August 13, 2012 at 16:26 PM EDT
Adams Resources Announces Second Quarter Earnings

HOUSTON, Aug. 13, 2012 /PRNewswire/ -- Adams Resources & Energy, Inc. (NYSE MKT-AE) announced second quarter 2012 unaudited net earnings of $ 5,386,000 or $1.28 per common share.  Revenues for the quarter totaled $831,474,000. Current earnings compare to unaudited second quarter 2011 net earnings of $3,589,000 or $.85 per common share.  For the six months ended June 30, 2012, net earnings were $11,961,000 or $2.84 per common share.

Chairman and Chief Executive Officer, K.S. "Bud" Adams, Jr., attributed the 2012 earnings improvement to increased volumes and unit margins within the Company's crude oil marketing business.   Such improvements stemmed from the Company's involvement as a first purchaser and marketer of crude oil production from the Eagle-Ford trend of South Texas.     

A summary of operating results is as follows:                


Second Quarter


2012

2011




Operating Earnings (Expense)



Marketing

$      9,327,000

$      5,174,000

Transportation

2,258,000

2,933,000

Oil and gas

(557,000)

(171,000)

Administrative expenses

(2,465,000)

(2,488,000)


8,563,000

5,448,000

Interest income, net

19,000

36,000

Income tax (provision)

(3,085,000)

(2,129,000)

Discontinued operations

(111,000)

234,000




Net earnings

$      5,386,000

$      3,589,000

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,


2012

2011

2012

2011






Revenues

$  1,708,963

$  1,441,384

$     831,474

$     777,538






Costs, expenses and other

(1,690,979)

(1,427,077)

(822,892)

(772,054)

Income tax (provision)

(6,437)

(5,174)

(3,085)

(2,129)

Earnings from continuing operations

11,547

9,133

5,497

3,355

Earnings (loss) from discontinued





    operations

414

39

(111)

234






Net earnings

$       11,961

$         9,172

$         5,386

$         3,589











Earnings (loss) per common share:





    From continuing operations

$           2.74

$           2.17

$           1.31

$             .79

    From discontinued operations

.10

-

(.03)

.06

    Basic and diluted net earnings





per common share

$           2.84

$           2.17

$           1.28

$             .85






Dividends per common share

$                -

$                -

$                 -

$                 -

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(In thousands)


June 30,

December 31,


2012

2011




ASSETS



Cash and marketable securities

$        32,213

$        37,066

Other current assets

217,534

267,899

Total current assets

249,747

304,965




Net property & equipment

89,591

68,857

Deposits and other assets

4,697

5,018


$      344,035

$      378,840




LIABILITIES AND EQUITY



Total current liabilities

$      208,355

$      256,094

Other long-term liabilities

13,037

12,064

Shareholders' equity

122,643

110,682


$      344,035

$      378,840

 

Contact:
Rick Abshire (713) 881-3609

SOURCE Adams Resources & Energy, Inc.

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