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)
|
ADAMS RESOURCES & ENERGY, INC.
|
|
Date: August 8, 2014
|
By:/s/ Richard B. Abshire
|
Richard B. Abshire
|
|
Chief Financial Officer
|
Second Quarter
|
||||||||
2014
|
2013
|
|||||||
Operating Earnings (Expense)
|
||||||||
Marketing
|
$ | 7,776,000 | $ | 10,681,000 | ||||
Transportation
|
955,000 | 1,833,000 | ||||||
Oil and gas
|
(508,000 | ) | 375,000 | |||||
Administrative expenses
|
(2,147,000 | ) | (2,431,000 | ) | ||||
6,076,000 | 10,458,000 | |||||||
Interest income, net
|
45,000 | 11,000 | ||||||
Income tax (provision)
|
(2,146,000 | ) | (3,853,000 | ) | ||||
Discontinued operations
|
- | (286,000 | ) | |||||
Net earnings
|
$ | 3,975,000 | $ | 6,330,000 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
|
||||||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
Six Months Ended
|
Three Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenues
|
$ | 2,109,120 | $ | 1,917,533 | $ | 1,159,931 | $ | 965,098 | ||||||||
Costs, expenses and other
|
(2,094,545 | ) | (1,894,359 | ) | (1,153,810 | ) | (954,629 | ) | ||||||||
Income tax (provision)
|
(5,237 | ) | (8,485 | ) | (2,146 | ) | (3,853 | ) | ||||||||
Earnings from continuing operations
|
9,338 | 14,689 | 3,975 | 6,616 | ||||||||||||
Earnings (loss) from discontinued
|
||||||||||||||||
operations
|
- | (344 | ) | - | (286 | ) | ||||||||||
Net earnings
|
$ | 9,338 | $ | 14,345 | $ | 3,975 | $ | 6,330 | ||||||||
Earnings (loss) per common share:
|
||||||||||||||||
From continuing operations
|
$ | 2.21 | $ | 3.48 | $ | .94 | $ | 1.57 | ||||||||
From discontinued operations
|
- | (.08 | ) | - | (.07 | ) | ||||||||||
Basic and diluted net earnings
|
||||||||||||||||
per common share
|
$ | 2.21 | $ | 3.40 | $ | .94 | $ | 1.50 | ||||||||
Dividends per common share
|
$ | .44 | $ | .22 | $ | .22 | $ | .22 |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
|
||||||||
(In thousands)
|
||||||||
June 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
ASSETS
|
||||||||
Cash and marketable securities
|
$ | 47,998 | $ | 60,733 | ||||
Other current assets
|
340,154 | 290,997 | ||||||
Total current assets
|
388,152 | 351,730 | ||||||
Net property & equipment
|
89,818 | 91,865 | ||||||
Deposits and other assets
|
5,174 | 4,487 | ||||||
$ | 483,144 | $ | 448,082 | |||||
LIABILITIES AND EQUITY
|
||||||||
Total current liabilities
|
$ | 301,982 | $ | 272,169 | ||||
Other long-term liabilities
|
18,995 | 21,228 | ||||||
Shareholders’ equity
|
162,167 | 154,685 | ||||||
$ | 483,144 | $ | 448,082 |