Adams Resources Announces First Quarter 2010 Earnings

HOUSTON, May 13 /PRNewswire-FirstCall/ -- Adams Resources & Energy, Inc., (NYSE Amex: AE), announced first quarter 2010 unaudited net earnings of $1,794,000 or $.43 per common share on revenues of $533,785,000.  This compares to unaudited first quarter 2009 net earnings of $1,870,000 or $.44 per common share.  Net cash provided by operating activities totaled $10,372,000 for the three month period ended March 31, 2010.

Chairman, K. S. "Bud" Adams, Jr., stated that while the Company's marketing business experienced narrowed per unit margins, demand driven volume growth within the trucking segment caused transportation operating earnings to rebound from a loss in the first quarter of 2009 to a positive $861,000 for the first quarter of 2010.  Oil and gas operations also experienced a turnaround producing first quarter 2010 operating earnings of $316,000 as both crude oil and natural gas prices increased for the comparative current period.  Mr. Adams added that the Company continues to avoid bank debt and other forms of debenture obligations and cash balances stood at $23,380,000 as of March 31, 2010.

A summary of operating results follows:



First Quarter


2010

2009




Operating Earnings (Loss)



Marketing

$  3,662,000

$  5,448,000

Transportation

861,000

(178,000)

Oil and gas

316,000

(160,000)

Administrative expenses

(2,264,000)

(2,310,000)


2,575,000

2,800,000




Interest income (expense), net

(20,000)

26,000

Income tax (provision) benefit

(761,000)

(956,000)




Net earnings

$  1,794,000

$  1,870,000




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 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)





March 31,

March 31,


2010

2009




Revenues

$       533,785

$       340,141




Costs, expenses and other

(531,230)

(337,315)

Income tax (provision) benefit

(761)

(956)




Net earnings

$           1,794

$           1,870




Basic and diluted net earnings



per common share

$               .43

$               .44




Dividends per common share

$                   -

$                   -





UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(In thousands)


March 31,

December 31,


2010

2009




ASSETS



Cash

$     23,380

$    16,806

Other current assets

197,268

185,757

Total current assets

220,648

202,563




Net property & equipment

43,443

42,305

Deposits and other assets

4,818

4,533


$  268,909

$  249,401




LIABILITIES AND EQUITY



Total current liabilities

$  181,906

$  164,191

Other long-term liabilities

1,408

1,409

Shareholders' equity

85,595

83,801


$  268,909

$  249,401




Rick Abshire

(713) 881-3609




SOURCE Adams Resources & Energy, Inc.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here