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Adams Resources Announces Fourth Quarter And Year End 2013 Earnings

HOUSTON, March 12, 2014 /PRNewswire/ -- Adams Resources & Energy, Inc., (NYSE MKT-AE), announced unaudited fourth quarter 2013 net earnings of $109,000 or $.02 per common share on revenues of $968,096,000.  This compares to an unaudited fourth quarter 2012 net earnings of $7,567,000 or $1.79 per share on revenues of $871,597,000.  For the full year of 2013, net earnings totaled $21,610,000 or $5.12 per share on revenues of $3,945,969,000.  Net cash provided by operating activities totaled $43,976,000 for the year 2013.  The Company continues to have no bank debt or other forms of debenture obligations.  Cash balances at December 31, 2013 totaled $60,733,000.

A summary of operating results follows:


Fourth Quarter


2013

2012




Operating Earnings (Loss)



Marketing

$   4,862,000

$ 16,265,000

Transportation

700,000

2,334,000

Oil and gas

(2,962,000)

(3,760,000)

Administrative expenses

(2,350,000)

(2,195,000)


250,000

12,644,000

Interest income (expense), net.

95,000

64,000

Income tax (expense)

(56,000)

(4,858,000)

Discontinued operations, net of tax

(180,000)

(283,000)




Net earnings (loss)

$      109,000

$   7,567,000

 

President and Chief Executive Officer F.T. "Chip" Webster commented that during the fourth quarter of 2013 the Company's marketing operation recorded a $4.3 million pretax noncash write-down of crude oil inventory values following a decline in prices.  In addition, the Company experienced a narrowing of margins within its crude oil marketing business due to competitive pressures particularly in the South Texas and North Dakota regions.  The company also sustained a $2.2 million non-cash write-down of oil and gas property costs during the fourth quarter of 2013 due to adverse drilling results. 

Cautionary Statement Regarding Forward-Looking Statements

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 commodity 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, (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, (q) demand for chemical based trucking operations, (r) successful completion of drilling activity, (s) financial soundness of customers and suppliers and (t) adverse world economic conditions.  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)



Year Ended

Three Months Ended


December 31,

December 31,


2013

2012

2013

2012






Revenues

$  3,945,969

$  3,376,085

$     968,096

$     875,666






Costs, expenses and other

(3,911,419)

(3,331,949)

(967,751)

(862,958)

Income tax (provision)

(12,429)

(16,664)

(56)

(4,858)

Earnings from continuing operations

22,121

27,472

289

7,850

Earnings (loss) from discontinued





    operations, net of tax

(511)

319

(180)

(283)






Net earnings

$       21,610

$       27,791

$            109

$         7,567











Earnings (loss) per common share:





    From continuing operations

$           5.24

$           6.51

$             .06

$           1.86

    From discontinued operations

(.12)

.08

(.04)

(.07)

    Basic and diluted net earnings





per common share

$           5.12

$           6.59

$             .02

$           1.79






Dividends per common share

$             .66

$               .62

$              .22

$             .62

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(In thousands)


December 31,

December 31,


2013

2012




ASSETS



Cash 

$        60,733

$        47,239

Other current assets

290,997

277,317

Total current assets

351,730

324,556




Net property & equipment

91,865

90,712

Deposits and other assets

4,487

4,233


$      448,082

$      419,501




LIABILITIES AND EQUITY



Total current liabilities

$      272,169

$      266,082

Deferred taxes and other liabilities

21,228

17,561

Shareholders' equity

154,685

135,858


$      448,082

$      419,501

 

Rick Abshire
(713) 881-3609

SOURCE Adams Resources & Energy, Inc.

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