0000002178-13-000012.txt : 20130314 0000002178-13-000012.hdr.sgml : 20130314 20130314171152 ACCESSION NUMBER: 0000002178-13-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20121231 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20130314 DATE AS OF CHANGE: 20130314 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: 0926 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07908 FILM NUMBER: 13691255 BUSINESS ADDRESS: STREET 1: 17 S. BRIAR HOLLOW LN. CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 7138813600 MAIL ADDRESS: STREET 1: P O BOX 844 CITY: HOUSTON STATE: TX ZIP: 77001 FORMER COMPANY: FORMER CONFORMED NAME: ADAMS RESOURCES & ENERGY INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ADA RESOURCES INC DATE OF NAME CHANGE: 19790620 8-K 1 form8-k.htm ADAMS RESOURCES 8-K 03-14-2013 form8-k.htm

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):  March 14, 2013

 
ADAMS RESOURCES & ENERGY, INC.
  
 
(Exact name of registrant as specified in its charter)
  
       
       
Delaware
  
1-7908
  
74-1753147
  
(State or other jurisdiction of incorporation)
  
(Commission file number)
  
(IRS employer
identification no.)
  
       
       
17 South Briar Hollow Lane, Suite 100
Houston, Texas
  
77027
  
(Address of principal executive offices)
  
(Zip code)
  
       
   
(713) 881-3600
      
   
(Registrant’s telephone number, including area code)
      


 
 
 

 Item 2.02.  Results of Operations and Financial Condition.

On March 14, 2013, Adams Resources & Energy, Inc., a Delaware corporation, issued a press release announcing financial results for the fourth quarter ended December 31, 2012.  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:  March 14, 2013
By:/s/ Richard B. Abshire
 
Richard B. Abshire
 
Chief Financial Officer






EX-99.1 2 ex99-1.htm PRESS RELEASE 4TH QT EARNINGS ex99-1.htm

                            Exhibit 99.1
                            FOR IMMEDIATE RELEASE
                             Rick Abshire (713) 881-3609

ADAMS RESOURCES ANNOUNCES FOURTH QUARTER AND YEAR END 2012 EARNINGS

Houston (March 14, 2013) -- Adams Resources & Energy, Inc., (NYSE Amex -AE), announced unaudited fourth quarter 2012 net earnings of $7,567,000 or $1.79 per common share on revenues totaling $876,476,000.  This compares to an unaudited fourth quarter 2011 net earnings of $4,733,000 or $1.13 per share on revenues of $847,609,000.  For the full year of 2012, net earnings totaled $27,791,000 or $6.59 per share on revenues of $3,380,964,000.   The Company paid an annual cash dividend of $.62 per share during the fourth quarter of 2012 which represented an 8.8 percent increase over 2011.  Net cash provided by operating activities totaled $54,494,000 for the year 2012.  The Company continues to have no bank debt or other forms of debenture obligations.  Cash balances at December 31, 2012 totaled $47,239,000.

A summary of operating results follows:

   
Fourth Quarter
  
   
2012
    
2011
  
             
Operating Earnings (Loss)
            
Marketing                                                                   
   $ 16,229,000     $ 23,309,000  
Transportation                                                                   
     2,334,000       1,518,000  
Oil and gas                                                                   
     (3,760,000 )     (14,284,000 )
Administrative expenses                                                                   
     (2,469,000 )     (2,389,000 )
      12,334,000       8,154,000  
Interest income (expense), net                                                                       
     64,000       3,000  
Income tax (expense)                                                                       
     (4,750,000 )     (3,113,000 )
Discontinued operations, net of tax                                                                       
     (81,000 )     (311,000 )
                 
Net earnings (loss)                                                                       
   $ 7,567,000     $ 4,733,000  

President and Chief Executive Officer F.T. “Chip” Webster commented that during the fourth quarter of 2012 the Company recorded a $4.6 million pretax noncash write-down of oil and gas property costs due to continuing declines in natural gas prices.  A similar but larger, at $13.5 million, noncash write-down occurred during the fourth quarter of 2011. For the year 2012, the Company participated in the drilling of 109 wells with no dry holes.  Oil and gas proved reserve additions during 2012 replaced 101 percent of 2012 production on an equivalent barrel basis.
…………………………………………………

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,
  
   
2012
    
2011
    
2012
    
2011
  
                         
Revenues                                                    
   $ 3,380,964     $ 3,044,988     $ 876,476     $ 847,609  
                                 
Costs, expenses and other                                                    
     (3,336,735 )     (3,008,438 )     (864,078 )     (839,452 )
Income tax (provision)                                                    
     (16,697 )     (13,107 )     (4,750 )     (3,113 )
Earnings from continuing operations
     27,532       23,443       7,648       5,044  
Earnings (loss) from discontinued
                                
    operations                                                    
     259       (512 )     (81 )     (311 )
                                 
Net earnings                                                    
   $ 27,791     $ 22,931     $ 7,567     $ 4,733  
                                 
                                 
Earnings (loss) per common share:
                                
    From continuing operations
   $ 6.53     $ 5.56     $ 1.81     $ 1.19  
    From discontinued operations
     .06       (.12 )     (.02 )     (.06 )
    Basic and diluted net earnings
                                
per common share                                               
   $ 6.59     $ 5.44     $ 1.79     $ 1.13  
                                 
Dividends per common share                                                    
   $ .62     $ .57     $ -     $ -  




UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
  
(In thousands)
  
   
December 31,
    
December 31,
  
   
2012
    
2011
  
             
ASSETS
            
Cash                                                                         
   $ 47,239     $ 37,066  
Other current assets                                                                         
     277,317       267,899  
Total current assets                                                                 
     324,556       304,965  
                 
Net property & equipment                                                                               
     90,712       68,857  
Deposits and other assets                                                                               
     4,233       5,018  
    $ 419,501     $ 378,840  
                 
LIABILITIES AND EQUITY
                
Total current liabilities                                                                         
   $ 266,082     $ 256,094  
Deferred taxes and other liabilities                                                                         
     17,561       12,064  
Shareholders’ equity                                                                         
     135,858       110,682  
    $ 419,501     $ 378,840