(State or other jurisdiction | (Commission | (IRS Employer | ||||||
of incorporation) | File Number) | Identification No.) |
(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 (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||||||||
Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
99.1 | |||||
104 | Cover Page Interactive Data File — the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
ADAMS RESOURCES & ENERGY, INC. | |||||||||||
Date: | March 13, 2024 | By: | /s/ Tracy E. Ohmart | ||||||||
Tracy E. Ohmart | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer and | |||||||||||
Principal Accounting Officer) |
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Marketing | $ | 671,682 | $ | 707,728 | $ | 2,585,355 | $ | 3,232,193 | |||||||||||||||
Transportation | 23,256 | 26,322 | 98,359 | 112,376 | |||||||||||||||||||
Pipeline and storage | 15 | — | 323 | — | |||||||||||||||||||
Logistics and repurposing | 14,798 | 13,671 | 61,256 | 22,348 | |||||||||||||||||||
Total revenues | 709,751 | 747,721 | 2,745,293 | 3,366,917 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Marketing | 665,868 | 710,121 | 2,560,284 | 3,208,595 | |||||||||||||||||||
Transportation | 18,676 | 21,702 | 80,991 | 89,973 | |||||||||||||||||||
Pipeline and storage | 757 | 703 | 3,107 | 2,502 | |||||||||||||||||||
Logistics and repurposing | 14,269 | 12,069 | 55,717 | 19,651 | |||||||||||||||||||
General and administrative | 4,283 | 4,858 | 14,932 | 17,718 | |||||||||||||||||||
Depreciation and amortization | 6,574 | 6,598 | 27,863 | 22,707 | |||||||||||||||||||
Total costs and expenses | 710,427 | 756,051 | 2,742,894 | 3,361,146 | |||||||||||||||||||
Operating (losses) earnings | (676) | (8,330) | 2,399 | 5,771 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | 578 | 256 | 1,471 | 921 | |||||||||||||||||||
Interest expense | (859) | (918) | (3,384) | (1,287) | |||||||||||||||||||
Total other (expense) income, net | (281) | (662) | (1,913) | (366) | |||||||||||||||||||
(Losses) earnings before income taxes | (957) | (8,992) | 486 | 5,405 | |||||||||||||||||||
Income tax benefit (provision) | 83 | 1,723 | (274) | (1,918) | |||||||||||||||||||
Net (losses) earnings | $ | (874) | $ | (7,269) | $ | 212 | $ | 3,487 | |||||||||||||||
(Losses) earnings per share: | |||||||||||||||||||||||
Basic net (losses) earnings per common share | $ | (0.34) | $ | (2.34) | $ | 0.08 | $ | 0.86 | |||||||||||||||
Diluted net (losses) earnings per common share | $ | (0.34) | $ | (2.34) | $ | 0.08 | $ | 0.85 | |||||||||||||||
Dividends per common share | $ | 0.24 | $ | 0.24 | $ | 0.96 | $ | 0.96 | |||||||||||||||
December 31, | |||||||||||
2023 | 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 33,256 | $ | 20,532 | |||||||
Restricted cash | 11,990 | 10,535 | |||||||||
Accounts receivable, net of allowance for doubtful accounts | 164,295 | 189,039 | |||||||||
Inventory | 19,827 | 26,919 | |||||||||
Prepayments and other current assets | 3,103 | 3,118 | |||||||||
Total current assets | 232,471 | 250,143 | |||||||||
Property and equipment, net | 105,065 | 106,425 | |||||||||
Operating lease right-of-use assets, net | 5,832 | 7,720 | |||||||||
Intangible assets, net | 7,985 | 9,745 | |||||||||
Goodwill | 6,673 | 6,428 | |||||||||
Other assets | 3,308 | 3,698 | |||||||||
Total assets | $ | 361,334 | $ | 384,159 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 183,102 | $ | 204,391 | |||||||
Accounts payable – related party | — | 31 | |||||||||
Derivative liabilities | — | 330 | |||||||||
Current portion of finance lease obligations | 6,206 | 4,382 | |||||||||
Current portion of operating lease liabilities | 2,829 | 2,712 | |||||||||
Current portion of long-term debt | 2,500 | — | |||||||||
