Delaware | 1-7908 | 74-1753147 | ||||||
(State or other jurisdiction | (Commission | (IRS Employer | ||||||
of incorporation) | File Number) | Identification No.) |
17 South Briar Hollow Lane, Suite 100, Houston, Texas | 77027 | ||||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||||||
Emerging growth company ☐ | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock | AE | NYSE American LLC |
ADAMS RESOURCES & ENERGY, INC. | |||||||||||
Date: | May 8, 2019 | By: | /s/ Tracy E. Ohmart | ||||||||
Tracy E. Ohmart | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer and | |||||||||||
Principal Accounting Officer) |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2019 | 2018 | ||||||||||
Revenues: | |||||||||||
Marketing | $ | 429,761 | $ | 373,638 | |||||||
Transportation | 15,407 | 13,618 | |||||||||
Total revenues | 445,168 | 387,256 | |||||||||
Costs and expenses: | |||||||||||
Marketing | 420,541 | 369,183 | |||||||||
Transportation | 13,101 | 12,301 | |||||||||
General and administrative | 2,684 | 2,283 | |||||||||
Depreciation and amortization | 3,589 | 2,412 | |||||||||
Total costs and expenses | 439,915 | 386,179 | |||||||||
Operating earnings | 5,253 | 1,077 | |||||||||
Other income (expense): | |||||||||||
Gain on dissolution of investment | 498 | — | |||||||||
Interest income | 656 | 387 | |||||||||
Interest expense | (65) | (19) | |||||||||
Total other income (expense), net | 1,089 | 368 | |||||||||
Earnings before income taxes | 6,342 | 1,445 | |||||||||
Income tax provision | (1,434) | (307) | |||||||||
Net earnings | $ | 4,908 | $ | 1,138 | |||||||
Earnings per share: | |||||||||||
Basic net earnings per common share | $ | 1.16 | $ | 0.27 | |||||||
Diluted net earnings per common share | $ | 1.16 | $ | 0.27 | |||||||
Dividends per common share | $ | 0.22 | $ | 0.22 | |||||||
March 31, | December 31, | ||||||||||
2019 | 2018 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 130,893 | $ | 117,066 | |||||||
Accounts receivable, net of allowance for doubtful accounts | 88,095 | 85,197 | |||||||||
Accounts receivable – related party | — | 425 | |||||||||
Inventory | 29,237 | 22,779 | |||||||||
Derivative assets | 274 | 162 | |||||||||
Income tax receivable | 1,978 | 2,404 | |||||||||
Prepayments and other current assets | 1,609 | 1,557 | |||||||||
Total current assets | 252,086 | 229,590 | |||||||||
Property and equipment, net | 48,917 | 44,623 | |||||||||
Operating lease right-of-use assets | 10,681 | — | |||||||||
Cash deposits and other assets | 2,951 | 4,657 | |||||||||
Total assets | $ | 314,635 | $ | 278,870 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 133,325 | $ | 116,068 | |||||||
Accounts payable – related party | 6 | 29 | |||||||||
Derivative liabilities | 270 | 139 | |||||||||
Current portion of finance lease obligations | 1,002 | 883 | |||||||||
Current portion of operating lease liabilities | 2,160 | — | |||||||||
Other current liabilities | 8,580 | 6,148 | |||||||||
Total current liabilities | 145,343 | 123,267 | |||||||||
Other long-term liabilities: | |||||||||||
Asset retirement obligations | 1,538 | 1,525 | |||||||||
Finance lease obligations | 3,428 | 3,209 | |||||||||
Operating lease liabilities | 8,523 | — | |||||||||
Deferred taxes and other liabilities | 5,104 | 4,271 | |||||||||
Total liabilities | 163,936 | 132,272 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity | 150,699 | 146,598 | |||||||||
Total liabilities and shareholders’ equity | $ | 314,635 | $ | 278,870 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2019 | 2018 | ||||||||||
Operating activities: | |||||||||||
Net earnings | $ | 4,908 | $ | 1,138 | |||||||
Adjustments to reconcile net earnings to net cash | |||||||||||
provided by operating activities: | |||||||||||
Depreciation and amortization | 3,589 | 2,412 | |||||||||
Gains on sales of property | (178) | (26) | |||||||||
Provision for doubtful accounts | (32) | — | |||||||||
Stock-based compensation expense | 123 | — | |||||||||
Deferred income taxes | 834 | (709) | |||||||||
Net change in fair value contracts | 19 | (2) | |||||||||
Gain on dissolution of AREC | (498) | — | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | (2,866) | 4,200 | |||||||||
Accounts receivable/payable, affiliates | (23) | — | |||||||||
Inventories | (6,458) | (7,075) | |||||||||
Income tax receivable | 426 | 880 | |||||||||
Prepayments and other current assets | (52) | 153 | |||||||||
Accounts payable | 17,914 | 1,377 | |||||||||
Accrued liabilities | 2,432 | 851 | |||||||||
Other | 878 | 86 | |||||||||
Net cash provided by operating activities | 21,016 | 3,285 | |||||||||
Investing activities: | |||||||||||
Property and equipment additions | (8,351) | (866) | |||||||||
Proceeds from property sales | 543 | 132 | |||||||||
Proceeds from dissolution of AREC | 923 | — | |||||||||
Insurance and state collateral refunds | 842 | 603 | |||||||||
Net cash used in investing activities | (6,043) | (131) | |||||||||
Financing activities: | |||||||||||
Principal repayments of finance lease obligations | (218) | (83) | |||||||||
Dividends paid on common stock | (928) | (928) | |||||||||
Net cash used in financing activities | (1,146) | (1,011) | |||||||||
Increase in cash and cash equivalents | 13,827 | 2,143 | |||||||||
Cash and cash equivalents at beginning of period | 117,066 | 109,393 | |||||||||
Cash and cash equivalents at end of period | $ | 130,893 | $ | 111,536 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2019 | 2018 | ||||||||||
Reconciliation of Adjusted Cash Flow to Net Earnings: | |||||||||||
Net earnings | $ | 4,908 | $ | 1,138 | |||||||
Add (subtract): | |||||||||||
Income tax provision | 1,434 | 307 | |||||||||
Depreciation and amortization | 3,589 | 2,412 | |||||||||
Gains on sales of property | (178) | (26) | |||||||||
Gain on dissolution of AREC | (498) | — | |||||||||
Stock-based compensation expense | 123 | — | |||||||||
Inventory liquidation gains | (4,462) | (552) | |||||||||
Net change in fair value contracts | 19 | (2) | |||||||||
Adjusted cash flow | $ | 4,935 | $ | 3,277 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2019 | 2018 | ||||||||||
Adjusted net earnings and earnings per common share (Non-GAAP): | |||||||||||
Net earnings | $ | 4,908 | $ | 1,138 | |||||||
Add (subtract): | |||||||||||
Gain on dissolution of AREC | (498) | — | |||||||||
Gains on sales of property | (178) | (26) | |||||||||
Stock-based compensation expense | 123 | — | |||||||||
Net change in fair value of contracts | 19 | (2) | |||||||||
Inventory liquidation gains | (4,462) | (552) | |||||||||
Tax effect of adjustments to earnings | 1,049 | 122 | |||||||||
Adjusted net earnings | $ | 961 | $ | 680 | |||||||
Adjusted earnings per common share | $ | 0.23 | $ | 0.16 |
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