Delaware
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1-7908
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74-1753147
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(State or other jurisdiction
|
(Commission file
|
(IRS employer
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of incorporation)
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number)
|
Identification no.)
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17 S. Briar Hollow Lane, Houston, Texas
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77027
|
|
(Address of principal executive offices)
|
(Zip code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act
|
Item 2.02.
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Results of Operations and Financal Condition.
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ADAMS RESOURCES & ENERGY. INC.
|
|
August 7, 2015
|
BY: /s/ Richard B. Abshire
|
Richard B. Abshire
|
|
Chief Financial Officer
|
|
A summary of operating results is as follows:
|
Second Quarter
|
||||||||
2015
|
2014
|
|||||||
Operating Earnings (Expense)
|
||||||||
Marketing
|
$ | 9,842,000 | $ | 7,776,000 | ||||
Transportation
|
1,169,000 | 955,000 | ||||||
Oil and natural gas
|
(1,772,000 | ) | (508,000 | ) | ||||
Administrative expenses
|
(2,318,000 | ) | (2,147,000 | ) | ||||
6,921,000 | 6,076,000 | |||||||
Interest income, net
|
95,000 | 45,000 | ||||||
Income tax (provision)
|
(2,676,000 | ) | (2,146,000 | ) | ||||
Net earnings
|
$ | 4,340,000 | $ | 3,975,000 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
|
||||||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
Six Months Ended
|
Three Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues
|
$ | 1,156,131 | $ | 2,109,120 | $ | 600,558 | $ | 1,159,931 | ||||||||
Costs, expenses and other
|
(1,144,124 | ) | (2,094,545 | ) | (593,542 | ) | (1,153,810 | ) | ||||||||
Income tax (provision)
|
(4,570 | ) | (5,237 | ) | (2,676 | ) | (2,146 | ) | ||||||||
Net earnings
|
$ | 7,437 | $ | 9,338 | $ | 4,340 | $ | 3,975 | ||||||||
Earnings per common share:
|
||||||||||||||||
Basic and diluted net earnings
|
||||||||||||||||
per common share
|
$ | 1.76 | $ | 2.21 | $ | 1.03 | $ | .94 | ||||||||
Dividends per common share
|
$ | .44 | $ | .44 | $ | .22 | $ | .22 |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
|
||||||||
(In thousands)
|
||||||||
June 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
ASSETS
|
||||||||
Cash
|
$ | 83,980 | $ | 80,184 | ||||
Other current assets
|
174,342 | 170,761 | ||||||
Total current assets
|
258,322 | 250,945 | ||||||
Net property & equipment
|
75,841 | 84,871 | ||||||
Deposits and other assets
|
5,409 | 4,998 | ||||||
$ | 339,572 | $ | 340,814 | |||||
LIABILITIES AND EQUITY
|
||||||||
Total current liabilities
|
$ | 161,207 | $ | 168,603 | ||||
Other long-term liabilities
|
15,287 | 14,714 | ||||||
Shareholders’ equity
|
163,078 | 157,497 | ||||||
$ | 339,572 | $ | 340,814 |