Adams Resources & Energy, Inc. (Other) (8-K)
13 Novembro 2007 - 7:03PM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported): November 13,
2007
|
ADAMS
RESOURCES & ENERGY, INC.
|
|
|
(Exact
name of registrant as specified in its charter)
|
|
|
|
|
|
|
|
Delaware
|
|
1-7908
|
|
74-1753147
|
(State
or other jurisdiction of incorporation)
|
|
(Commission
file number)
|
|
(IRS
employer
identification
no.)
|
|
|
|
|
|
|
4400
Post Oak Pkwy, Suite 2700, Houston, Texas
|
|
77027
|
(Address
of principal executive offices)
|
|
(Zip
code)
|
|
|
|
|
|
(713)
881-3600
|
|
|
|
|
(Registrant’s
telephone number, including area code)
|
|
|
Item
2.02. Results of Operations and Financial Condition.
On
November 13, 2007, Adams Resources
& Energy, Inc., a Delaware corporation, issued a press release announcing
its financial results for the third quarter ended September 30,
2007. A copy of the earnings release is furnished as Exhibit 99.1 to
this report and is incorporated herein by reference. The information
in this Current Report on Form 8-K, including the exhibit, shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as shall
be
expressly set forth by specific reference in such a filing.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
ADAMS
RESOURCES & ENERGY, INC.
|
|
|
|
|
|
|
Date: November
13, 2007
|
By:/s/
Richard B. Abshire
|
|
Richard
B. Abshire
|
|
Chief
Financial Officer
|
Exhibit
99.1
FOR
IMMEDIATE RELEASE
Rick
Abshire (713) 881-3609
ADAMS
RESOURCES ANNOUNCES THIRD QUARTER EARNINGS
AND
A 12% DIVIDEND INCREASE
Houston
(November 13, 2007) -- 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
|
|
|
$
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted net earnings per
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common
share
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
per common share
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
|
|
(In
thousands
)
|
|
|
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Cash
|
|
$
|
25,076
|
|
|
$
|
20,668
|
|
Other
current assets
|
|
|
|
|
|
|
|
|
Total
current assets
|
|
|
257,574
|
|
|
|
241,790
|
|
|
|
|
|
|
|
|
|
|
Net
property & equipment
|
|
|
42,321
|
|
|
|
43,316
|
|
Other
assets
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
$
|
|
|
Adams Resources and Energy (AMEX:AE)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Adams Resources and Energy (AMEX:AE)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024