HOUSTON, Nov. 6, 2014 /PRNewswire/ -- Adams Resources
& Energy, Inc. (NYSE MKT-AE) announced third quarter 2014
unaudited net earnings of $3,855,000
or $0.92 per common share.
Current earnings compare to unaudited third quarter 2013 net
earnings of $7,156,000 or
$1.70 per common share. For the
nine months ended September 30, 2014,
net earnings were $13,193,000 or
$3.13 per common share. Third
quarter 2014 revenues totaled $1,173,970,000 and were $3,283,090,000 for the first nine months of the
year.
President and Chief Executive Officer, F.T. "Chip" Webster, attributed the current quarter's
earnings decline to a pre-tax, non-cash, inventory valuation loss
of $4,203,000 as compared to a
pre-tax inventory liquidation gain of $851,000 during the third quarter of 2013.
Crude oil inventory values declined from an average of $100.63 per barrel as of June 30, 2014 to $86.06 per barrel for the September 30, 2014 valuation. Partially
offsetting the inventory variance was the oil and gas segment
benefiting from a $2,198,000 pre-tax
gain on the sale of certain producing oil and gas
properties.
A summary of operating results is as
follows:
|
Third
Quarter
|
|
2014
|
2013
|
|
|
|
|
Operating Earnings
(Expense)
|
|
|
|
Marketing
|
$ 5,041,000
|
$ 11,394,000
|
|
Transportation
|
1,464,000
|
1,248,000
|
|
Oil and gas
|
1,527,000
|
752,000
|
|
Administrative
expenses
|
(2,300,000)
|
(2,248,000)
|
|
5,732,000
|
11,146,000
|
|
Interest income,
net
|
116,000
|
32,000
|
|
Income tax
(provision)
|
(1,993,000)
|
(3,940,000)
|
|
Discontinued
operations
|
-
|
(82,000)
|
|
|
|
|
Net
earnings
|
$ 3,855,000
|
$ 7,156,000
|
The Company also announced that its Board of Directors declared
a quarterly cash dividend in the amount of $.22 (twenty-two
cents) per common share, payable on December 16, 2014 to shareholders of record as of
December 2, 2014.
The Company's quarterly report on Form 10-Q for the period ended
September 30, 2014 will be filed with
the Securities and Exchange Commission on November 7, 2014 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 OPERATIONS
|
|
(In thousands,
except per share data)
|
|
|
Nine Months
Ended
|
Three Months
Ended
|
|
September
30,
|
September
30,
|
|
2014
|
2013
|
2014
|
2013
|
|
|
|
|
|
|
Revenues
|
$ 3,283,090
|
$ 2,977,873
|
$ 1,173,970
|
$ 1,060,340
|
|
|
|
|
|
|
Costs, expenses and
other
|
(3,262,667)
|
(2,943,521)
|
(1,168,122)
|
(1,049,162)
|
|
Income tax
(provision)
|
(7,230)
|
(12,425)
|
(1,993)
|
(3,940)
|
|
Earnings from
continuing operations
|
13,193
|
21,927
|
3,855
|
7,238
|
|
Earnings (loss) from
discontinued
|
|
|
|
|
|
operations
|
-
|
(426)
|
-
|
(82)
|
|
|
|
|
|
|
Net
earnings
|
$
13,193
|
$ 21,501
|
$
3,855
|
$ 7,156
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share:
|
|
|
|
|
|
From
continuing operations
|
$
3.13
|
$
5.20
|
$
.92
|
$
1.72
|
|
From
discontinued operations
|
-
|
(.10)
|
-
|
(.02)
|
|
Basic and diluted net earnings
|
|
|
|
|
|
per common
share
|
$
3.13
|
$
5.10
|
$
.92
|
$
1.70
|
|
|
|
|
|
|
Dividends per common
share
|
$
.66
|
$
.44
|
$
.22
|
$
.22
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET
|
|
(In
thousands)
|
|
September
30,
|
December
31,
|
|
2014
|
2013
|
|
|
|
|
ASSETS
|
|
|
|
Cash and marketable
securities
|
$
97,435
|
$ 60,733
|
|
Other current
assets
|
259,018
|
290,997
|
|
Total current
assets
|
356,453
|
351,730
|
|
|
|
|
Net property &
equipment
|
93,631
|
91,865
|
|
Deposits and other
assets
|
5,816
|
4,487
|
|
$ 455,900
|
$ 448,082
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Total current
liabilities
|
$ 272,290
|
$ 272,169
|
|
Other long-term
liabilities
|
18,516
|
21,228
|
|
Shareholders'
equity
|
165,094
|
154,685
|
|
$ 455,900
|
$ 448,082
|
Rick Abshire
(713) 881-3609
SOURCE Adams Resources & Energy, Inc.