-----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, UQGGyILVivNfZ1nKQBRQs0LwmDE+5GoldmJcCc9a6qMJCMDi9RcHKeDJh7xB8hOP XVMdrdE83FyKHBrlQO7MzQ== 0000950129-03-005771.txt : 20031119 0000950129-03-005771.hdr.sgml : 20031119 20031119164657 ACCESSION NUMBER: 0000950129-03-005771 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031119 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031119 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: 031013344 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 h10810e8vk.txt ADAMS RESOURCES & ENERGY, INC. - NOVEMBER 19, 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): November 19, 2003 ADAMS RESOURCES & ENERGY, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 1-7908 74-1753147 - -------------------- -------------------- ------------------------ (State or other (Commission file (IRS employer jurisdiction of number) identification no.) incorporation) 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) Item 7. Financial Statements and Exhibits. (c) Exhibits
Exhibit No. Description ----------- ----------- 99.1 Copy of Adams Resources & Energy, Inc. press release dated November 13, 2003 entitled Adams Resources Increases Dividends and Announces Third Quarter Earnings.
Item 12. Results of Operations and Financial Condition. On November 13, 2003, Adams Resources & Energy, Inc., a Delaware corporation, issued a press release announcing its financial results for the third quarter ended September 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: November 19, 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 November 13, 2003 entitled Adams Resources Increases Dividend and Announces Third Quarter Earnings.
4 EX-99.1 3 h10810exv99w1.txt PRESS RELEASE DATED NOVEMBER 13, 2003 EXHIBIT 99.1 SHARON COPELAND (713) 881-3611 FOR IMMEDIATE RELEASE ADAMS RESOURCES INCREASES DIVIDEND AND ANNOUNCES THIRD QUARTER EARNINGS Houston (November 13, 2003) -- Adams Resources & Energy, Inc., (AMEX-AE), announced unaudited third quarter 2003 net earnings of $673,000 or $.16 per common share on revenues totaling $399,243,000. This compares to unaudited third quarter 2002 net earnings of $189,000 or $.05 per share. For the nine months ended September 30, 2003, net earnings were $2,451,000. Net cash flow provided by operating activities for the first nine months of 2003 totaled $12,609,000. A summary of operating results follows:
Third Quarter --------------------------- 2003 2002 ----------- ----------- Operating earnings (loss) Marketing ................................ $ 2,444,000 $ 1,266,000 Transportation ........................... (463,000) 518,000 Oil and gas .............................. 860,000 (190,000) General & administrative ....................... (1,640,000) (1,454,000) Interest, net .................................. 19,000 (2,000) Income tax provision ........................... (393,000) (33,000) ----------- ----------- Earnings from continuing operations ............ 827,000 105,000 Earnings (loss) from discontinued operation, net of tax ............................... (154,000) 84,000 ----------- ----------- Net earnings ............................. $ 673,000 $ 189,000 =========== ===========
Chairman and President, K.S. "Bud" Adams, Jr., attributed the earnings increase to higher commodity prices and increased production volumes from the Company's oil and gas exploration segment. Most notably, recent drilling results increased natural gas production volumes by 12 percent to 293,100 mcf while crude oil production volumes increased by 44 percent to 19,000 barrels for the quarter. In addition, average natural gas price realizations increased to $5.52 per mcf during the current quarter, up from a $3.10 per unit average in the third quarter of 2002. The oil and gas earnings improvement was partially offset, however, by operating losses sustained by our petrochemical trucking operation, Mr. Adams added. The company's transportation operation sustained losses totaling $463,000 in the current quarter versus operating earnings of $518,000 in last year's third quarter. A reduction in demand for the Company's transportation services was the direct cause of the loss. Beginning in October 2003, the Company has experienced an increase in demand, however, consistent with the reported general improvement in the overall United States economy. We are hopeful the recent marketplace strengthening continues. The Company also announced its Board of Directors has declared an annual cash dividend in the amount of $.23 per common share, payable on December 15, 2003 to shareholders of record as of December 3, 2003. The amount of the dividend is increased by 77 percent, or $.10 per share, over last year. Chairman and President, K. S. "Bud" Adams, Jr., said the Company's continued strength and the recent changes in tax laws led to the dividend increase. UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share data)
Nine Months Ended Three Months Ended September 30, September 30, ---------------------------- ---------------------------- 2003 2002 2003 2002 ------------ ------------ ------------ ------------ Revenues ................................... $ 1,299,500 $ 1,374,344 $ 399,243 $ 502,720 Costs, expenses and other .................. 1,290,843 1,369,962 398,023 502,582 Income tax provision ....................... 3,252 1,616 393 33 ------------ ------------ ------------ ------------ Earnings from continuing operations ........ 5,405 2,766 827 105 Income (loss) for discontinued operation, net of tax .............................. (2,862) (1,427) (154) 84 Cumulative effect of accounting change, net of tax .............................. (92) -- -- -- ------------ ------------ ------------ ------------ Net earnings ............................... $ 2,451 $ 1,339 $ 673 $ 189 ============ ============ ============ ============ Earnings (loss) per share From continuing operations .............. $ 1.28 $ .66 $ .20 $ .03 From discontinued operation ............. (.68) (.34) (.04) .02 Cumulative effect of accounting change .. (.02) -- -- -- ------------ ------------ ------------ ------------ Basic and diluted net earnings per common share ............................ $ .58 $ .32 $ .16 $ .05 ============ ============ ============ ============ Dividends per common share ................. $ -- $ -- $ -- $ -- ============ ============ ============ ============
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (In thousands)
September 30, December 31, 2003 2002 ------------- ------------ ASSETS Cash ......................................... $ 34,422 $ 27,262 Other current assets ......................... 132,335 152,138 ------------ ------------ Total current assets .................... 166,757 179,400 Net property & equipment ..................... 24,259 22,304 Other assets ................................. 415 416 ------------ ------------ $ 191,431 $ 202,120 ============ ============ LIABILITIES AND EQUITY Total current liabilities .................... $ 134,800 $ 148,084 Long-term debt ............................... 11,475 11,475 Deferred taxes and other ..................... 2,605 2,461 Shareholders' equity ......................... 42,551 40,100 ------------ ------------ $ 191,431 $ 202,120 ============ ============
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, (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. -----END PRIVACY-ENHANCED MESSAGE-----