Adams Resources Announces Second Quarter Earnings
13 Agosto 2008 - 12:05PM
PR Newswire (US)
HOUSTON, Aug. 13 /PRNewswire-FirstCall/ -- Adams Resources &
Energy, Inc. (AMEX:AE) announced second quarter 2008 unaudited net
earnings of $4,825,000 or $1.15 per common share. Revenues for the
quarter totaled $1,280,352,000. Current earnings compare to
unaudited second quarter 2007 net earnings of $11,286,000 or $2.67
per common share. For the six months ended June 30, 2008, net
earnings were $7,036,000 or $1.67 per common share. Chairman and
Chief Executive Officer, K.S. "Bud" Adams, Jr., attributed the
comparative current year earnings decline to the non-recurrence of
a $7.2 million second quarter 2007 after-tax gain from the sale of
certain producing oil and gas properties. The comparative effect of
last year's gain was partially offset by $2.5 million in current
period after-tax inventory liquidation gains, as the company sold
crude oil inventories into a rising market. A summary of operating
results is as follows: Second Quarter 2008 2007 Operating Earnings
(Expense) Marketing $ 7,172,000 $ 5,216,000 Transportation
1,371,000 2,433,000 Oil and gas 1,093,000 12,528,000 General
&administrative expenses (2,503,000) (2,582,000) 7,133,000
17,595,000 Interest, net 175,000 424,000 Income tax provision
(2,483,000) (6,733,000) Net earnings $ 4,825,000 $ 11,286,000 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. Rick Abshire (713) 881-3609
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In
thousands, except per share data) Six Months Ended Three Months
Ended June 30, June 30, 2008 2007 2008 2007 Revenues $ 2,246,340 $
1,056,114 $ 1,280,352 $ 569,748 Costs, expenses and other
(2,235,680) (1,036,932) (1,273,044) (551,729) Income tax provision
(3,624) (6,984) (2,483) (6,733) Net earnings $7,036 $12,198 $4,825
$11,286 Earnings per share Basic and diluted net earnings per
common share $ 1.67 $ 2.89 $ 1.15 $ 2.67 Dividends per common share
$ - $ - $ - $ - UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (In
thousands) June 30, December 31, 2008 2007 ASSETS Cash $22,676
$23,697 Other current assets 425,192 288,196 Total current assets
447,868 311,893 Net property & equipment 41,645 39,698 Other
assets 7,733 5,484 $497,246 $357,075 LIABILITIES AND EQUITY Total
current liabilities $392,336 $261,321 Deferred taxes and other
8,432 6,312 Shareholders' equity 96,478 89,442 $497,246 $357,075
DATASOURCE: Adams Resources & Energy, Inc. CONTACT: Rick
Abshire of Adams Resources & Energy, Inc., +1-713-881-3609
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