-----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, VWjKCi4iZzNtQS9Nj5gjQQ1dhag1NWtoHpFjYt0FcH2xc7OKDvHneYLGJa2Fkq1Z YrJUxCCmG78uyeWVLV5kVQ== 0000950129-04-006001.txt : 20040812 0000950129-04-006001.hdr.sgml : 20040812 20040812120047 ACCESSION NUMBER: 0000950129-04-006001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040812 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20040812 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: 04969215 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 h17674e8vk.txt ADAMS RESOURCES & ENERGY, INC.- AUGUST 12, 2004 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 12, 2004 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) Item 12. Results of Operations and Financial Condition. --------------------------------------------- On August 11, 2004, Adams Resources & Energy, Inc., a Delaware corporation, issued a press release announcing its financial results for the second quarter ended June 30, 2004. 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. 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 12, 2004 By: /s/ Richard B. Abshire --------------------------------------- Richard B. Abshire Chief Financial Officer EXHIBIT INDEX Exhibit No. Description 99.1 Copy of Adams Resources & Energy, Inc. press release dated August 11, 2004 entitled Adams Resources Announces Second Quarter Earnings. EX-99.1 2 h17674exv99w1.txt PRESS RELEASE - ANNOUNCES SECOND QUARTER EARNINGS EXHIBIT 99.1 FOR IMMEDIATE RELEASE JIM SMITH (713) 881-3662 ADAMS RESOURCES ANNOUNCES SECOND QUARTER EARNINGS Houston (August 11, 2004) -- Adams Resources & Energy, Inc., (AMEX-AE), announced second quarter 2004 unaudited net earnings of $1,118,000 or $.27 per common share. Revenues for the quarter totaled $495,616,000. Current earnings compared to unaudited second quarter 2003 net earnings of $1,430,000 or $.34 per common share. For the six-month period ended June 30, 2004, net earnings were $2,056,000 compared to $1,778,000 for the six-month period in 2003. Chairman, K. S. "Bud" Adams, Jr. attributed the reduced quarterly earnings to weaker margins within the Company's crude oil marketing business. Although world crude oil prices were generally increasing during the quarter, the Company experienced the unusual situation of narrowing margins due to adequate domestic crude oil supplies. Mr. Adams noted that reduced marketing margins were substantially offset by strong results from the Company's transportation sector. The Company's chemical transportation business is presently operating at or near full capacity and this strong demand condition is expected to continue through at least year-end.
A summary of operating results is as follows: Second Quarter ------------------------ 2004 2003 ---- ---- Operating Earnings Marketing......................................... $ 1,193,000 $ 3,284,000 Transportation.................................... 1,692,000 631,000 Oil and gas....................................... 661,000 984,000 General & administrative expenses....................... (1,851,000) (1,566,000) Interest, net........................................... (10,000) 86,000 Income tax provision.................................... (567,000) (1,334,000) ------------ ------------ Earnings from continuing operations..................... 1,118,000 2,085,000 Loss from discontinued operations, net of tax........... - (655,000) ------------ ------------ Net earnings............................................ $ 1,118,000 $ 1,430,000 ============ ============
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, (p) commodity price volatility and (q) successful completion of drilling activity. 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)
Six Months Ended Three Months Ended June 30, June 30, ----------------------- ---------------------- 2004 2003 2004 2003 ---- ---- ---- ---- Revenues............................................ $ 956,931 $ 900,257 $ 495,616 $ 426,967 Costs, expenses and other........................... (953,427) (892,820) (493,931) (423,548) Income tax provision ............................... (1,195) (2,859) (567) (1,334) ------------- ------------- ------------ ------------- Earnings from continuing operations................. 2,309 4,578 1,118 2,085 Loss for discontinued operation, net of tax......... (253) (2,708) - (655) Cumulative effect of accounting change, net of tax.. - (92) - - ------------- ------------- ------------ ------------- Net earnings........................................ $ 2,056 $ 1,778 $ 1,118 $ 1,430 ============= ============= ============ ============= Earnings (loss) per share From continuing operations....................... $ .55 $ 1.08 $ .27 $ .49 From discontinued operation...................... (.06) (.64) - (.15) Cumulative effect of accounting change........... - (.02) - - ------------- ------------- ------------ ------------- Basic and diluted net earnings per common share..................................... $ .49 $ .42 $ .27 $ .34 ============= ============= ============ ============= Dividends per common share.......................... $ - $ - $ - $ - ============= ============= ============ =============
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (In thousands)
June 30, December 31, 2004 2003 ------------- ------------- ASSETS Cash................................. $ 17,562 $ 28,342 Other current assets................. 173,016 157,309 ----------- ------------ Total current assets.............. 190,578 185,651 Net property & equipment............. 24,943 24,407 Other assets......................... 182 203 ---------- ------------ $ 215,703 $ 210,261 ============= ============= LIABILITIES AND EQUITY Total current liabilities............ $ 156,023 $ 152,665 Long-term debt....................... 11,475 11,475 Deferred taxes and other ............ 3,917 3,889 Shareholders' equity................. 44,288 42,232 ----------- ------------- $ 215,703 $ 210,261 ============= =============
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