HOUSTON, Aug. 13, 2012 /PRNewswire/ -- Adams
Resources & Energy, Inc. (NYSE MKT-AE) announced second quarter
2012 unaudited net earnings of $
5,386,000 or $1.28 per common
share. Revenues for the quarter totaled $831,474,000. Current earnings compare to
unaudited second quarter 2011 net earnings of $3,589,000 or $.85
per common share. For the six months ended June 30, 2012, net earnings were $11,961,000 or $2.84 per common share.
Chairman and Chief Executive Officer, K.S. "Bud" Adams, Jr.,
attributed the 2012 earnings improvement to increased volumes and
unit margins within the Company's crude oil marketing business.
Such improvements stemmed from the Company's
involvement as a first purchaser and marketer of crude oil
production from the Eagle-Ford trend of South
Texas.
A summary of operating results is as
follows:
|
Second
Quarter
|
|
2012
|
2011
|
|
|
|
|
Operating Earnings (Expense)
|
|
|
|
Marketing
|
$
9,327,000
|
$
5,174,000
|
|
Transportation
|
2,258,000
|
2,933,000
|
|
Oil and gas
|
(557,000)
|
(171,000)
|
|
Administrative expenses
|
(2,465,000)
|
(2,488,000)
|
|
8,563,000
|
5,448,000
|
|
Interest income, net
|
19,000
|
36,000
|
|
Income tax (provision)
|
(3,085,000)
|
(2,129,000)
|
|
Discontinued operations
|
(111,000)
|
234,000
|
|
|
|
|
Net earnings
|
$
5,386,000
|
$
3,589,000
|
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, (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, (r) successful completion of drilling activity, (s)
financial soundness of customers and suppliers and (t) 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 STATEMENT OF OPERATIONS
|
|
(In
thousands, except per share data)
|
|
|
Six Months
Ended
|
Three
Months Ended
|
|
June
30,
|
June
30,
|
|
2012
|
2011
|
2012
|
2011
|
|
|
|
|
|
|
Revenues
|
$
1,708,963
|
$
1,441,384
|
$
831,474
|
$
777,538
|
|
|
|
|
|
|
Costs,
expenses and other
|
(1,690,979)
|
(1,427,077)
|
(822,892)
|
(772,054)
|
|
Income tax
(provision)
|
(6,437)
|
(5,174)
|
(3,085)
|
(2,129)
|
|
Earnings
from continuing operations
|
11,547
|
9,133
|
5,497
|
3,355
|
|
Earnings
(loss) from discontinued
|
|
|
|
|
|
operations
|
414
|
39
|
(111)
|
234
|
|
|
|
|
|
|
Net
earnings
|
$
11,961
|
$
9,172
|
$
5,386
|
$
3,589
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share:
|
|
|
|
|
|
From continuing
operations
|
$
2.74
|
$
2.17
|
$
1.31
|
$
.79
|
|
From discontinued
operations
|
.10
|
-
|
(.03)
|
.06
|
|
Basic and diluted net
earnings
|
|
|
|
|
|
per common share
|
$
2.84
|
$
2.17
|
$
1.28
|
$
.85
|
|
|
|
|
|
|
Dividends
per common share
|
$
-
|
$
-
|
$
-
|
$
-
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
|
|
(In
thousands)
|
|
June
30,
|
December
31,
|
|
2012
|
2011
|
|
|
|
|
ASSETS
|
|
|
|
Cash and marketable securities
|
$
32,213
|
$
37,066
|
|
Other current assets
|
217,534
|
267,899
|
|
Total current assets
|
249,747
|
304,965
|
|
|
|
|
Net property & equipment
|
89,591
|
68,857
|
|
Deposits and other assets
|
4,697
|
5,018
|
|
$
344,035
|
$
378,840
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
Total current liabilities
|
$
208,355
|
$
256,094
|
|
Other long-term liabilities
|
13,037
|
12,064
|
|
Shareholders' equity
|
122,643
|
110,682
|
|
$
344,035
|
$
378,840
|
Contact:
Rick Abshire (713) 881-3609
SOURCE Adams Resources & Energy, Inc.