Adams Resources Announces a 6% Dividend Increase and Third Quarter 2008 Results of Operations
13 Novembro 2008 - 2:01PM
PR Newswire (US)
HOUSTON, Nov. 13 /PRNewswire-FirstCall/ -- Adams Resources &
Energy, Inc., (AMEX:AE), announced today its annual cash dividend
in the amount of $.50 per common share, payable on December 16,
2008 to shareholders of record as of December 2, 2008. The amount
of the dividend is increased by 6 percent over last year. Chairman
K. S. "Bud" Adams, Jr., said the Company's strong liquidity and
future outlook led to the dividend increase. The Company has been
in a position to increase its annual dividend in each of the past
six years. The Company also announced a third quarter 2008
unaudited net loss of $6,276,000 or $1.49 per common share.
Revenues for the quarter totaled $1,288,322,000. Current results
compare to unaudited third quarter 2007 net earnings of $2,855,000
or $.68 per common share. For the nine months ended September 30,
2008 net earnings were $760,000 or $.18 per share on revenues
totaling $3,534,662,000. Net cash provided by operating activities
was $28,799,000 for the nine-month period ended September 30, 2008.
Chairman K. S. "Bud" Adams, Jr. attributed the third quarter 2008
earnings decline to the falling commodity price for crude oil.
During the third quarter of 2008 the Company recognized an $11.6
million pre-tax inventory liquidation and valuation loss on the
market value of crude oil quantities held in inventory. The
inventory related loss for the quarter reflected a non-cash charge
to earnings and did not impact net cash provided by operating
activities. Mr. Adams added that the diversified nature of the
Company's lines of business and its avoidance of bank debt provide
a degree of stability during uncertain periods. A summary of
operating results is as follows: Third Quarter 2008 2007 Operating
Earnings (Loss) Marketing $(10,179,000) $5,095,000 Transportation
1,615,000 1,536,000 Oil and gas 558,000 (511,000) Administrative
expenses (2,038,000) (2,307,000) (10,044,000) 3,813,000 Interest
income, net 217,000 431,000 Income tax benefit (provision)
3,551,000 (1,389,000) Net earnings (loss) $(6,276,000) $2,855,000
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 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 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 and (r) successful completion of drilling
activity. These and other risks are described in the Company's
reports that are on file with the Securities and Exchange
Commission. CONTACT: Rick Abshire (713) 881-3609 UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands,
except per share data) Nine Months Ended Three Months Ended
September September 2008 2007 2008 2007 Revenues $3,534,662
$1,756,409 $1,288,322 $700,295 Costs, expenses and other
(3,533,829)(1,732,983)(1,298,149) (696,051) Income tax benefit
(provision) (73) (8,373) 3,551 (1,389) Net earnings (loss) $760
$15,053 $(6,276) $2,855 Earnings per share Basic and diluted net
earnings (loss) per common share $.18 $3.57 $(1.49) $.68 Dividends
per common share $- $- $- $- UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEET (In thousands) September 30, December 31, 2008 2007
ASSETS Cash $39,045 $23,697 Other current assets 263,450 288,196
Total current assets 302,495 311,893 Net property & equipment
40,878 39,698 Other assets 4,083 5,484 $347,456 $357,075
LIABILITIES AND EQUITY Total current liabilities $253,496 $261,321
Deferred taxes and other 3,758 6,312 Shareholders' equity 90,202
89,442 $347,456 $357,075 DATASOURCE: Adams Resources & Energy,
Inc. CONTACT: Rick Abshire of Adams Resources & Energy, Inc.,
+1-713-881-3609
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