Adams Resources Announces First Quarter Earnings
15 Maio 2007 - 2:15PM
PR Newswire (US)
HOUSTON, May 15 /PRNewswire-FirstCall/ -- Adams Resources &
Energy, Inc. (AMEX:AE) announced first quarter 2007 unaudited net
earnings of $912,000 or $.22 per common share on revenues of
$486,366,000. This compares to unaudited first quarter 2006 net
earnings of $3,644,000 or $.86 per common share. Chairman and Chief
Executive Officer, K.S. "Bud" Adams, Jr., attributed the earnings
decline to reduced volumes and prices within the Company's oil and
gas exploration and production operation. In addition, exploration
expenses were increased by approximately $1.4 million in 2007 as
the Company incurred additional dry hole costs and seismic expense.
A summary of operating results is as follows: First Quarter 2007
2006 Operating Earnings (Loss) Marketing $3,223,000 $3,637,000
Transportation 726,000 1,171,000 Oil and gas (520,000) 2,805,000
General & administrative expenses (2,602,000) (2,116,000)
Interest, net 336,000 57,000 Income tax provision (251,000)
(1,910,000) Net earnings $912,000 $3,644,000 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, (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 EARNINGS (In thousands) March 31, March
31, 2007 2006 Revenues $486,366 $488,028 Costs, expenses and other
(485,203) (482,474) Income tax provision (251) (1,910) Net earnings
$912 $3,644 Basic and diluted net earnings per common share $.22
$.86 Dividends per common share $- $- UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET (In thousands) March 31, December 31,
2007 2006 ASSETS Cash $21,307 $20,668 Other current assets 217,860
221,122 Total current assets 239,167 241,790 Net property &
equipment 44,398 43,316 Other assets 6,782 4,181 $290,347 $289,287
LIABILITIES AND EQUITY Total current liabilities $204,508 $206,582
Long-term debt 3,000 3,000 Deferred taxes and other 7,559 5,337
Shareholders' equity 75,280 74,368 $290,347 $289,287 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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