EX-99.1 CHARTER 2 exhibit_99-1.htm EXHIBIT 99.1 exhibit_99-1.htm
 
 
 
                                                                                                    Exhibit 99.1
                            Rick Abshire
                            (713) 881-3609
                                FOR IMMEDIATE RELEASE

ADAMS RESOURCES ANNOUNCES FIRST QUARTER 2009 EARNINGS


Houston (May 13, 2009) -- Adams Resources & Energy, Inc., (NYSE Amex -AE), announced first quarter 2009 unaudited net earnings of $1,870,000 or $.44 per common share on revenues of $340,141,000.  This compares to unaudited first quarter 2008 net earnings of $2,211,000 or $.52 per common share.  Net cash provided by operating activities totaled $8,984,000 for the three month period ended March 31, 2009.

Chairman, K. S. “Bud” Adams, Jr., attributed the earnings decline to reduced natural gas prices and the general slowdown in the United States economy.  These events adversely impacted the Company’s oil and gas operation and its chemical tank-truck transportation business.  Mr. Adams added that the Company continues to avoid bank debt and other forms of debenture obligations and cash balances stood at $22,311,000 as of March 31, 2009.

A summary of operating results follows:


   
First Quarter
  
   
2009
    
2008
  
             
Operating Earnings (Loss)
            
Marketing                                                                   
   $ 5,448,000     $ 4,202,000  
Transportation                                                                   
     (178,000 )     760,000  
Oil and gas                                                                   
     (160,000 )     956,000  
Administrative expenses                                                                   
     (2,310,000 )     (2,917,000 )
      2,800,000       3,001,000  
                 
Interest income, net                                                                       
     26,000       351,000  
Income tax  benefit (provision)                                                                       
     (956,000 )     (1,141,000 )
                 
Net earnings (loss)                                                                       
   $ 1,870,000     $ 2,211,000  

…………………………………………………

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, and (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)
  
             
   
March 31,
    
March 31,
  
   
2009
    
2008
  
             
Revenues
   $ 340,141     $ 965,988  
                 
Costs, expenses and other
     (337,315 )     (962,636 )
Income tax (provision) benefit
     (956 )     (1,141 )
                 
Net earnings
   $ 1,870     $ 2,211  
                 
Basic and diluted net earnings
                
per common share
   $ .44     $ .52  
                 
Dividends per common share
   $ -     $ -  





UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
  
(In thousands)
  
   
March 31,
    
December 31,
  
   
2009
    
2008
  
             
ASSETS
            
Cash
   $ 22,311     $ 18,208  
Other current assets
     143,808       151,158  
Total current assets
     166,119       169,366  
                 
Net property & equipment
     37,674       35,586  
Deposits and other assets
     5,194       5,974  
    $ 208,987     $ 210,926  
                 
LIABILITIES AND EQUITY
                
Total current liabilities
   $ 123,921     $ 127,807  
Other long-term liabilities
     1,435       1,358  
Shareholders’ equity
     83,631       81,761  
    $ 208,987     $ 210,926