ADAMS RESOURCES & ENERGY, INC.
|
|||||||
(Exact name of registrant as specified in its charter)
|
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Delaware
|
1-7908
|
74-1753147
|
|||||
(State or other jurisdiction of incorporation)
|
(Commission file number)
|
(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)
|
Item 2.02. |
Results of Operations and Financal Condition.
|
ADAMS RESOURCES & ENERGY, INC.
|
|
Date: May 8, 2017
|
By:/s/ Josh C. Anders
|
Josh C. Anders
|
|
Chief Financial Officer
|
·
|
Gross revenues of over $303 million for the first quarter ended March 31, 2017
|
·
|
Adams Resources & Energy, Inc.’s crude oil marketing and transportation subsidiary, GulfMark Energy, Inc., marketed approximately 66,360 barrels of oil per day during the first quarter of 2017
|
·
|
Continued effort to diversify offerings at the transportation subsidiary, Service Transport Company, Inc., with plans to begin ISO tank storage and transportation toward the end of the second quarter of 2017
|
·
|
Over $158 million of liquidity ($98 million of cash and cash equivalents and $60 million of undrawn letter of credit facility) as of March 31, 2017
|
·
|
Generated positive free cash flow (cash flow from operations before changes in working capital less capital expenditures and dividends)
|
·
|
Dividend of $0.22 per share for the first quarter of 2017
|
·
|
No short or long term debt as of March 31, 2017
|
Three Months Ended
|
||||||||
2017
|
2016
|
|||||||
Revenues
|
$
|
303,087
|
$
|
250,531
|
||||
Costs, expenses and other
|
(304,671
|
)
|
(248,192
|
)
|
||||
Interest income, net
|
158
|
103
|
||||||
Income tax benefit (provision)
|
566
|
(888
|
)
|
|||||
(Loss) earnings from continuing operations
|
(860
|
)
|
1,554
|
|||||
(Loss) from equity investments, net of tax
|
-
|
(124
|
)
|
|||||
Net (loss) earnings
|
$
|
(860
|
)
|
$
|
1,430
|
|||
(Loss) earnings per common share:
|
||||||||
Basic and diluted net (loss) earnings
|
||||||||
per common share
|
$
|
(0.20
|
)
|
$
|
0.34
|
|||
Dividends per common share
|
$
|
0.22
|
$
|
0.22
|
March 31,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
ASSETS
|
||||||||
Cash
|
$
|
98,073
|
$
|
87,342
|
||||
Other current assets
|
115,041
|
105,176
|
||||||
Total current assets
|
213,114
|
192,518
|
||||||
Net property & equipment
|
43,809
|
46,325
|
||||||
Deposits and other assets
|
7,240
|
8,029
|
||||||
$
|
264,163
|
$
|
246,872
|
|||||
LIABILITIES AND EQUITY
|
||||||||
Total current liabilities
|
$
|
105,337
|
$
|
86,074
|
||||
Other liabilities and deferred taxes
|
9,302
|
9,486
|
||||||
Shareholders’ equity
|
149,524
|
151,312
|
||||||
$
|
264,163
|
$
|
246,872
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2017
|
2016
|
|||||||
CASH PROVIDED BY OPERATIONS:
|
||||||||
Net (loss) earnings
|
$
|
(860
|
)
|
$
|
1,430
|
|||
Adjustments to reconcile net earnings to net cash
|
||||||||
from operating activities -
|
||||||||
Depreciation, depletion and amortization
|
3,969
|
5,115
|
||||||
Property sales loss (gains)
|
7
|
(120
|
)
|
|||||
Impairment of oil and natural gas properties
|
3
|
29
|
||||||
Deferred income taxes
|
60
|
(1,352
|
)
|
|||||
Net change in fair value contracts
|
(420
|
)
|
158
|
|||||
Equity investment losses
|
-
|
191
|
||||||
(Increase) in accounts receivable
|
(1,968
|
)
|
(1,224
|
)
|
||||
(Increase) in inventories
|
(7,557
|
)
|
(5,707
|
)
|
||||
Decrease (increase) in income tax receivable
|
(736
|
)
|
1,958
|
|||||
Decrease in prepayments
|
744
|
338
|
||||||
Increase (decrease) in accounts payable
|
17,746
|
(3,614
|
)
|
|||||
Increase in accrued liabilities
|
1,084
|
393
|
||||||
Other changes, net
|
78
|
47
|
||||||
Net cash provided by (used in) operating activities
|
12,150
|
(2,358
|
)
|
|||||
INVESTING ACTIVITIES:
|
||||||||
Property and equipment additions
|
(1,006
|
)
|
(4,210
|
)
|
||||
Proceeds from property sales
|
39
|
920
|
||||||
Investments
|
-
|
(2,200
|
)
|
|||||
Insurance and state collateral (deposits) refunds
|
476
|
(2
|
)
|
|||||
Net cash used in investing activities
|
(491
|
)
|
(5,492
|
)
|
||||
FINANCING ACTIVITIES
|
||||||||
Dividend payments
|
(928
|
)
|
(928
|
)
|
||||
Net cash used in financing activities
|
(928
|
)
|
(928
|
)
|
||||
Increase (decrease) in cash and cash equivalents
|
10,731
|
(8,778
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
87,342
|
91,877
|
||||||
Cash and cash equivalents at end of period
|
$
|
98,073
|
$
|
83,099
|
Three Months Ended
March 31,
|
||||||||
2017
|
2016
|
|||||||
Operating Cash Flow Before Changes in Working Capital Reconciliation:
|
||||||||
Net (loss) earnings
|
$
|
(860
|
)
|
$
|
1,430
|
|||
Adjustments to reconcile net (loss) earnings to net cash
|
||||||||
from operating activities-
|
||||||||
Depreciation, depletion and amortization
|
3,969
|
5,115
|
||||||
Property sales losses (gains) oil and natural gas
|
7
|
(120
|
)
|
|||||
Impairment of oil and natural gas properties
|
3
|
29
|
||||||
Deferred income taxes (includes equity investments)
|
60
|
(1,352
|
)
|
|||||
Net change in fair value contracts
|
(420
|
)
|
158
|
|||||
Equity investment losses
|
-
|
191
|
||||||
Operating Cash Flow Before Changes in Working Capital
|
$
|
2,759
|
$
|
5,451
|