Adams Resources Announces Third Quarter 2009 Results and Annual Dividend

HOUSTON, Nov. 13 /PRNewswire-FirstCall/ -- Adams Resources & Energy, Inc., (NYSE Amex: AE), announced today third quarter 2009 net earnings of $639,000 or $.15 per common share. Revenues for the quarter totaled $576,299,000. Current results compare to an unaudited third quarter 2008 net loss of $6,276,000 or $1.49 per common share. For the nine months ended September 30, 2009 net earnings were $5,243,000 or $1.24 per share on revenues totaling $1,431,510,000. Net cash provided by operating activities was $26,979,000 for the nine-month period ended September 30, 2009.

Chairman K. S. "Bud" Adams, Jr. attributed the third quarter 2009 earnings improvement to price stability within the crude oil markets for 2009 relative to 2008. Last year, declining crude oil prices caused the Company to recognize a non-cash $11.6 million pre-tax inventory valuation loss on the market value of its crude oil inventories held during the third quarter of 2008. Such item did not recur in 2009.

A summary of operating results is as follows:

                                                     Third Quarter
                                                     -------------
                                                  2009           2008
                                                  ----           ----
    Operating Earnings (Loss)
       Marketing                               $3,852,000   $(10,179,000)
       Transportation                           1,244,000      1,615,000
       Oil and gas                             (1,698,000)       558,000
       Administrative expenses                 (2,252,000)    (2,038,000)
                                              -----------    -----------
                                                1,146,000    (10,044,000)
    Interest income, net                           67,000        217,000
    Income tax (provision) benefit               (574,000)     3,551,000
                                                ---------      ---------

    Net earnings (loss)                          $639,000    $(6,276,000)
                                                 ========    ===========

The Company also announced its Board of Directors has declared an annual cash dividend in the amount of $.50 per common share, payable on December 15, 2009 to shareholders of record as of December 1, 2009. The cash dividend is unchanged from the prior year.

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             September
                                    2009        2008      2009        2008
                                    ----        ----      ----        ----

    Revenues                    $1,431,510  $3,534,662  $576,299  $1,288,322

    Costs, expenses and other   (1,423,121) (3,533,829) (575,086) (1,298,149)
    Income tax (provision)
     benefit                        (3,146)        (73)     (574)      3,551
                                    ------         ---      ----       -----

    Net earnings (loss)             $5,243        $760      $639     $(6,276)
                                    ======        ====      ====     =======

    Earnings per share
      Basic and diluted net
       Earnings (loss) per
       common share                  $1.24        $.18      $.15      $(1.49)
                                     =====        ====      ====      ======

    Dividends per common share          $-          $-        $-          $-
                                       ===         ===       ===         ===

                   UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
                                   (In thousands)

                                         September 30,      December 31,
                                             2009               2008
                                             ----               ----

    ASSETS
      Cash                                  $36,728            $18,208
      Other current assets                  164,348            151,158
                                            -------            -------
         Total current assets               201,076            169,366

      Net property & equipment               33,991             35,586
      Other assets                            5,314              5,974
                                              -----              -----
                                           $240,381           $210,926
                                           ========           ========

    LIABILITIES AND EQUITY
      Total current liabilities            $151,548           $127,807
      Deferred taxes and other                1,829              1,358
      Shareholders' equity                   87,004             81,761
                                             ------             ------
                                           $240,381           $210,926
                                           ========           ========

Rick Abshire (713) 881-3609

SOURCE Adams Resources & Energy, Inc.

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