Adams Resources Announces Third Quarter Earnings and a 12% Dividend Increase
13 Novembro 2007 - 3:31PM
PR Newswire (US)
HOUSTON, Nov. 13 /PRNewswire-FirstCall/ -- Adams Resources &
Energy, Inc., (AMEX:AE), announced third quarter 2007 unaudited net
earnings of $2,855,000 or $.68 per common share. Revenues for the
quarter totaled $700,295,000. Current earnings compare to unaudited
third quarter 2006 net earnings of $1,677,000 or $.40 per common
share. For the nine-months ended September 30, 2007, net earnings
were $15,053,000 or $3.57 per common share. Chairman K. S. "Bud"
Adams, Jr. attributed the third quarter 2007 earnings improvement
to increased commodity prices for crude oil. During the third
quarter of 2007 the Company recognized a $1.5 million pre-tax
inventory liquidation gain on the sale of crude oil quantities held
in inventory. In contrast, during the third quarter of 2006, the
Company recognized a $1.5 million pre-tax valuation loss on crude
oil inventories due to declining prices during the period. This
favorable current year event within the Company's marketing
operation was offset by third quarter 2007 dry hole and exploration
expenses totaling $1,930,000 compared to only $262,000 of such
expenses in the third quarter of 2006. A summary of operating
results is as follows: Third Quarter 2007 2006 Operating Earnings
Marketing $5,095,000 $1,890,000 Transportation 1,536,000 1,327,000
Oil and gas (511,000) 1,161,000 General & administrative
expenses (2,307,000) (2,110,000) 3,813,000 2,268,000 Interest, net
431,000 198,000 Income tax provision (1,389,000) (789,000) Net
earnings $2,855,000 $1,677,000 The Company also announced its Board
of Directors has declared an annual cash dividend in the amount of
$.47 per common share, payable on December 17, 2007 to shareholders
of record as of December 3, 2007. The amount of the dividend is
increased by 12 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 2007 2006 2007 2006 Revenues
$1,756,409 $1,708,026 $700,295 $624,998 Costs, expenses and other
(1,732,983) (1,694,070) (696,051) (622,532) Income tax provision
(8,373) (4,597) (1,389) (789) Net earnings $15,053 $9,359 $2,855
$1,677 Earnings per share Basic and diluted net earnings per common
share $3.57 $2.22 $.68 $.40 Dividends per common share $- $- $- $-
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (In thousands)
September 30, December 31, 2007 2006 ASSETS Cash $25,076 $20,668
Other current assets 232,498 221,122 Total current assets 257,574
241,790 Net property & equipment 42,321 43,316 Other assets
4,802 4,181 $304,697 $289,287 LIABILITIES AND EQUITY Total current
liabilities $209,239 $206,582 Long-term debt - 3,000 Deferred taxes
and other 6,037 5,337 Shareholders' equity 89,421 74,368 $304,697
$289,287 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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