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Adams Resources Announces First Quarter 2012 Earnings

HOUSTON, May 9, 2012 /PRNewswire/ -- Adams Resources & Energy, Inc., (NYSE Amex - AE), announced first quarter 2012 unaudited net earnings of $6,575,000 or $1.56 per common share on revenues of $877,489,000. This compares to unaudited first quarter 2011 net earnings of $5,583,000 or $1.32 per common share. Net cash provided by operating activities totaled $9,211,000 for the three-month period ended March 31, 2012.

K. S. Adams, Jr., Chairman, commented that demand within the Company's marketing and transportation segments remained strong during the first quarter of 2012 leading to the favorable results. Both comparative periods benefited from gains on property sales with the 2012 quarter reflecting $2.9 million in pre-tax gains from the sale of used truck-tractors and from equipment sales associated with the Company's discontinued refined products marketing business. Comparatively, the first quarter 2011 benefited from a $2.8 million pre-tax gain on the sale of certain oil and gas property interests.

    A summary of operating results follows:

                                                     First Quarter
                                                     -------------
                                                     2012         2011
                                                     ----         ----

    Operating Earnings (Expense)
    Marketing                                  $8,158,000   $6,846,000
    Transportation                              3,054,000    1,992,000
    Oil and gas                                   402,000    2,046,000
    Administrative expenses                   (2,232,000)  (2,109,000)
                                               ----------   ----------
                                                9,382,000    8,775,000
    Interest income (expense), net                 20,000       48,000
    Income tax (provision) benefit            (3,352,000)  (3,045,000)
    Discontinued operation earnings (loss)        525,000     (195,000)

    Net earnings                               $6,575,000   $5,583,000
                                               ==========   ==========

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, (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.

Rick Abshire
(713) 881-3609

                  UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
                           (In thousands, except per share data)

                                        Three Months Ended
                                        ------------------
                                            March 31,                  March 31,
                                                         2012                       2011
                                                         ----                       ----

    Revenues                                         $877,489                   $663,846

    Costs,
     expenses and
     other                                           (868,087)                  (655,023)
    Income tax
     (provision)                                       (3,352)                    (3,045)
                                                       ------                     ------

    Earnings from
     continuing
     operations                                         6,050                      5,778
    Earnings
     (loss) from
     discontinued
     operations                                           525                       (195)
                                                          ---                       ----
    Net earnings                                       $6,575                     $5,583
                                                       ======                     ======

    Earnings
     (loss) per
     share:
    From
     continuing
     operations                                         $1.43                      $1.37
    From
     discontinued
     operations                                           .13                       (.05)
                                                          ---                       ----
    Basic and
     diluted net
     earnings per
     common share                                        1.56                       1.32
                                                         ====                       ====

    Dividends per
     common share                           $               -          $               -
                                            =================          =================

                              UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
                                              (In thousands)

                                                              March 31,       December 31,
                                                                         2012                2011
                                                                         ----                ----

    ASSETS
    Cash and marketable
     securities                                                       $35,989             $37,066
    Other current assets                                              290,931             267,899
                                                                      -------             -------
    Total current assets                                              326,920             304,965

    Net property & equipment                                           80,818              68,857
    Deposits and other assets                                           4,796               5,018
                                                                        -----               -----
                                                                     $412,534            $378,840
                                                                     ========            ========

    LIABILITIES AND EQUITY
    Total current liabilities                                        $282,815            $256,094
    Other long-term
     liabilities                                                       12,462              12,064
    Shareholders' equity                                              117,257             110,682
                                                                      -------             -------
                                                                     $412,534            $378,840
                                                                     ========            ========

SOURCE Adams Resources & Energy, Inc.

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