-----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, CP+pq+QgxrJoucfEZy2rmYXFkgR5HJNtQATLWs8F0GkJSMKLJSHQWEGfak8jO0Fs 2yoxqxz7AmWi1B3z93QHAA== 0000950129-03-004167.txt : 20030813 0000950129-03-004167.hdr.sgml : 20030813 20030813163054 ACCESSION NUMBER: 0000950129-03-004167 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030813 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030813 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: 03841664 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 h08268e8vk.txt ADAMS RESOURCES & ENERGY, INC. - 8/13/2003 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): August 13, 2003 ADAMS RESOURCES & ENERGY, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 1-7908 74-1753147 ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (IRS employer of incorporation) file 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) 1 Item 7. Financial Statements and Exhibits. (c) Exhibits Exhibit No. Description ----------- ----------- 99.1 Copy of Adams Resources & Energy, Inc. press release dated August 13, 2003 entitled Adams Resources Announces Second Quarter Earnings. Item 12. Results of Operations and Financial Condition. On August 13, 2003, Adams Resources & Energy, Inc., a Delaware corporation, issued a press release announcing its financial results for the second quarter ended June 30, 2003. A copy of the earnings release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference. The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. 2 SIGNATURE 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. Date: August 13, 2003 By: /s/ K. S. Adams, Jr. -------------------------------- K. S. Adams, Jr. Chief Executive Officer 3 EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99.1 Copy of Adams Resources & Energy, Inc. press release dated August 13, 2003 entitled Adams Resources Announces Second Quarter Earnings. EX-99.1 3 h08268exv99w1.txt COPY OF PRESS RELEASE DATED AUGUST 13, 2003 EXHIBIT 99.1 ADAMS RESOURCES ANNOUNCES SECOND QUARTER EARNINGS Houston (August 13, 2003)--Adams Resources & Energy, Inc. (AMEX-AE) announced second quarter 2003 unaudited net earnings of $1,430,000 or $.34 per common share on revenues of $426,967,000. This compares to unaudited second quarter 2002 net earnings of $555,000 or $.13 per common share. Net cash flow provided by operating activities for the first six months of 2003 totaled $10,554,000. Chairman and President, K.S. "Bud" Adams, Jr., attributed the earnings increase to higher commodity prices and increased production volumes within the Company's oil and gas exploration segment. Most notably, recent drilling results caused natural gas production volumes to increase by 51 percent to 343,000 mmbtu for the quarter. In addition, average natural gas sales price realizations increase to $6.03 per mmbtu during the current quarter, up from a $2.72 per unit average in the second quarter of 2002. The Company's in-house petroleum engineers estimated crude oil and natural gas reserve additions, resulting from 2003's exploration efforts to date. Indicated reserve additions total 93,000 barrels of crude oil and 1,302,000 mcf of natural gas. With Company production for all of last year being 55,000 barrels of oil and 1,047,000 mcf of gas, these reserve additions represent more than a complete replacement of 2002's production. A summary of operating results is as follows:
Second Quarter ------------------------- 2003 2002 ----------- ----------- Operating earnings Marketing ............................ $ 3,284,000 $ 2,004,000 Transportation ....................... 631,000 812,000 Oil and gas .......................... 984,000 (1,000) General & administrative ................... (1,566,000) (1,965,000) Interest, net .............................. 86,000 27,000 Income tax provision ....................... (1,334,000) (321,000) ----------- ----------- Earnings from continuing operation ......... 2,085,000 556,000 Loss from discontinued operation, net of tax (655,000) (1,000) ----------- ----------- Net earnings ......................... $ 1,430,000 $ 555,000 =========== ===========
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) counter party 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 CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share data)
Six Months Ended Three Months Ended June 30, June 30, ------------------- ------------------- 2003 2002 2003 2002 -------- -------- -------- -------- Revenues ...................................... $900,257 $871,624 $426,967 $492,989 Costs, expenses and other ..................... 892,820 867,380 423,548 492,112 Income tax provision .......................... 2,859 1,583 1,334 321 -------- -------- -------- -------- Earnings from continuing operations ........... 4,578 2,661 2,085 556 Loss for discontinued operation, net of tax ... (2,708) (1,511) (655) (1) Cumulative effect of accounting change, net of tax ................................. (92) -- -- -- -------- -------- -------- -------- Net earnings .................................. $ 1,778 $ 1,150 $ 1,430 $ 555 ======== ======== ======== ======== Earnings (loss) per share From continuing operations ................. $ 1.08 $ .63 $ .49 $ .13 From discontinued operation ................ (.64) (.36) (.15) -- Cumulative effect of accounting change ..... (.02) -- -- -- -------- -------- -------- -------- Basic and diluted net earnings per common share ............................. $ .42 $ .27 $ .34 $ .13 ======== ======== ======== ======== Dividends per common share .................... $ -- $ -- $ -- $ -- ======== ======== ======== ========
2 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (In thousands)
June 30, December 31, -------- ------------ 2003 2002 -------- -------- ASSETS Cash ....................................... $ 33,890 $ 27,262 Other current assets ....................... 160,842 152,138 -------- -------- Total current assets .................. 194,732 179,400 Net property & equipment ................... 23,816 22,304 Other assets ............................... 416 416 -------- -------- $218,964 $202,120 ======== ======== LIABILITIES AND EQUITY Total current liabilities ................. $162,467 $148,084 Long-term debt ............................. 11,475 11,475 Deferred taxes and other ................... 3,144 2,461 Shareholders' equity ....................... 41,878 40,100 -------- -------- $218,964 $202,120 ======== ========
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