EX-99.1 CHARTER 2 exhibit_99-1.htm EXHIBIT 99.1 1ST QT 2015 EARNINGS exhibit_99-1.htm
EXHIBIT 99.1

Rick Abshire
                         (713) 881-3609
FOR IMMEDIATE RELEASE

ADAMS RESOURCES ANNOUNCES FIRST QUARTER 2015
 EARNINGS AND DIVIDEND

Houston (May 7, 2015) -- Adams Resources & Energy, Inc., (NYSE MKT - AE), announced first quarter 2015 unaudited net earnings of $3,097,000 or $.73 per common share on revenues of $555,573,000.  This compares to first quarter 2014 unaudited net earnings of $5,363,000 or $1.27 per common share.  Net cash provided by operating activities totaled $12,131,000 for the three-month period ended March 31, 2015.

Thomas S. Smith, President and Chief Executive Officer, attributed the earnings reduction to a sharp drop in crude oil prices for the comparative first quarter of 2015.  In the first quarter 2014, crude oil prices were increasing and the Company recognized a $2,629,000 pre-tax inventory liquidation gain.  Such item did not recur during 2015. Mr. Smith added that in contradiction to current industry trends, the Company’s crude oil marketing operation experienced a fourteen percent volume increase relative to the 2014 period.  It was noted that this trend may not continue as the Company’s suppliers curtail new well drilling activity.

A summary of operating results follows:

   
First Quarter
  
   
2015
    
2014
  
             
Operating Earnings (Expense)
            
Crude oil marketing                                                                   
   $ 8,848,000     $ 9,370,000  
Transportation                                                                   
     1,125,000       1,175,000  
Oil and gas                                                                   
     (1,725,000 )     121,000  
Administrative expenses                                                                   
     (3,331,000 )     (2,254,000 )
      4,917,000       8,412,000  
Interest income (expense), net                                                                       
     74,000       42,000  
Income tax (provision) benefit                                                                       
     (1,894,000 )     (3,091,000 )
Net earnings                                                                       
   $ 3,097,000     $ 5,363,000  

The Company also announced that its Board of Directors declared a quarterly cash dividend in the amount of $.22 (twenty-two cents) per common share, payable on June 17, 2015 to shareholders of record as of June 3, 2015.

The Company’s quarterly report on Form 10-Q for the period ended March 31, 2015 will be filed with the Securities and Exchange Commission on May 8, 2015 and will be available on the Company’s website at “adamsresources.com”.
……………………………………………….
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 and potential adverse world economic conditions, (b) fluctuations in hydrocarbon commodity 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 and cost of capital, (j) results of current items of litigation, (k) uninsured items of litigation or losses, (l) uncertainty in reserve estimates and cash flows, (n) successful drilling activity and the ability to replace oil and gas reserves, (m) security issues related to drivers and terminal facilities, (o) demand for chemical based trucking operations, (p) financial soundness of customers and suppliers.  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 EARNINGS
  
(In thousands, except per share data)
 
  
   
Three Months Ended
  
   
March 31,
    
March 31,
  
   
2015
    
2014
  
             
Revenues
   $ 555,573     $ 949,189  
                 
Costs, expenses and other
     (550,582 )     (940,735 )
Income tax (provision)
     (1,894 )     (3,091 )
                 
Net earnings
   $ 3,097     $ 5,363  
                 
Earnings per share:
                
Basic and diluted net earnings per common share
   $ .73       1.27  
                 
Dividends per common share
   $ .22     $ .22  





UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
  
(In thousands)
  
   
March 31,
    
December 31,
  
   
2015
    
2014
  
             
ASSETS
            
Cash and marketable securities
   $ 88,132     $ 80,184  
Other current assets
     144,629       170,761  
Total current assets
     232,761       250,945  
                 
Net property & equipment
     81,635       84,871  
Deposits and other assets
     5,128       4,998  
    $ 319,524     $ 340,814  
                 
LIABILITIES AND EQUITY
                
Total current liabilities
   $ 146,054     $ 168,603  
Deferred tax and other liabilities
     13,803       14,714  
Shareholders’ equity
     159,667       157,497  
    $ 319,524     $ 340,814