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ADAMS RESOURCES & ENERGY, INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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1-7908
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74-1753147
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(State or other jurisdiction of incorporation)
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(Commission file number)
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(IRS employer
identification no.)
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17 South Briar Hollow Lane, Suite 100
Houston, Texas
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77027
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(Address of principal executive offices)
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(Zip code)
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(713) 881-3600
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(Registrant’s telephone number, including area code)
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ADAMS RESOURCES & ENERGY, INC.
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Date: November 7, 2013
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By:/s/ Richard B. Abshire
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Richard B. Abshire
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Chief Financial Officer
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Third Quarter
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2013
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2012
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Operating Earnings (Expense)
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Marketing
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$ | 11,270,000 | $ | 13,452,000 | ||||
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Transportation
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1,248,000 | 2,607,000 | ||||||
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Oil and gas
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752,000 | 314,000 | ||||||
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Administrative expenses
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(2,535,000 | ) | (2,603,000 | ) | ||||
| 10,735,000 | 13,770,000 | |||||||
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Interest income, net
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32,000 | 77,000 | ||||||
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Income tax (provision)
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(3,797,000 | ) | (5,510,000 | ) | ||||
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Discontinued operations
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186,000 | (74,000 | ) | |||||
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Net earnings
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$ | 7,156,000 | $ | 8,263,000 | ||||
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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(In thousands, except per share data)
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Nine Months Ended
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Three Months Ended
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September 30,
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September 30,
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2013
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2012
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2013
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2012
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Revenues
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$ | 2,980,145 | $ | 2,504,488 | $ | 1,060,770 | $ | 795,525 | ||||||||
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Costs, expenses and other
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(2,946,697 | ) | (2,472,657 | ) | (1,050,003 | ) | (781,678 | ) | ||||||||
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Income tax (provision)
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(12,109 | ) | (11,947 | ) | (3,797 | ) | (5,510 | ) | ||||||||
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Earnings from continuing operations
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21,339 | 19,884 | 6,970 | 8,337 | ||||||||||||
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Earnings (loss) from discontinued
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operations
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162 | 340 | 186 | (74 | ) | |||||||||||
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Net earnings
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$ | 21,501 | $ | 20,224 | $ | 7,156 | $ | 8,263 | ||||||||
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Earnings (loss) per common share:
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From continuing operations
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$ | 5.06 | $ | 4.71 | $ | 1.65 | $ | 1.98 | ||||||||
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From discontinued operations
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.04 | .08 | .05 | (.02 | ) | |||||||||||
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Basic and diluted net earnings
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per common share
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5.10 | $ | 4.79 | $ | 1.70 | $ | 1.96 | |||||||||
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Dividends per common share
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$ | .44 | $ | - | $ | .22 | $ | - | ||||||||
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
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(In thousands)
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September 30,
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December 31,
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2013
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2012
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ASSETS
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Cash and marketable securities
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$ | 52,044 | $ | 47,239 | ||||
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Other current assets
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322,953 | 277,317 | ||||||
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Total current assets
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374,997 | 324,556 | ||||||
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Net property & equipment
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95,700 | 90,712 | ||||||
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Deposits and other assets
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3,983 | 4,233 | ||||||
| $ | 474,680 | $ | 419,501 | |||||
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LIABILITIES AND EQUITY
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Total current liabilities
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$ | 299,160 | $ | 266,082 | ||||
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Other long-term liabilities
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20,016 | 17,561 | ||||||
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Shareholders’ equity
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155,504 | 135,858 | ||||||
| $ | 474,680 | $ | 419,501 | |||||