- Current report filing (8-K)
23 Março 2009 - 12:15PM
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): March 23, 2009
|
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 March 23, 2009, Adams Resources
& Energy, Inc., a Delaware corporation, issued a press release announcing
financial results for the fourth quarter ended December 30, 2008. 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: March
23, 2009
|
By:
/s/ Richard B. Abshire
|
|
Richard
B. Abshire
|
|
Chief
Financial Officer
|
Rick
Abshire
(713)
881-3609
FOR IMMEDIATE
RELEASE
ADAMS RESOURCES ANNOUNCES FOURTH
QUARTER 2008 EARNINGS
Houston
(March 23, 2009) -- Adams Resources & Energy, Inc., (NYSE Amex -AE),
announced an unaudited fourth quarter 2008 net loss of $6,332,000 or $1.50 per
common share on revenues totaling $625,010,000. This compares to
unaudited fourth quarter 2007 net earnings of $2,003,000 or $.47 per share on
revenues of $879,813,000. The net result for the full year of 2008 was a loss
totaling $5,572,000 or $1.32 per share on revenues of
$4,159,672,000. The Company paid an annual cash dividend of
$.50 per share during the fourth quarter of 2008 which was a 6.4 percent
increase over the 2007 annual dividend. Net cash provided by
operating activities totaled $13,639,000 for 2008 versus $9,201,000 in
2007. The Company continues to have no bank debt or other forms of
debenture obligations. Cash balances at December 31, 2008 totaled
$18,208,000.
A summary of operating results
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings (Loss)
|
|
|
|
|
|
|
Marketing
|
|
$
|
(3,899,000
|
)
|
|
$
|
6,618,000
|
|
Transportation
|
|
|
499,000
|
|
|
|
809,000
|
|
Oil
and
gas
|
|
|
(5,955,000
|
)
|
|
|
(2,272,000
|
)
|
Administrative
expenses
|
|
|
(2,209,000
|
)
|
|
|
(3,483,000
|
)
|
|
|
|
(11,564,000
|
)
|
|
|
1,672,000
|
|
Interest
income,
net
|
|
|
173,000
|
|
|
|
416,000
|
|
Income
tax benefit
(provision)
|
|
|
5,059,000
|
|
|
|
(85,000
|
)
|
|
|
|
|
|
|
|
|
|
Net
earnings
(loss)
|
|
$
|
(6,332,000
|
)
|
|
$
|
2,003,000
|
|
Chairman, K. S. “Bud” Adams, Jr.,
attributed the 2008 fourth quarter loss to an approximate 50 percent decline in
crude oil prices during the period. Such declines lead to
approximately $12.2 million in pre-tax non-cash write downs of capitalized oil
and gas property costs and crude oil inventory values. The
Company also announced that during 2008, it participated in the drilling of 28
wells of which 19 wells were successful with nine dry holes. Oil and
gas reserve extensions, discoveries and other reserve additions for 2008
replaced 153 percent of production on an equivalent barrel basis.
…………………………………………………
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 and demand for chemical based trucking services, (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 and
future 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) successful completion of drilling activity,
(r) financial soundness of customers and suppliers, and (s) adverse world
economic conditions. These and other risks are described in the
Company’s reports that are on file with the Securities and Exchange
Commission.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In
thousands, except per share data)
|
|
|
|
|
|
Year
Ended
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
4,159,672
|
|
|
$
|
2,636,222
|
|
|
$
|
625,010
|
|
|
$
|
879,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs,
expenses and other
|
|
|
(4,170,230
|
)
|
|
|
(2,610,708
|
)
|
|
|
(636,401
|
)
|
|
|
(877,725
|
)
|
Income
tax benefit (provision)
|
|
|
4,986
|
|
|
|
(8,458
|
)
|
|
|
5,059
|
|
|
|
(85
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings (loss)
|
|
$
|
(5,572
|
)
|
|
$
|
17,056
|
|
|
$
|
(6,332
|
)
|
|
$
|
2,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted net earnings (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per
common share
|
|
$
|
(1.32
|
)
|
|
$
|
4.04
|
|
|
$
|
(1.50
|
)
|
|
$
|
.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
per common share
|
|
$
|
.50
|
|
|
$
|
.47
|
|
|
$
|
.50
|
|
|
$
|
.47
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Cash
|
|
$
|
18,208
|
|
|
$
|
23,697
|
|
Other
current assets
|
|
|
151,158
|
|
|
|
288,196
|
|
Total
current assets
|
|
|
169,366
|
|
|
|
311,893
|
|
|
|
|
|
|
|
|
|
|
Net
property & equipment
|
|
|
35,586
|
|
|
|
39,698
|
|
Deposits
and other assets
|
|
|
5,974
|
|
|
|
5,484
|
|
|
|
$
|
210,926
|
|
|
$
|
357,075
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
|
|
|
|
Total
current liabilities
|
|
$
|
127,807
|
|
|
$
|
261,321
|
|
Long-term
debt
|
|
|
-
|
|
|
|
-
|
|
Deferred
taxes and other
|
|
|
1,358
|
|
|
|
6,312
|
|
Shareholders’
equity
|
|
|
81,761
|
|
|
|
89,442
|
|
|
|
$
|
210,926
|
|
|
$
|
357,075
|
|
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