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: November
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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Third
Quarter
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2008
|
2007
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|||||||
Operating
Earnings (Loss)
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Marketing
|
$ | (10,179,000 | ) | $ | 5,095,000 | |||
Transportation
|
1,615,000 | 1,536,000 | ||||||
Oil
and
gas
|
558,000 | (511,000 | ) | |||||
Administrative
expenses
|
(2,038,000 | ) | (2,307,000 | ) | ||||
(10,044,000 | ) | 3,813,000 | ||||||
Interest
income,
net
|
217,000 | 431,000 | ||||||
Income
tax benefit
(provision)
|
3,551,000 | (1,389,000 | ) | |||||
Net
earnings
(loss)
|
$ | (6,276,000 | ) | $ | 2,855,000 |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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(In
thousands, except per share
data)
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Nine
Months Ended
|
Three
Months Ended
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September
|
September
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2008
|
2007
|
2008
|
2007
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Revenues
|
$ | 3,534,662 | $ | 1,756,409 | $ | 1,288,322 | $ | 700,295 | ||||||||
Costs,
expenses and other
|
(3,533,829 | ) | (1,732,983 | ) | (1,298,149 | ) | (696,051 | ) | ||||||||
Income
tax benefit (provision)
|
(73 | ) | (8,373 | ) | 3,551 | (1,389 | ) | |||||||||
Net
earnings (loss)
|
$ | 760 | $ | 15,053 | $ | (6,276 | ) | $ | 2,855 | |||||||
Earnings
per share
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Basic
and diluted net earnings
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(loss)
per common share
|
$ | .18 | $ | 3.57 | $ | (1.49 | ) | $ | .68 | |||||||
Dividends
per common share
|
$ | - | $ | - | $ | - | $ | - |
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
|
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(In
thousands)
|
||||||||
September
30,
|
December
31,
|
|||||||
2008
|
2007
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|||||||
ASSETS
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Cash
|
$ | 39,045 | $ | 23,697 | ||||
Other
current
assets
|
263,450 | 288,196 | ||||||
Total
current
assets
|
302,495 | 311,893 | ||||||
Net
property & equipment
|
40,878 | 39,698 | ||||||
Other
assets
|
4,083 | 5,484 | ||||||
$ | 347,456 | $ | 357,075 | |||||
LIABILITIES
AND EQUITY
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Total
current
liabilities
|
$ | 253,496 | $ | 261,321 | ||||
Deferred
taxes and other
|
3,758 | 6,312 | ||||||
Shareholders’
equity
|
90,202 | 89,442 | ||||||
$ | 347,456 | $ | 357,075 |