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ADAMS RESOURCES & ENERGY, INC. ANNOUNCED RESULTS

 HOUSTON, April 28 /PRNewswire/ -- Adams Resources & Energy, Inc. (AMEX: AE) announced first quarter 1993 unaudited net earnings of $401,000 or $.10 per common share on revenues of $183,917,000. This compares to unaudited first quarter 1992 net earnings before cumulative effect of accounting change of $152,000 or $.04 per common share. Company President, K. S. "Bud" Adams Jr. attributed the revenue and earnings increase to the company's expanded crude oil marketing business. Cash flow generated from operations in the first quarter of 1993 was $1,111,000 vs. $499,000 generated in the first quarter of 1992.
 Net earnings in the prior year first quarter also included one-time income of $3,391,000 attributable to a change in the accounting rules for income taxes. Under the new rules, effective January 1, 1992, the company was required to recognize and record the value of its tax loss carryforward and in subsequent periods, the company is now required to record a non-cash charge to earnings in the form of deferred income taxes to reflect the utilization of its tax loss carryforwards to offset taxable income. During the first quarter of 1993, such non-cash charge to earnings was $300,000, as compared to $79,000 during the first quarter of 1992.
 Adams Resources & Energy, Inc. is engaged in the business of oil and gas exploration and production, crude oil marketing, petroleum products marketing and tank truck transportation of petroleum products and liquid chemicals.
 ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
 UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share data)
 Three Months Ended
 March 31,
 1993 1992
 Revenues $183,917 $ 26,397
 Operating costs and expenses 183,191 26,151
 Income tax provision 325 94
 Earnings before cumulative effect of
 accounting change 401 152
 Cumulative effect of accounting change -- 3,391
 Net earnings $ 401 3,543
 Earnings per common share:
 Before cumulative effect of accounting change $ .10 $ .04
 Cumulative effect of accounting change -- .82
 Net earnings $ .10 $ .86
 Dividends per common share $ -- $ --
 -0- 4/28/93
 /CONTACT: Donna Oglesby for Adams Resources & Energy, Inc., 713-797-9966/
 (AE)


CO: Adams Resources & Energy, Inc. ST: Texas IN: OIL SU: ERN

LR -- NY028 -- 1848 04/28/93 09:40 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
Words:366
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