-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BnH0O7WN90rApLKAE3tfhbUzSD/Qs/7bF/JeWhXndnzLbYXXeJ78pmPqhcR01UZf CCsUYBPhaX82IVhD7czQ+g== 0000002178-07-000023.txt : 20070814 0000002178-07-000023.hdr.sgml : 20070814 20070813174946 ACCESSION NUMBER: 0000002178-07-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070630 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20070814 DATE AS OF CHANGE: 20070813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADAMS RESOURCES & ENERGY, INC. CENTRAL INDEX KEY: 0000002178 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172] IRS NUMBER: 741753147 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07908 FILM NUMBER: 071050411 BUSINESS ADDRESS: STREET 1: 4400 POST OAK PKWY STE 2700 STREET 2: P O BOX 844 CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 7138813600 MAIL ADDRESS: STREET 1: P O BOX 844 CITY: HOUSTON STATE: TX ZIP: 77001 FORMER COMPANY: FORMER CONFORMED NAME: ADAMS RESOURCES & ENERGY INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ADA RESOURCES INC DATE OF NAME CHANGE: 19790620 8-K 1 form8k.htm form8k.htm


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


     



FORM 8-K

CURRENT REPORT


Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  August 13, 2007

 
ADAMS RESOURCES & ENERGY, INC.
 
 
(Exact name of registrant as specified in its charter)
 
     
     
Delaware
 
1-7908
 
74-1753147
(State or other jurisdiction of incorporation)
 
(Commission file number)
 
(IRS employer
identification no.)
     
     
4400 Post Oak Pkwy, Suite 2700, Houston, Texas
 
77027
(Address of principal executive offices)
 
(Zip code)
     
   
(713) 881-3600
   
   
(Registrant’s telephone number, including area code)
   




 Item 2.02.  Results of Operations and Financial Condition.

On August 13, 2007, Adams Resources & Energy, Inc., a Delaware corporation, issued a press release announcing its financial results for the second quarter ended June 30, 2007.  A copy of the earnings release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.  The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
ADAMS RESOURCES & ENERGY, INC.
   
   
   
Date:  August 13, 2007
By:/s/ Richard B. Abshire
 
Richard B. Abshire
 
Chief Financial Officer



EX-99.1 CHARTER 2 exhibit_99-1.htm exhibit_99-1.htm


Exhibit 99.1
FOR IMMEDIATE RELEASE
Rick Abshire  (713) 881-3609

ADAMS RESOURCES ANNOUNCES SECOND QUARTER EARNINGS

Houston (August 13, 2007)--Adams Resources & Energy, Inc. (AMEX-AE) announced second quarter 2007 unaudited net earnings of $11,286,000 or $2.67 per common share.  Revenues for the quarter totaled $569,748,000. Current earnings compare to unaudited second quarter 2006 net earnings of $4,038,000 or $.96 per common share.  For the six months ended June 30, 2007, net earnings were $12,198,000 or $2.89 per common share.

Chairman and Chief Executive Officer, K.S. "Bud" Adams, Jr., attributed the earnings improvement to a $7.2 million after tax gain from the sale of certain producing oil and gas properties.  Mr. Adams noted that the Company’s marketing and transportation segments also turned in improved results for the current period.

A summary of operating results is as follows:

   
Second Quarter
 
   
2007
   
2006
 
             
Operating Earnings (Expense)
           
Marketing
  $
5,216,000
    $
3,706,000
 
Transportation
   
2,433,000
     
1,974,000
 
Oil and gas
   
12,528,000
     
2,140,000
 
General & administrative expenses
    (2,582,000 )     (2,004,000 )
     
17,595,000
     
5,816,000
 
Interest, net
   
424,000
     
120,000
 
Income tax provision
    (6,733,000 )     (1,898,000 )
                 
Net earnings
  $
11,286,000
    $
4,038,000
 

……………………………………………….


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, (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 services, 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.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 
(In thousands, except per share data)
 
   
   
Six Months Ended
   
Three Months Ended
 
   
June 30,
   
June 30,
 
   
2007
   
2006
   
2007
   
2006
 
                         
Revenues
  $
1,056,114
    $
1,083,028
    $
569,748
    $
595,000
 
                                 
Costs, expenses and other
    (1,036,932 )     (1,071,538 )     (551,729 )     (589,064 )
Income tax provision
    (6,984 )     (3,808 )     (6,733 )     (1,898 )
                                 
Net earnings
  $
12,198
    $
7,682
    $
11,286
    $
4,038
 
                                 
Earnings per share
                               
Basic and diluted net earnings per
                               
common share
  $
2.89
    $
1.82
    $
2.67
    $
.96
 
                                 
Dividends per common share
  $
-
    $
-
    $
-
    $
-
 



UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
 
(In thousands)
 
   
June 30,
   
December 31,
 
   
2007
   
2006
 
             
ASSETS
           
Cash
  $
21,811
    $
20,668
 
Other current assets
   
233,047
     
221,122
 
Total current assets
   
254,858
     
241,790
 
                 
Net property & equipment
   
42,123
     
43,316
 
Other assets
   
5,965
     
4,181
 
    $
302,946
    $
289,287
 
                 
LIABILITIES AND EQUITY
               
Total current liabilities
  $
209,099
    $
206,582
 
Long-term debt
   
-
     
3,000
 
Deferred taxes and other
   
7,281
     
5,337
 
Shareholders’ equity
   
86,566
     
74,368
 
    $
302,946
    $
289,287
 






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