HOUSTON, May 8, 2013 /PRNewswire/ -- Adams Resources &
Energy, Inc., (NYSE Amex - AE), announced first quarter 2013
unaudited net earnings of $8,015,000
or $1.90 per common share on revenues
of $953,501,000. This compares
to unaudited first quarter 2012 net earnings of $6,575,000 or $1.56
per common share. Net cash utilized by operating activities
totaled $10,868,000 for the
three-month period ended March 31,
2013 as the Company used a portion of its available cash
balances to secure additional crude oil supply.
Frank T. "Chip" Webster,
President and Chief Executive Officer, commented that demand within
the Company's crude oil marketing segment remained strong during
the first quarter of 2013, leading to the favorable
results.
A summary of operating results follows:
|
First
Quarter
|
|
2013
|
2012
|
|
|
|
|
Operating
Earnings (Expense)
|
|
|
|
Marketing
|
$
13,582,000
|
$
8,158,000
|
|
Transportation
|
1,398,000
|
3,054,000
|
|
Oil and gas
|
(116,000)
|
402,000
|
|
Administrative expenses
|
(2,266,000)
|
(2,232,000)
|
|
12,598,000
|
9,382,000
|
|
Interest
income (expense), net
|
36,000
|
20,000
|
|
Income tax
(provision) benefit
|
(4,607,000)
|
(3,352,000)
|
|
Discontinued operation earnings (loss)
|
(12,000)
|
525,000
|
|
|
|
|
Net
earnings
|
$
8,015,000
|
$
6,575,000
|
Adams Resources & Energy, Inc. also announced it will begin
paying dividends quarterly, replacing its previous practice of
paying an annual dividend only. The Board of Directors has
declared an initial quarterly cash dividend in the amount of
$.22 (22
cents) per common share, payable on June 17, 2013 to shareholders of record as of
June 3, 2013.
The Company's quarterly report on Form 10-Q for the period ended
March 31, 2013 will be filed with the
Securities and Exchange Commission on May 9,
2013 and will be available on the Company's website at
adamsresources.com.
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 EARNINGS
|
|
(In
thousands, except per share data)
|
|
Three
Months Ended
|
|
March
31,
|
March 31,
|
|
2013
|
2012
|
|
|
|
|
Revenues
|
$
953,501
|
$
877,489
|
|
|
|
|
Costs,
expenses and other
|
(940,867)
|
(868,087)
|
|
Income tax
(provision)
|
(4,607)
|
(3,352)
|
|
|
|
|
Earnings
from continuing operations
|
8,027
|
6,050
|
|
Earnings
(loss) from discontinued operations
|
(12)
|
525
|
|
Net
earnings
|
$
8,015
|
$
6,575
|
|
|
|
|
Earnings (loss) per share:
|
|
|
|
From continuing operations
|
$
1.90
|
$
1.43
|
|
From discontinued operations
|
-
|
.13
|
|
Basic and diluted net earnings per common
share
|
1.90
|
1.56
|
|
|
|
|
Dividends per common share
|
$
-
|
$
-
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
|
|
(In
thousands)
|
|
March
31,
|
December
31,
|
|
2013
|
2012
|
|
|
|
|
ASSETS
|
|
|
|
Cash and marketable securities
|
$
32,503
|
$
47,239
|
|
Other current assets
|
292,763
|
277,317
|
|
Total current assets
|
325,266
|
324,556
|
|
|
|
|
Net property & equipment
|
88,417
|
90,712
|
|
Deposits and other assets
|
4,135
|
4,233
|
|
$
417,818
|
$
419,501
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
Total current liabilities
|
$
255,799
|
$
266,082
|
|
Deferred tax and other liabilities
|
18,146
|
17,561
|
|
Shareholders' equity
|
143,873
|
135,858
|
|
$
417,818
|
$
419,501
|
Rick Abshire
(713) 881-3609
SOURCE Adams Resources & Energy, Inc.