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ADAMS RESOURCES & ENERGY REPORTS RESULTS

 HOUSTON, Feb. 19 /PRNewswire/ -- K. S. "Bud" Adams Jr., president of Adams Resources & Energy, Inc. (AMEX: AE) announced today record unaudited 1992 net earnings of $5,010,000 or $1.20 per share on annual revenues of $550,099,000. This compares to 1991 net earnings of $1,757,000 or $0.45 per share on revenues of $119,756,000. Working capital provided by operations improved to $3,729,000 for 1992 from $3,417,000 for the year 1991 and shareholders' equity as of Dec. 31, 1992 increased by 31 percent to $9,692,000 after all equity transactions.
 Included in 1992 net earnings is a one time non-cash gain of $3 million to recognize the value of the expected future tax benefits of the company's tax loss carryforwards as required by the recently enacted accounting pronouncement (Statement of Financial Accounting Standard No. 109) governing accounting for income taxes. Adams noted that in future years this accounting standard will require the company to record non-cash charges to earnings as the company's tax loss carryforwards are used.
 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)
 Periods ended Year Three Months
 Dec. 31 1992 1991 1992 1991
 (Unaudited)
 Revenues $550,099 $119,756 $168,867 $ 31,159
 Operating costs and
 expenses 547,951 117,846 168,774 30,285
 Earnings before income tax 2,148 1,910 93 874
 Income tax provision 822 124 21 119
 Earnings before cumulative
 effect of accounting change 1,326 1,786 72 755
 Cumulative effect of
 accounting change 3,684 -- -- --
 Dividends on redeemable
 preferred stock -- (29) -- --
 Net earnings $ 5,010 $ 1,757 $ 72 $ 755
 Earnings per share after
 giving effect to a one for
 two reverse stock split
 effective Feb. 7, 1992:
 before cumulative effect of
 accounting change $ .32 $ .45 $ .02 $ .19
 Cumulative effect of
 accounting change .88 -- -- --
 Net earnings $ 1.20 $ .45 $ .02 $ .19
 -0- 2/19/93
 /CONTACT: Donna Oglesby of Adams Resources & Energy, Inc., 713-797-9966/
 (AE)


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

WB -- NY023 -- 8333 02/19/93 10:54 EST
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Publication:PR Newswire
Date:Feb 19, 1993
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