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 6, 2014
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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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2014
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2013
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Operating Earnings (Expense)
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Marketing
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$ | 5,041,000 | $ | 11,394,000 | ||||
Transportation
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1,464,000 | 1,248,000 | ||||||
Oil and gas
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1,527,000 | 752,000 | ||||||
Administrative expenses
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(2,300,000 | ) | (2,248,000 | ) | ||||
5,732,000 | 11,146,000 | |||||||
Interest income, net
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116,000 | 32,000 | ||||||
Income tax (provision)
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(1,993,000 | ) | (3,940,000 | ) | ||||
Discontinued operations
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- | (82,000 | ) | |||||
Net earnings
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$ | 3,855,000 | $ | 7,156,000 |
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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2014
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2013
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2014
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2013
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Revenues
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$ | 3,283,090 | $ | 2,977,873 | $ | 1,173,970 | $ | 1,060,340 | ||||||||
Costs, expenses and other
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(3,262,667 | ) | (2,943,521 | ) | (1,168,122 | ) | (1,049,162 | ) | ||||||||
Income tax (provision)
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(7,230 | ) | (12,425 | ) | (1,993 | ) | (3,940 | ) | ||||||||
Earnings from continuing operations
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13,193 | 21,927 | 3,855 | 7,238 | ||||||||||||
Earnings (loss) from discontinued
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operations
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- | (426 | ) | - | (82 | ) | ||||||||||
Net earnings
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$ | 13,193 | $ | 21,501 | $ | 3,855 | $ | 7,156 | ||||||||
Earnings (loss) per common share:
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From continuing operations
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$ | 3.13 | $ | 5.20 | $ | .92 | $ | 1.72 | ||||||||
From discontinued operations
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- | (.10 | ) | - | (.02 | ) | ||||||||||
Basic and diluted net earnings
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per common share
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$ | 3.13 | $ | 5.10 | $ | .92 | $ | 1.70 | ||||||||
Dividends per common share
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$ | .66 | $ | .44 | $ | .22 | $ | .22 |
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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2014
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2013
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ASSETS
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Cash and marketable securities
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$ | 97,435 | $ | 60,733 | ||||
Other current assets
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259,018 | 290,997 | ||||||
Total current assets
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356,453 | 351,730 | ||||||
Net property & equipment
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93,631 | 91,865 | ||||||
Deposits and other assets
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5,816 | 4,487 | ||||||
$ | 455,900 | $ | 448,082 | |||||
LIABILITIES AND EQUITY
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Total current liabilities
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$ | 272,290 | $ | 272,169 | ||||
Other long-term liabilities
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18,516 | 21,228 | ||||||
Shareholders’ equity
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165,094 | 154,685 | ||||||
$ | 455,900 | $ | 448,082 |