0000002178-11-000020.txt : 20110513 0000002178-11-000020.hdr.sgml : 20110513 20110513111257 ACCESSION NUMBER: 0000002178-11-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110331 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20110513 DATE AS OF CHANGE: 20110513 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: 1217 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07908 FILM NUMBER: 11838706 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 form8-k.htm ADAMS RESOURCES 1ST QT 2011 NEWS RELEASE form8-k.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):  May 13, 2011

 
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 May 13, 2011, Adams Resources & Energy, Inc., a Delaware corporation, issued a press release announcing financial results for the first quarter ended March 31, 2011.  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:  May 13, 2011
By:/s/ Richard B. Abshire
 
Richard B. Abshire
 
Chief Financial Officer
EX-99.1 CHARTER 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm
Rick Abshire
                      (713) 881-3609
FOR IMMEDIATE RELEASE

ADAMS RESOURCES ANNOUNCES FIRST QUARTER 2011 EARNINGS


Houston (May 13, 2011) -- Adams Resources & Energy, Inc., (NYSE Amex -AE), announced first quarter 2011 unaudited net earnings of $5,583,000 or $1.32 per common share on revenues of $697,188,000.  This compares to unaudited first quarter 2010 net earnings of $1,794,000 or $.43 per common share.  Net cash provided by operating activities totaled $718,000 for the three month period ended March 31, 2011.

Chairman, K. S. “Bud” Adams, Jr., indicated the improved results were from a $2.8 million pre-tax gain on the sale of certain oil and gas producing interests coupled with $3.2 million in pre-tax inventory liquidation gains as the Company sold its crude oil inventories into a rising market. The Company has also experienced earnings improvement in its transportation segment as demand for the Company’s petrochemical hauling services has improved substantially.  Adams added that the Company continues to avoid bank debt and other forms of debenture obligations and the total of cash balances and short-term marketable securities stood at $21,566,000 as of March 31, 2011.


A summary of operating results follows:


   
First Quarter
  
   
2011
    
2010
  
             
Operating Earnings (Expense)
            
Marketing                                                                   
   $ 6,546,000     $ 3,662,000  
Transportation                                                                   
     1,992,000       861,000  
Oil and gas                                                                   
     2,046,000       316,000  
Administrative expenses                                                                   
     (2,109,000 )     (2,264,000 )
      8,475,000       2,575,000  
                 
Interest income (expense), net                                                                       
     48,000       (20,000 )
Income tax (provision) benefit                                                                       
     (2,940,000 )     (761,000 )
                 
Net earnings                                                                       
   $ 5,583,000     $ 1,794,000  



…………………………………………………

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,
  
   
2011
    
2010
  
             
Revenues
   $ 697,188     $ 533,785  
                 
Costs, expenses and other
     (688,665 )     (531,230 )
Income tax (provision)
     (2,940 )     (761 )
                 
Net earnings
   $ 5,583     $ 1,794  
                 
Basic and diluted net earnings
                
per common share
   $ 1.32     $ .43  
                 
Dividends per common share
   $ -     $ -  





UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
  
(In thousands)
  
   
March 31,
    
December 31,
  
   
2010
    
2010
  
             
ASSETS
            
Cash and marketable securities
   $ 21,566     $ 29,032  
Other current assets
     264,264       217,944  
Total current assets
     285,830       246,976  
                 
Net property & equipment
     56,862       47,589  
Deposits and other assets
     3,265       6,740  
    $ 345,957     $ 301,305  
                 
LIABILITIES AND EQUITY
                
Total current liabilities
   $ 243,734     $ 206,998  
Other long-term liabilities
     6,485       4,152  
Shareholders’ equity
     95,738       90,155  
    $ 345,957     $ 301,305