body_8k.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):  August 13, 2008

 
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.)
     
     
4400 Post Oak Pkwy, Suite 2700, 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 August 13, 2008, Adams Resources & Energy, Inc., a Delaware corporation, issued a press release announcing its financial results for the second quarter ended June 30, 2008.  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:  August 13, 2008
By:/s/ Richard B. Abshire
 
Richard B. Abshire
 
Chief Financial Officer


 
 
 

FOR IMMEDIATE RELEASE
Rick Abshire (713) 881-3609




ADAMS RESOURCES ANNOUNCES SECOND QUARTER EARNINGS

Houston (August 13, 2008)--Adams Resources & Energy, Inc. (AMEX-AE) announced second quarter 2008 unaudited net earnings of $4,825,000 or $1.15 per common share.  Revenues for the quarter totaled $1,280,352,000. Current earnings compare to unaudited second quarter 2007 net earnings of $11,286,000 or $2.67 per common share.  For the six months ended June 30, 2008, net earnings were $7,036,000 or $1.67 per common share.

Chairman and Chief Executive Officer, K.S. "Bud" Adams, Jr., attributed the comparative current year earnings decline to the non-recurrence of a $7.2 million second quarter 2007 after-tax gain from the sale of certain producing oil and gas properties.  The comparative effect of last year’s gain was partially offset by $2.5 million in current period after-tax inventory liquidation gains, as the company sold crude oil inventories into a rising market.

A summary of operating results is as follows:

   
Second Quarter
  
   
2008
    
2007
  
             
Operating Earnings (Expense)
            
Marketing
   $ 7,172,000     $ 5,216,000  
Transportation
     1,371,000       2,433,000  
Oil and gas
     1,093,000       12,528,000  
General &administrative expenses
     (2,503,000 )     (2,582,000 )
      7,133,000       17,595,000  
Interest, net
     175,000       424,000  
Income tax provision
     (2,483,000 )     (6,733,000 )
                 
Net earnings
   $ 4,825,000     $ 11,286,000  


……………………………………………….

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, and (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 and (r) successful completion of drilling activity.  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)
  
   
   
Six Months Ended
    
Three Months Ended
  
   
June 30,
    
June 30,
  
   
2008
    
2007
    
2008
    
2007
  
                         
Revenues
   $ 2,246,340     $ 1,056,114     $ 1,280,352     $ 569,748  
                                 
Costs, expenses and other
     (2,235,680 )     (1,036,932 )     (1,273,044 )     (551,729 )
Income tax provision
     (3,624 )     (6,984 )     (2,483 )     (6,733 )
                                 
Net earnings
   $ 7,036     $ 12,198     $ 4,825     $ 11,286  
                                 
Earnings per share
                                
Basic and diluted net earnings per
                                
per common share
   $ 1.67     $ 2.89     $ 1.15     $ 2.67  
                                 
Dividends per common share
   $ -     $ -     $ -     $ -  




UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
  
(In thousands)
  
   
June 30,
    
December 31,
  
   
2008
    
2007
  
             
ASSETS
            
Cash
   $ 22,676     $ 23,697  
Other current assets
     425,192       288,196  
Total current assets
     447,868       311,893  
                 
Net property & equipment
     41,645       39,698  
Other assets
     7,733       5,484  
    $ 497,246     $ 357,075  
                 
LIABILITIES AND EQUITY
                
Total current liabilities
   $ 392,336     $ 261,321  
Deferred taxes and other
     8,432       6,312  
Shareholders’ equity
     96,478       89,442  
    $ 497,246     $ 357,075