0000002178-11-000034.txt : 20110812 0000002178-11-000034.hdr.sgml : 20110812 20110812140036 ACCESSION NUMBER: 0000002178-11-000034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110812 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20110812 DATE AS OF CHANGE: 20110812 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: 111030625 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 8-K JUNE 30, 2011 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):  August 12, 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 August 11, 2011, Adams Resources & Energy, Inc., a Delaware corporation, issued a press release announcing financial results for the second quarter ended June 30, 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:  August 12, 2011
By:/s/ Richard B. Abshire
 
Richard B. Abshire
 
Chief Financial Officer

 
 

 
                 
                     
 
                    
                                                     Rick Abshire
                                        (713) 881-3609
                                        IMMEDIATE RELEASE
 
ADAMS RESOURCES ANNOUNCES SECOND QUARTER EARNINGS
 
    Houston (August 11, 2011)--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