Adams

Resources & Energy, Inc.

 

Rick Abshire

(713) 881-3609
For Immediate Release

ADAMS RESOURCES ANNOUNCES FOURTH QUARTER 2014 RESULTS

 

Houston (March 12, 2015) -- Adams Resources & Energy, Inc., (NYSE MKT-AE), announced an unaudited fourth quarter 2014 net loss of $6,670,000 or $1.58 per common share on revenues of $849,736,000.  This compares to an unaudited net earnings of $109,000 or $.02 per share on revenues of $968,096,000 for the fourth quarter of 2013. For the full year 2014, net earnings totaled $6,523,000 or $1.55 per share on revenues of $4,132,826,000. 

 

A summary of operating results follows:

 

 

Fourth Quarter

 

2014

2013

     

Operating Earnings (Loss)

   

Marketing..........................................................

$  (1,333,000)

$   4,862,000

Transportation...................................................

      1,156,000

         700,000

Oil and gas........................................................

     (8,650,000)

     (2,962,000)

Administrative expenses...................................

     (1,912,000)

     (2,350,000)

 

   (10,739,000)

         250,000

Interest income (expense), net.............................

           96,000

           95,000

Income tax (expense) benefit...............................

      3,669,000

          (56,000)

Discontinued operations, net of tax .....................

         304,000 

        (180,000)

     

Net earnings (loss)................................................

$  (6,670,000)

$      109,000

 

 

President and Chief Executive Officer, Thomas S. Smith, commented that 2014 fourth quarter results included a $12.6 million pretax write-down in the carrying value of crude oil inventories and a $7.4 million pretax write-down in the carrying value of certain oil and gas properties. Mr. Smith added that such valuation charges followed significant declines in the commodity price for both crude oil and natural gas and such charges were non-cash in nature.  The Company’s financial position remains sound and net cash provided by operating activities totaled $47,133,000 for the year 2014.  The Company continues to have no bank debt or other forms of debenture obligations and cash balances at December 31, 2014 totaled $80,184,000.

 

 

…………………………………………………

 

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.

 

 

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands,except per share data)

 
 

Year Ended

Three Months Ended

 

December 31,

December 31,

 

2014

2013

2014

2013

         

Revenues.........................................

   $  4,132,826

$  3,945,969

  $     849,736

  $     968,096

   

                   

   

Costs, expenses and other...............

     (4,123,046)

   (3,911,419)

       (860,379)

       (967,751)

Income tax (provision) benefit.........

            (3,561)

        (12,429)

             3,669

                (56)

Earnings (loss) from continuing operations ........................................

                                     6,219

                   

         22,121

 

           (6,974)

 

                289

Earnings (loss) from discontinued

       

operations, net of tax ..................

                304

             (511)

                304

              (180)

         

Net earnings (loss)...........................

   $         6,523

$       21,610

  $        (6,670)

  $            109

         
         

Earnings (loss) per common share:

       

From continuing operations.........

   $           1.48

   $           5.24

  $          (1.65)

  $             .06

From discontinued operations.....

                  .07

               (.12)

                 .07

                (.04)

Basic and diluted net earnings

       

per common share.....................

   $           1.55

   $           5.12

  $          (1.58)

  $             .02

         

Dividends per common share..........

   $             .88

   $             .66

  $              .22

  $              .22

 

 

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(In thousands)

 

December 31,

December 31,

 

2014

2013

     

ASSETS

   

Cash ........................................................................

$        80,184

$        60,733

Other current assets................................................

         170,761

         290,997

Total current assets.........................................

         250,945

         351,730

     

Net property & equipment..............................................

           84,871

           91,865

Deposits and other assets..............................................

             4,998

             4,487

 

$      340,814

$      448,082

     

LIABILITIES AND EQUITY

   

Total current liabilities...............................................

$      168,603

$      272,169

Deferred taxes and other liabilities...........................

           14,714

           21,228

Shareholders’ equity................................................

         157,497

         154,685

 

$      340,814

$      448,082