-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SGL3vskXbnS9EDZ89AWYE6004VjZGC3qoz4Qw8ctQCDV0wEgD9H7EYTY6KccbY2f jidImtuujc7hXRXmpAb2VA== 0000950129-03-002774.txt : 20030515 0000950129-03-002774.hdr.sgml : 20030515 20030515104643 ACCESSION NUMBER: 0000950129-03-002774 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030515 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADAMS RESOURCES & ENERGY INC CENTRAL INDEX KEY: 0000002178 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172] IRS NUMBER: 741753147 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07908 FILM NUMBER: 03701720 BUSINESS ADDRESS: STREET 1: 6603 KIRBYVILLE STREET 2: P O BOX 844 CITY: HOUSTON STATE: TX ZIP: 77033 BUSINESS PHONE: 7136400100 MAIL ADDRESS: STREET 1: P O BOX 844 CITY: HOUSTON STATE: TX ZIP: 77001 FORMER COMPANY: FORMER CONFORMED NAME: ADA RESOURCES INC DATE OF NAME CHANGE: 19790620 8-K 1 h06047e8vk.txt ADAMS RESOURCES & ENERGY, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) MAY 15, 2003 ADAMS RESOURCES & ENERGY, INC. Exact Name of Registrant as Specified in its Charter DELAWARE 1-7908 74-1753147 (State or other jurisdiction (Commission file (IRS employer of incorporation) number) identification no.) 4400 POST OAK PKWY., SUITE 2700, HOUSTON, TEXAS 77027 (Address of principal executive offices) (Zip code) (713) 881-3600 (Registrant's telephone number, including area code) INFORMATION TO BE INCLUDED IN THE REPORT Item 7. Financial Statements and Exhibits. (c) Exhibits 99.1 Press Release dated May 14, 2003 Item 9. Regulation FD Disclosure On May 14, 2003, Adams Resources & Energy, Inc. (the "Company") issued a press release announcing its financial results to the first quarter ended March 31, 2003. A copy of the earnings release is furnished as Exhibit 99.1 to this report. The information in this Current Report on Form 8-K, including the exhibit, is furnished under "Item 12. Results of Operations and Financial Condition" in accordance with SEC Release No. 33-8216. Furthermore, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ADAMS RESOURCES & ENERGY, INC. By: /s/ Richard B. Abshire -------------------------------------- Richard B. Abshire Chief Financial Officer Dated: May 14, 2003 INDEX TO EXHIBITS Exhibit Number Exhibit - -------------- 99.1 Press Release dated May 14, 2003 * * This exhibit is furnished to, but not filed with, the Commission by inclusion herein. EX-99.1 3 h06047exv99w1.txt PRESS RELEASE DATED MAY 14, 2003 EXHIBIT 99.1 ADAMS RESOURCES ANNOUNCES FIRST QUARTER EARNINGS Houston (May 14, 2003)--Adams Resources & Energy, Inc. (AMEX-AE) announced first quarter 2003 unaudited net earnings of $348,000 or $.08 per common share on revenues of $473,290,000. This compares to unaudited first quarter 2002 net earnings of $595,000 or $.14 per common share. Net cash flow provided by operating activities for the first three months of 2003 totaled $3,255,000. Chairman and President, K.S. "Bud" Adams, Jr., said earnings fell short of expectation due to losses sustained by the Company's New England area retail natural gas business. Severe cold weather coupled with elevated natural gas prices produced a $2,053,000 after tax loss within the New England operations. The Company is presently taking steps to discontinue its New England operation and with the end of the winter heating season, additional significant losses are not anticipated. Mr. Adams indicated the Company's other operating units are performing moderately well. Most notably, oil and gas operating earnings improved to $861,000 during the first quarter of 2003 compared to $30,000 in the 2002 first quarter. A summary of operating results is as follows:
First Quarter --------------------------------- 2003 2002 -------------- -------------- Operating Earnings Marketing......................................... $ 3,977,000 $ 5,014,000 Transportation.................................... 499,000 475,000 Oil and gas....................................... 861,000 30,000 General & administrative expenses.................... (1,441,000) (2,189,000) Interest, net........................................ 122,000 37,000 Income tax provision................................. (1,525,000) (1,262,000) -------------- -------------- Earnings from continuing operations.................. 2,493,000 2,105,000 Loss from discontinued operations, net of tax........ (2,053,000) (1,510,000) Cumulative effect of accounting change, net of taxes...................................... (92,000) - -------------- -------------- Net earnings............................................ $ 348,000 $ 595,000 ============== ==============
Adams Resources & Energy, Inc. is engaged in the business of marketing crude oil, natural gas, and petroleum products, as well as tank truck transportation of liquid chemicals, and oil and gas exploration and production. ....................................................... 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, (b) fluctuations in hydrocarbon prices and margins, (c) variations between crude oil and natural gas 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, and (i) the availability of capital, among others (j) changes in regulations, (k) results of current items of litigation, (l) uninsured items of litigation or losses, (m) uncertainty in reserve estimates and cash flows, (n) ability to replace oil and gas reserves, (o) security issues related to drivers and terminal facilities and (p) commodity price volatility. 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 OPERATIONS (In thousands, except per share data)
Three Months Ended March 31, ---------------------------- 2003 2002 ----------- ---------- Revenues............................................ $ 473,290 $ 378,635 Costs, expenses and other........................... (469,272) (375,268) Income tax provision................................ (1,525) (1,262) ------------ ---------- Earnings from continuing operations................. 2,493 2,105 Loss for discontinued operations, net of tax........ (2,053) (1,510) Cumulative effect of accounting change, net of tax..................................... (92) - ------------ ---------- Net earnings........................................ $ 348 $ 595 ============ ========== Earnings (loss) per share: From continuing operations...................... $ .59 $ .50 From discontinued operations.................... (.49) (.36) Cumulative effect of accounting change.......... (.02) - ------------ ---------- Basic and diluted................................... net earnings per common share.................... $ .08 $ .14 ============ ========== Dividends per common share.......................... $ - $ - ============ ==========
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (In thousands)
March 31 December 31 2003 2002 ------------- ------------ ASSETS Cash.............................................. $ 28,756 $ 27,262 Other current assets.............................. 204,211 152,138 ----------- ------------ Total current assets......................... 232,967 179,400 Net property & equipment.......................... 23,438 22,304 Other assets...................................... 416 416 ---------- ------------ $ 256,821 $ 202,120 ============= ============ LIABILITIES AND EQUITY Total current liabilities......................... $ 201,757 $ 148,084 Long-term debt.................................... 11,475 11,475 Deferred taxes and other ......................... 3,141 2,461 Shareholders' equity.............................. 40,448 40,100 ----------- ------------ $ 256,821 $ 202,120 ============= ============
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