Attached files
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| 8-K - ADAMS RESOURCES 8-K 03-14-2013 - ADAMS RESOURCES & ENERGY, INC. | form8-k.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 $47,239,000.
A summary of operating results follows:
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Fourth Quarter
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2012
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2011
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Operating Earnings (Loss)
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Marketing
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$ | 16,229,000 | $ | 23,309,000 | ||||
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Transportation
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2,334,000 | 1,518,000 | ||||||
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Oil and gas
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(3,760,000 | ) | (14,284,000 | ) | ||||
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Administrative expenses
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(2,469,000 | ) | (2,389,000 | ) | ||||
| 12,334,000 | 8,154,000 | |||||||
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Interest income (expense), net
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64,000 | 3,000 | ||||||
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Income tax (expense)
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(4,750,000 | ) | (3,113,000 | ) | ||||
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Discontinued operations, net of tax
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(81,000 | ) | (311,000 | ) | ||||
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Net earnings (loss)
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$ | 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.
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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.
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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(In thousands, except per share data)
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Year Ended
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Three Months Ended
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December 31,
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December 31,
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2012
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2011
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2012
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2011
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Revenues
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$ | 3,380,964 | $ | 3,044,988 | $ | 876,476 | $ | 847,609 | ||||||||
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Costs, expenses and other
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(3,336,735 | ) | (3,008,438 | ) | (864,078 | ) | (839,452 | ) | ||||||||
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Income tax (provision)
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(16,697 | ) | (13,107 | ) | (4,750 | ) | (3,113 | ) | ||||||||
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Earnings from continuing operations
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27,532 | 23,443 | 7,648 | 5,044 | ||||||||||||
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Earnings (loss) from discontinued
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operations
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259 | (512 | ) | (81 | ) | (311 | ) | |||||||||
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Net earnings
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$ | 27,791 | $ | 22,931 | $ | 7,567 | $ | 4,733 | ||||||||
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Earnings (loss) per common share:
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From continuing operations
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$ | 6.53 | $ | 5.56 | $ | 1.81 | $ | 1.19 | ||||||||
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From discontinued operations
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.06 | (.12 | ) | (.02 | ) | (.06 | ) | |||||||||
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Basic and diluted net earnings
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per common share
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$ | 6.59 | $ | 5.44 | $ | 1.79 | $ | 1.13 | ||||||||
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Dividends per common share
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$ | .62 | $ | .57 | $ | - | $ | - | ||||||||
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
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(In thousands)
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December 31,
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December 31,
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2012
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2011
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ASSETS
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Cash
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$ | 47,239 | $ | 37,066 | ||||
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Other current assets
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277,317 | 267,899 | ||||||
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Total current assets
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324,556 | 304,965 | ||||||
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Net property & equipment
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90,712 | 68,857 | ||||||
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Deposits and other assets
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4,233 | 5,018 | ||||||
| $ | 419,501 | $ | 378,840 | |||||
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LIABILITIES AND EQUITY
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Total current liabilities
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$ | 266,082 | $ | 256,094 | ||||
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Deferred taxes and other liabilities
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17,561 | 12,064 | ||||||
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Shareholders’ equity
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135,858 | 110,682 | ||||||
| $ | 419,501 | $ | 378,840 | |||||