ADAMS RESOURCES ANNOUNCES THIRD QUARTER RESULTS
ADAMS RESOURCES ANNOUNCES THIRD QUARTER RESULTS HOUSTON, Nov. 10 /PRNewswire/ -- Adams Resources & Energy, Inc.
(AMEX: AE) announced unaudited net earnings for the third quarter of 1992 of $658,000 or $.16 per common share on revenues of $194,989,000. This compares to unaudited third quarter 1991 net earnings of $626,000.
Earnings for the first nine months of 1992 were $1,901,000 or $.46 per common share and cash flow from operations for the first nine months of 1992 was $3,204,000. K.S. Adams Jr., president, also announced that increased natural gas prices are prompting the company to drill or participate in the drilling of seven horizontal wells in the Giddings Austin Chalk field of Texas beginning in December 1992. The company will have an average working interest of approximately 25 percent and will invest a total of approximately $1.5 million for its share of these prospects. The wells will be located in the Lake Somerville area of Burleson, Lee and Washington counties. In addition, the company is accumulating acreage in Marshall County, Okla., and will be drilling for shallow natural gas during 1993. 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. Unaudited Consolidated Statement of Operations (In thousands, except per-share data) Periods ended Nine Months Three Months Sept. 30 1992 1991 1992 1991 Revenues $381,232 $88,597 $194,989 $34,077 Operating costs and expenses 379,177 87,561 194,265 33,451 Income tax provision 154 5 66 -- Net earnings 1,901 1,031 658 626 Dividends on redeemable preferred stock -- (29) -- -- Earnings to common shareholders 1,901 1,002 658 626 Earnings per common share after giving effect to a one-for- two reverse stock split effective Feb. 7, 1992 $.46 $.26 $.16 $.16 Dividends per common share -- -- -- -- -0- 11/10/92 /CONTACT: Donna Oglesby of Adams Resources & Energy, 713-797-9966/ (AE) CO: Adams Resources & Energy, Inc. ST: Texas IN: OIL SU: ERN
CK -- NY048 -- 9205 11/10/92 10:40 EST
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|Date:||Nov 10, 1992|
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