Other current liabilities | 16,150 | 19,214 | |||||||||
Total current liabilities | 210,787 | 231,060 | |||||||||
Other long-term liabilities: | |||||||||||
Long-term debt | 19,375 | 24,375 | |||||||||
Asset retirement obligations | 2,514 | 2,459 | |||||||||
Finance lease obligations | 19,685 | 12,085 | |||||||||
Operating lease liabilities | 3,006 | 5,007 | |||||||||
Deferred taxes and other liabilities | 13,251 | 15,996 | |||||||||
Total liabilities | 268,618 | 290,982 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity | 92,716 | 93,177 | |||||||||
Total liabilities and shareholders’ equity | $ | 361,334 | $ | 384,159 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||
Net (losses) earnings | $ | (874) | $ | (7,269) | $ | 212 | $ | 3,487 | |||||||||||||||
Adjustments to reconcile net (losses) earnings to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 6,574 | 6,598 | 27,863 | 22,707 | |||||||||||||||||||
Gains on sales of property | (2,607) | (803) | (4,036) | (2,512) | |||||||||||||||||||
Provision for doubtful accounts | — | — | 29 | (20) | |||||||||||||||||||
Stock-based compensation expense | 149 | 310 | 1,193 | 1,022 | |||||||||||||||||||
Change in contingent consideration liability | — | — | (2,566) | — | |||||||||||||||||||
Deferred income taxes | (2,419) | (375) | (2,416) | (2,136) | |||||||||||||||||||
Net change in fair value contracts | 5 | 2,237 | (330) | 353 | |||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | 54,968 | 9,483 | 24,715 | (46,577) | |||||||||||||||||||
Accounts receivable/payable, affiliates | — | 16 | (31) | 33 | |||||||||||||||||||
Inventories | 7,823 | 2,925 | 7,092 | (7,334) | |||||||||||||||||||
Income tax receivable | 510 | — | — | 6,424 | |||||||||||||||||||
Prepayments and other current assets | (633) | (1,060) | 15 | (592) | |||||||||||||||||||
Accounts payable | (43,509) | (12,163) | (21,270) | 34,762 | |||||||||||||||||||
Accrued liabilities | 2,294 | (2,162) | (415) | 4,327 | |||||||||||||||||||
Other | 156 | 208 | 220 | (167) | |||||||||||||||||||
Net cash provided by (used in) operating activities | 22,437 | (2,055) | 30,275 | 13,777 | |||||||||||||||||||
Investing activities: | |||||||||||||||||||||||
Property and equipment additions | (2,980) | (694) | (11,897) | (7,491) | |||||||||||||||||||
Acquisition of Firebird and Phoenix, net of cash acquired | — | 443 | — | (33,147) | |||||||||||||||||||
Proceeds from property sales | 5,707 | 893 | 8,785 | 3,102 | |||||||||||||||||||
Insurance and state collateral refunds | — | 1,202 | — | 1,533 | |||||||||||||||||||
Net cash provided by (used in) investing activities | 2,727 | 1,844 | (3,112) | (36,003) | |||||||||||||||||||
Financing activities: | |||||||||||||||||||||||
Borrowings under Credit Agreement | — | 72,000 | 76,000 | 117,000 | |||||||||||||||||||
Repayments under Credit Agreement | (625) | (62,625) | (78,500) | (92,625) | |||||||||||||||||||
Principal repayments of finance lease obligations | (3,572) | (1,250) | (8,516) | (4,741) | |||||||||||||||||||
Cash paid for debt issuance costs | — | (1,679) | — | (1,679) | |||||||||||||||||||
Repurchase of common shares from KSA | — | (69,928) | — | (69,928) | |||||||||||||||||||
Net proceeds from sale of equity | — | 1,441 | 549 | 1,724 | |||||||||||||||||||
Dividends paid on common stock | (609) | (595) | (2,517) | (3,775) | |||||||||||||||||||
Net cash used in financing activities | (4,806) | (62,636) | (12,984) | (54,024) | |||||||||||||||||||
Increase (Decrease) in cash and cash equivalents, including restricted cash | 20,358 | (62,847) | 14,179 | (76,250) | |||||||||||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 24,888 | 93,914 | 31,067 | 107,317 | |||||||||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 45,246 | $ | 31,067 | $ | 45,246 | $ | 31,067 |
