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: November 9, 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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Third 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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$ | 13,452,000 | $ | 16,055,000 | ||||
Transportation
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2,607,000 | 2,078,000 | ||||||
Oil and gas
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314,000 | (1,462,000 | ) | |||||
Administrative expenses
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(2,603,000 | ) | (2,727,000 | ) | ||||
13,770,000 | 13,944,000 | |||||||
Interest income, net
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77,000 | 142,000 | ||||||
Income tax (provision)
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(5,510,000 | ) | (4,820,000 | ) | ||||
Discontinued operations
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(74,000 | ) | (240,000 | ) | ||||
Net earnings
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$ | 8,263,000 | $ | 9,026,000 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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(In thousands, except per share data)
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Nine Months Ended
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Three Months Ended
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September 30,
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September 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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$ | 2,504,488 | $ | 2,197,379 | $ | 795,525 | $ | 755,995 | ||||||||
Costs, expenses and other
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(2,472,657 | ) | (2,168,986 | ) | (781,678 | ) | (741,909 | ) | ||||||||
Income tax (provision)
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(11,947 | ) | (9,994 | ) | (5,510 | ) | (4,820 | ) | ||||||||
Earnings from continuing operations
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19,884 | 18,399 | 8,337 | 9,266 | ||||||||||||
Earnings (loss) from discontinued
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operations
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340 | (201 | ) | (74 | ) | (240 | ) | |||||||||
Net earnings
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$ | 20,224 | $ | 18,198 | $ | 8,263 | $ | 9,026 | ||||||||
Earnings (loss) per common share:
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From continuing operations
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$ | 4.71 | $ | 4.36 | $ | 1.98 | $ | 2.20 | ||||||||
From discontinued operations
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.08 | (.05 | ) | (.02 | ) | (.06 | ) | |||||||||
Basic and diluted net earnings
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per common share
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$ | 4.79 | $ | 4.31 | $ | 1.96 | $ | 2.14 | ||||||||
Dividends per common share
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$ | - | $ | - | $ | - | $ | - |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
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(In thousands)
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September 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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$ | 52,054 | $ | 37,066 | ||||
Other current assets
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236,694 | 267,899 | ||||||
Total current assets
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288,748 | 304,965 | ||||||
Net property & equipment
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95,471 | 68,857 | ||||||
Deposits and other assets
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4,436 | 5,018 | ||||||
$ | 388,655 | $ | 378,840 | |||||
LIABILITIES AND EQUITY
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Total current liabilities
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$ | 241,057 | $ | 256,094 | ||||
Other long-term liabilities
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16,692 | 12,064 | ||||||
Shareholders’ equity
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130,906 | 110,682 | ||||||
$ | 388,655 | $ | 378,840 |