HOUSTON, March 12, 2014 /PRNewswire/ -- Adams
Resources & Energy, Inc., (NYSE MKT-AE), announced unaudited
fourth quarter 2013 net earnings of $109,000 or $.02
per common share on revenues of $968,096,000. This compares to an unaudited
fourth quarter 2012 net earnings of $7,567,000 or $1.79
per share on revenues of $871,597,000. For the full year of 2013,
net earnings totaled $21,610,000 or
$5.12 per share on revenues of
$3,945,969,000. Net cash
provided by operating activities totaled $43,976,000 for the year 2013. The Company
continues to have no bank debt or other forms of debenture
obligations. Cash balances at December
31, 2013 totaled $60,733,000.
A summary of operating results follows:
|
Fourth
Quarter
|
|
2013
|
2012
|
|
|
|
|
Operating Earnings
(Loss)
|
|
|
|
Marketing
|
$
4,862,000
|
$
16,265,000
|
|
Transportation
|
700,000
|
2,334,000
|
|
Oil and
gas
|
(2,962,000)
|
(3,760,000)
|
|
Administrative
expenses
|
(2,350,000)
|
(2,195,000)
|
|
250,000
|
12,644,000
|
|
Interest income
(expense), net.
|
95,000
|
64,000
|
|
Income tax
(expense)
|
(56,000)
|
(4,858,000)
|
|
Discontinued
operations, net of tax
|
(180,000)
|
(283,000)
|
|
|
|
|
Net earnings
(loss)
|
$
109,000
|
$
7,567,000
|
President and Chief Executive Officer F.T. "Chip" Webster commented that during the fourth
quarter of 2013 the Company's marketing operation recorded a
$4.3 million pretax noncash
write-down of crude oil inventory values following a decline in
prices. In addition, the Company experienced a narrowing of
margins within its crude oil marketing business due to competitive
pressures particularly in the South
Texas and North Dakota
regions. The company also sustained a $2.2 million non-cash write-down of oil and gas
property costs during the fourth quarter of 2013 due to adverse
drilling results.
Cautionary Statement Regarding Forward-Looking
Statements
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)
|
|
|
Year Ended
|
Three Months
Ended
|
|
December
31,
|
December
31,
|
|
2013
|
2012
|
2013
|
2012
|
|
|
|
|
|
|
Revenues
|
$
3,945,969
|
$
3,376,085
|
$
968,096
|
$
875,666
|
|
|
|
|
|
|
Costs, expenses and
other
|
(3,911,419)
|
(3,331,949)
|
(967,751)
|
(862,958)
|
|
Income tax
(provision)
|
(12,429)
|
(16,664)
|
(56)
|
(4,858)
|
|
Earnings from
continuing operations
|
22,121
|
27,472
|
289
|
7,850
|
|
Earnings (loss) from
discontinued
|
|
|
|
|
|
operations, net of tax
|
(511)
|
319
|
(180)
|
(283)
|
|
|
|
|
|
|
Net
earnings
|
$
21,610
|
$
27,791
|
$
109
|
$
7,567
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share:
|
|
|
|
|
|
From continuing operations
|
$
5.24
|
$
6.51
|
$
.06
|
$
1.86
|
|
From discontinued operations
|
(.12)
|
.08
|
(.04)
|
(.07)
|
|
Basic and diluted net earnings
|
|
|
|
|
|
per common
share
|
$
5.12
|
$
6.59
|
$
.02
|
$
1.79
|
|
|
|
|
|
|
Dividends per common
share
|
$
.66
|
$
.62
|
$
.22
|
$
.62
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET
|
|
(In
thousands)
|
|
December
31,
|
December
31,
|
|
2013
|
2012
|
|
|
|
|
ASSETS
|
|
|
|
Cash
|
$
60,733
|
$
47,239
|
|
Other current
assets
|
290,997
|
277,317
|
|
Total current
assets
|
351,730
|
324,556
|
|
|
|
|
Net property &
equipment
|
91,865
|
90,712
|
|
Deposits and other
assets
|
4,487
|
4,233
|
|
$
448,082
|
$
419,501
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Total current
liabilities
|
$
272,169
|
$
266,082
|
|
Deferred taxes and
other liabilities
|
21,228
|
17,561
|
|
Shareholders'
equity
|
154,685
|
135,858
|
|
$
448,082
|
$
419,501
|
Rick Abshire
(713)
881-3609
SOURCE Adams Resources & Energy, Inc.