Adams Resources Announces Third Quarter Earnings and a 13.5% Dividend Increase
14 Novembro 2006 - 2:51PM
PR Newswire (US)
HOUSTON, Nov. 14 /PRNewswire-FirstCall/ -- Adams Resources &
Energy, Inc., (AMEX:AE), announced third quarter 2006 unaudited net
earnings of $1,677,000 or $.40 per common share. Revenues for the
quarter totaled $624,998,000. Current earnings compare to unaudited
third quarter 2005 net earnings of $5,297,000 or $1.26 per common
share. For the nine-months ended September 30, 2006, net earnings
were $9,359,000 or $2.22 per common share. Net cash flow provided
by operating activities totaled $23,774,000 for the nine months
ended September 30, 2006. Chairman K. S. "Bud" Adams, Jr.
attributed the third quarter 2006 earnings decline to reduced
commodity prices for crude oil and natural gas. One of the more
significant results of fluctuating crude oil prices was that during
the third quarter of 2006, the Company recognized a $1.5 million
pre-tax valuation loss on the quantity of crude oil held in
inventory. In contrast, during the third quarter of 2005, the
Company realized pre-tax gains totaling $1.4 million as the Company
liquidated relatively lower priced crude oil inventories into a
high priced market. A summary of operating results is as follows:
Third Quarter 2006 2005 Operating Earnings Marketing $1,890,000
$5,914,000 Transportation 1,327,000 1,231,000 Oil and gas 1,161,000
1,883,000 General & administrative expenses (2,110,000)
(1,959,000) 2,268,000 7,069,000 Interest, net 198,000 29,000 Income
tax provision (789,000) (2,102,000) Earnings from continuing
operations 1,677,000 4,996,000 Earnings from discontinued operation
--- 301,000 Net earnings $1,677,000 $5,297,000 The Company also
announced its Board of Directors has declared an annual cash
dividend in the amount of $.42 per common share, payable on
December 15, 2006 to shareholders of record as of December 1, 2006.
The amount of the dividend is increased by 13.5 percent, or $.05
per share, over last year. Chairman K. S. "Bud" Adams, Jr., said
the Company's continued strength 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 (q) demand for chemical
based trucking operations and (r) 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) Nine Months Ended
Three Months Ended September September 2006 2005 2006 2005 Revenues
$1,708,026 $1,706,845 $624,998 $637,007 Costs, expenses and other
(1,694,070) (1,692,468) (622,532) (629,909) Income tax provision
(4,597) (4,622) (789) (2,102) Earnings from continuing operations
9,359 9,755 1,677 4,996 Earnings from discontinued operation ---
279 --- 301 Net earnings $9,359 $10,034 $1,677 $5,297 Earnings per
share From continuing operations $2.22 $2.31 $.40 $1.19 From
discontinued operation --- .07 --- .07 Basic and diluted net
earnings per common share $2.22 $2.38 $.40 $1.26 Dividends per
common share $ --- $ --- $ --- $ --- UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET (In thousands) September 30, December
31, 2006 2005 ASSETS Cash $22,312 $18,817 Other current assets
208,661 251,633 Total current assets 230,973 270,450 Net property
& equipment 43,495 39,896 Other assets 2,928 2,316 $277,396
$312,662 LIABILITIES AND EQUITY Total current liabilities $193,048
$231,129 Long-term debt 3,000 11,475 Deferred taxes and other 6,333
4,402 Shareholders' equity 75,015 65,656 $277,396 $312,662 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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