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)
|
(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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ADAMS
RESOURCES & ENERGY, INC.
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|
Date: August
13, 2008
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By:/s/ Richard B. Abshire
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Richard
B. Abshire
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|
Chief
Financial Officer
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Second
Quarter
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2008
|
2007
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|||||||
Operating
Earnings (Expense)
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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 |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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(In
thousands, except per share
data)
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Six
Months Ended
|
Three
Months Ended
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June
30,
|
June
30,
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2008
|
2007
|
2008
|
2007
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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
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Basic
and diluted net earnings per
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per
common share
|
$ | 1.67 | $ | 2.89 | $ | 1.15 | $ | 2.67 | ||||||||
Dividends
per common share
|
$ | - | $ | - | $ | - | $ | - |
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
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(In
thousands)
|
||||||||
June
30,
|
December
31,
|
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2008
|
2007
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|||||||
ASSETS
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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
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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 |