0000002178-12-000035.txt : 20120813 0000002178-12-000035.hdr.sgml : 20120813 20120813162022 ACCESSION NUMBER: 0000002178-12-000035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120810 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20120813 DATE AS OF CHANGE: 20120813 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: 121027903 BUSINESS ADDRESS: STREET 1: 17 S. BRIAR HOLLOW LN. 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 2ND QT 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):  August 13, 2012

 
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.)
 
       
       
17 South Briar Hollow Lane, Suite 100
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, 2012, Adams Resources & Energy, Inc., a Delaware corporation, issued a press release announcing financial results for the second quarter ended June 30, 2012.  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, 2012
By:/s/ Richard B. Abshire
 
Richard B. Abshire
 
Chief Financial Officer



                               
EX-99.1 CHARTER 2 ex99-1.htm EXHIBIT 99.1 2ND QT 2012 ex99-1.htm
           Exhibit 99.1
                      FOR IMMEDIATE RELEASE
                       Rick Abshire (713) 881-3609


ADAMS RESOURCES ANNOUNCES SECOND QUARTER EARNINGS

Houston (August 13, 2012)--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