069,838 $595,000
$542,195 Costs, expenses and other (1,071,538) (1,062,559)
(589,064) (539,389) Income tax provision (3,808) (2,520) (1,898)
(957) Earnings from continuing operations 7,682 4,759 4,038 1,849
Earnings from discontinued operation --- (22) --- 37 Net earnings
$7,682 $4,737 $4,038 $1,886 Earnings (loss) per share From
continuing operations $1.82 $1.13 $.96 $.43 From discontinued
operation --- (.01) --- .01 Basic and diluted net earnings per
common share $1.82 $1.12 $.96 $.44 Dividends per common share $---
$--- $--- $--- UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (In
thousands) June 30, December 31, 2006 2005 ASSETS Cash $ 21,886 $
18,817 Other current assets 238,332 251,633 Total current assets
260,218 270,450 Net property & equipment 42,860 39,896 Other
assets 2,909 2,316 $305,987 $312,662 LIABILITIES AND EQUITY Total
current liabilities $217,597 $231,129 Long-term debt 9,500 11,475
Deferred taxes and other 5,552 4,402 Shareholders' equity 73,338
65,656 $305,987 $312,662 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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