ADAMS RESOURCES & ENERGY, INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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1-7908
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74-1753147
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(State or other jurisdiction of incorporation)
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(Commission file number)
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(IRS employer
identification no.)
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17 South Briar Hollow Lane, Suite 100
Houston, Texas
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77027
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(Address of principal executive offices)
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(Zip code)
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(713) 881-3600
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(Registrant’s telephone number, including area code)
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ADAMS RESOURCES & ENERGY, INC.
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Date: August 13, 2012
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By:/s/ Richard B. Abshire
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Richard B. Abshire
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Chief Financial Officer
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Second Quarter
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2012
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2011
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Operating Earnings (Expense)
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Marketing
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$ | 9,327,000 | $ | 5,174,000 | ||||
Transportation
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2,258,000 | 2,933,000 | ||||||
Oil and gas
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(557,000 | ) | (171,000 | ) | ||||
Administrative expenses
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(2,465,000 | ) | (2,488,000 | ) | ||||
8,563,000 | 5,448,000 | |||||||
Interest income, net
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19,000 | 36,000 | ||||||
Income tax (provision)
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(3,085,000 | ) | (2,129,000 | ) | ||||
Discontinued operations
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(111,000 | ) | 234,000 | |||||
Net earnings
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$ | 5,386,000 | $ | 3,589,000 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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(In thousands, except per share data)
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Six Months Ended
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Three Months Ended
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June 30,
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June 30,
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2012
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2011
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2012
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2011
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Revenues
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$ | 1,708,963 | $ | 1,441,384 | $ | 831,474 | $ | 777,538 | ||||||||
Costs, expenses and other
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(1,690,979 | ) | (1,427,077 | ) | (822,892 | ) | (772,054 | ) | ||||||||
Income tax (provision)
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(6,437 | ) | (5,174 | ) | (3,085 | ) | (2,129 | ) | ||||||||
Earnings from continuing operations
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11,547 | 9,133 | 5,497 | 3,355 | ||||||||||||
Earnings (loss) from discontinued
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operations
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414 | 39 | (111 | ) | 234 | |||||||||||
Net earnings
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$ | 11,961 | $ | 9,172 | $ | 5,386 | $ | 3,589 | ||||||||
Earnings (loss) per common share:
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From continuing operations
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$ | 2.74 | $ | 2.17 | $ | 1.31 | $ | .79 | ||||||||
From discontinued operations
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.10 | - | (.03 | ) | .06 | |||||||||||
Basic and diluted net earnings
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per common share
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$ | 2.84 | $ | 2.17 | $ | 1.28 | $ | .85 | ||||||||
Dividends per common share
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$ | - | $ | - | $ | - | $ | - |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
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(In thousands)
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June 30,
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December 31,
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2012
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2011
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ASSETS
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Cash and marketable securities
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$ | 32,213 | $ | 37,066 | ||||
Other current assets
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217,534 | 267,899 | ||||||
Total current assets
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249,747 | 304,965 | ||||||
Net property & equipment
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89,591 | 68,857 | ||||||
Deposits and other assets
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4,697 | 5,018 | ||||||
$ | 344,035 | $ | 378,840 | |||||
LIABILITIES AND EQUITY
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Total current liabilities
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$ | 208,355 | $ | 256,094 | ||||
Other long-term liabilities
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13,037 | 12,064 | ||||||
Shareholders’ equity
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122,643 | 110,682 | ||||||
$ | 344,035 | $ | 378,840 |