ADAMS RESOURCES & ENERGY ANNOUNCES FIRST QUARTER EARNINGS
ADAMS RESOURCES & ENERGY ANNOUNCES FIRST QUARTER EARNINGS HOUSTON, May 11 /PRNewswire/ -- Adams Resources & Energy, Inc.
(AMEX: AE), today announced first quarter 1992 unaudited net earnings of $231,000 or $.05 per common share on revenues of $26,397,000. This compares to unaudited first quarter 1991 net earnings of $97,000 or $.02 per common share. Cash flow from operations was $723,000 in the first quarter of 1992 vs. $433,000 in the comparative 1991 period.
Management indicated that business has been steady during 1992 although earnings were negatively affected by heavy flooding in Texas which caused as many as 41 of the company's oil and gas wells to be temporarily shut-in during February and March 1992. The company's April 3, 1992, acquisition of Gulfmark Energy had no effect on first quarter results. Revenues and earnings from Gulfmark Energy will be included in the company's consolidated results from operations commencing in the second 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 Consolidated Statement of Operations (Unaudited) (In thousands, except per share data) Three months ended March 31 1992 1991 Revenues $26,397 $26,406 Operating costs and expenses 26,151 26,289 Income tax provision 15 5 Net earnings 231 112 Dividends on redeemable preferred stock -- (15) Net earnings to common shareholders $ 231 $ 97 Earnings per common share, after giving effect to a one-for-two reverse stock split effective Feb. 7, 1992 $ .05 $ .02 Dividends per common share $ -- $ -- -0- 5/11/92 /CONTACT: Donna Oglesby of Adams Resources & Energy, 713-797-9966/ (AE) CO: Adams Resources & Energy, Inc. ST: Texas IN: OIL SU: ERN
GK -- NY056 -- 8599 05/11/92 11:41 EDT
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|Date:||May 11, 1992|
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