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Reconciliation of Adjusted Cash Flow to | ||||||||||||||||||||||||||
Net (Losses) Earnings: | ||||||||||||||||||||||||||
Net (losses) earnings | $ | (874) | $ | (7,269) | $ | 212 | $ | 3,487 | ||||||||||||||||||
Add (subtract): | ||||||||||||||||||||||||||
Income tax (benefit) provision | (83) | (1,723) | 274 | 1,918 | ||||||||||||||||||||||
Depreciation and amortization | 6,574 | 6,598 | 27,863 | 22,707 | ||||||||||||||||||||||
Gains on sales of property | (2,607) | (803) | (4,036) | (2,512) | ||||||||||||||||||||||
Stock-based compensation expense | 149 | 310 | 1,193 | 1,022 | ||||||||||||||||||||||
Change in contingent consideration liability | — | — | (2,566) | — | ||||||||||||||||||||||
Inventory valuation losses | 3,673 | 4,070 | 751 | 2,008 | ||||||||||||||||||||||
Net change in fair value contracts | 5 | 2,237 | (330) | 353 | ||||||||||||||||||||||
Adjusted cash flow | $ | 6,837 | $ | 3,420 | $ | 23,361 | $ | 28,983 |
Reconciliation of Net (Losses) Earnings to Adjusted | ||||||||||||||||||||||||||
Net (Losses) Earnings and Adjusted (Losses) | ||||||||||||||||||||||||||
Earnings per Common Share: | ||||||||||||||||||||||||||
Net (losses) earnings | $ | (874) | $ | (7,269) | $ | 212 | $ | 3,487 | ||||||||||||||||||
Add (subtract): | ||||||||||||||||||||||||||
Gains on sales of property | (2,607) | (803) | (4,036) | (2,512) | ||||||||||||||||||||||
Stock-based compensation expense | 149 | 310 | 1,193 | 1,022 | ||||||||||||||||||||||
Change in contingent consideration liability | — | — | (2,566) | — | ||||||||||||||||||||||
Net change in fair value contracts | 5 | 2,237 | (330) | 353 | ||||||||||||||||||||||
Inventory valuation losses | 3,673 | 4,070 | 751 | 2,008 | ||||||||||||||||||||||
Tax effect of adjustments to (losses) earnings | (256) | (1,221) | 1,048 | (183) | ||||||||||||||||||||||
Adjusted net earnings (losses) | $ | 90 | $ | (2,676) | $ | (3,728) | $ | 4,175 | ||||||||||||||||||
Adjusted earnings (losses) per common share | $ | 0.03 | $ | (0.85) | $ | (1.45) | $ | 1.02 |
Reconciliation of Adjusted Cash Flow to Net Cash | ||||||||||||||||||||||||||
Provided by (Used in) Operating Activities: | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 22,437 | $ | (2,055) | $ | 30,275 | $ | 13,777 | ||||||||||||||||||
Add (subtract): | ||||||||||||||||||||||||||
Income tax (benefit) provision | (83) | (1,723) | 274 | 1,918 | ||||||||||||||||||||||
Deferred income taxes | 2,419 | 375 | 2,416 | 2,136 | ||||||||||||||||||||||
Provision for doubtful accounts | — | — | (29) | 20 | ||||||||||||||||||||||
Inventory valuation losses | 3,673 | 4,070 | 751 | 2,008 | ||||||||||||||||||||||
Changes in assets and liabilities | (21,609) | 2,753 | (10,326) | 9,124 | ||||||||||||||||||||||
Adjusted cash flow | $ | 6,837 | $ | 3,420 | $ | 23,361 | $ | 28,983 | ||||||||||||||||||
1RW=W'Y2
MOSA%[UUE%5[5[BY$
Cover Page |
Mar. 13, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 13, 2024 |
Entity Registrant Name | ADAMS RESOURCES & ENERGY, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-7908 |
Entity Tax Identification Number | 74-1753147 |
Entity Address, Address Line One | 17 South Briar Hollow Lane |
Entity Address, Address Line Two | Suite 100 |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77027 |
City Area Code | 713 |
Local Phone Number | 881-3600 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.10 par value |
Trading Symbol | AE |
Security Exchange Name | NYSEAMER |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000002178 |
Amendment Flag | false |
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