August 11, 2011 at 12:09 PM EDT
Adams Resources Announces Second Quarter Earnings

HOUSTON, Aug. 11, 2011 /PRNewswire/ -- Adams Resources & Energy, Inc. (NYSE Amex: AE) announced second quarter 2011 unaudited net earnings of $ 3,589,000 or $.85 per common share.  Revenues for the quarter totaled $824,210,000. Current earnings compare to unaudited second quarter 2010 net earnings of $1,685,000 or $.39 per common share.  For the six months ended June 30, 2011, net earnings were $9,172,000 or $2.17 per common share.

Chairman and Chief Executive Officer, K.S. "Bud" Adams, Jr., attributed the 2011 earnings improvement to increased unit margins within the Company's crude oil marketing business. Through its previous and newly constructed barge terminal facilities, the Company is able to move South Texas sourced crude oil supply to alternative end markets along the Gulf Coast for resale at enhanced unit margins.

A summary of operating results is as follows:



Second Quarter


2011

2010




Operating Earnings (Expense)



Marketing

$  5,533,000

$  2,405,000

Transportation

2,933,000

2,153,000

Oil and gas

(171,000)

236,000

Administrative expenses

(2,488,000)

(2,138,000)


5,807,000

2,656,000

Interest income, net

36,000

19,000

Income tax (provision)

(2,254,000)

(990,000)




Net earnings

$  3,589,000

$  1,685,000




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 OPERATIONS

(In thousands, except per share data)



Six Months Ended

Three Months Ended


June 30,

June 30,


2011

2010

2011

2010






Revenues

$  1,521,398

$  1,080,926

$  824,210

$  547,141






Costs, expenses and other

(1,507,032)

(1,075,696)

(818,367)

(544,466)

Income tax (provision)

(5,194)

(1,751)

(2,254)

(990)






Net earnings

$  9,172

$  3,479

$  3,589

$  1,685






Basic and diluted net earnings





per common share

$  2.17

$  .82

$  .85

$  .39






Dividends per common share

$  -

$  -

$  -

$  -




UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(In thousands)


June 30,

December 31,


2011

2010




ASSETS



Cash and marketable securities

$  36,687

$  29,032

Other current assets

249,833

217,944

Total current assets

286,520

246,976




Net property & equipment

69,562

47,589

Deposits and other assets

3,306

6,740


$  359,388

$  301,305




LIABILITIES AND EQUITY



Total current liabilities

$  251,296

$  206,998

Other long-term liabilities

8,765

4,152

Shareholders' equity

99,327

90,155


$  359,388

$  301,305




Rick Abshire (713) 881-3609

SOURCE Adams Resources & Energy, Inc.

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