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 7, 2006
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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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4400
Post Oak Pkwy, Suite 2700, 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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Item
4.02(a). Non-reliance on Previously Issued Financial Statements or a Related
Audit Report of Completed Interim Review.
Adams
Resources & Energy, Inc. (the “Company”) has determined that due to a
clerical error, previously reported total revenues and total costs and expenses
for the quarterly period ended September 30, 2005 were both overstated by
approximately $157,610,000. Net earnings and earnings per share were not
affected by this error. The affected revenues and costs involved physical
crude
oil movements involving third parties. Under the requirements of Statement
of
Financial Accounting Standards (“SFAS”) No. 133 as amended by SFAS No. 137 and
No. 138, the Company is required to report on a net basis, those sales and
purchases of crude oil that do not qualify as “normal purchases and sales” under
the accounting standards. In the course of assembling the data for netting
purposes, a clerical summation error occurred whereby an insufficient amount
of
revenue was netted against purchases. As a result of this error in netting,
the
Company’s previously issued financial statements for the three and nine months
ended September 30, 2005 should no longer be relied upon with respect to
reported total revenues and costs.
On
March
6, 2006, the Audit Committee of the Company’s Board of Directors concurred with
the conclusion of management that existing unaudited consolidated financial
statements for the quarterly period ended September 30, 2005 should be restated.
Through the filing of an amended Form 10-Q, the Company will restate the
previously issued unaudited consolidated financial statements for the quarterly
period ended September 30, 2005 to correct the amount of previously reported
total revenues and total costs and expenses.
The
accounting error described above was detected by the Company’s accounting
personnel in the course of preparing its financial statements for the fourth
quarter of 2005. The determination to restate was approved by the Company’s
Audit Committee upon the recommendation of senior management. The Company’s
Audit Committee and management have discussed the matters described herein
with
the Company’s independent registered public accounting firm.
The
accounting error caused no adverse effect on the Company’s previously reported
operating income, net income, earnings per share, retained earnings of cash
flows for the affected period which remained accurate as
reported.
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 7, 2006 By:
/s/
Richard B. Abshire
Richard
B.
Abshire
Chief
Financial Officer