Adams Resources Announces First Quarter Earnings
13 Maio 2008 - 11:45AM
PR Newswire (US)
HOUSTON, May 13 /PRNewswire-FirstCall/ -- Adams Resources &
Energy, Inc. (AMEX:AE) announced first quarter 2008 unaudited net
earnings of $2,211,000 or $.52 per common share on revenues of
$965,988,000. This compares to unaudited first quarter 2007 net
earnings of $912,000 or $.22 per common share. Chairman and Chief
Executive Officer, K.S. "Bud" Adams, Jr., attributed the earnings
improvement to reduced dry hole and other exploration costs
incurred in 2008 relative to first quarter 2007, coupled with
inventory liquidation gains stemming from increasing crude oil
prices. In the first quarter of 2007, exploration costs totaled
$1,776,000 but were reduced to $460,000 for the first quarter of
2008. Pre-tax crude oil inventory liquidation gains totaled
$1,967,000 in the first period 2008 compared to $761,000 in last
year's first quarter. A summary of operating results is as follows:
First Quarter 2008 2007 Operating Earnings (Loss) Marketing
$4,202,000 $3,223,000 Transportation 760,000 726,000 Oil and gas
956,000 (520,000) General & administrative expenses (2,917,000)
(2,602,000) Interest, net 351,000 336,000 Income tax provision
(1,141,000) (251,000) Net earnings $2,211,000 $912,000 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 commodity 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 EARNINGS (In thousands) March 31, March
31, 2008 2007 Revenues $965,988 $486,366 Costs, expenses and other
(962,636) (485,203) Income tax provision (1,141) (251) Net earnings
$2,211 $912 Basic and diluted net earnings per common share $.52
$.22 Dividends per common share $- $- UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET (In thousands) March 31, December 31,
2008 2007 ASSETS Cash $25,957 $23,697 Other current assets 345,097
288,196 Total current assets 371,054 311,893 Net property &
equipment 43,172 39,698 Other assets 6,619 5,484 $420,845 $357,075
LIABILITIES AND EQUITY Total current liabilities $321,989 $261,321
Deferred taxes and other 7,203 6,312 Shareholders' equity 91,653
89,442 $420,845 $357,075 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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