Adams Resources & Energy Inc. (AE) News

HOUSTON, May 13 /PRNewswire-FirstCall/ -- Adams Resources & Energy, Inc., (NYSE Amex: AE), announced first quarter 2009 unaudited net earnings of $1,870,000 or $.44 per common share on revenues of $340,141,000. This compares to unaudited first quarter 2008 net earnings of $2,211,000 or $.52 per common share. Net cash provided by operating activities totaled $8,984,000 for the three month period ended March 31, 2009.

Chairman, K.S. 'Bud' Adams, Jr., attributed the earnings decline to reduced natural gas prices and the general slowdown in the United States economy. These events adversely impacted the Company's oil and gas operation and its chemical tank-truck transportation business. Mr. Adams added that the Company continues to avoid bank debt and other forms of debenture obligations and cash balances stood at $22,311,000 as of March 31, 2009.

A summary of operating results follows:

                                               First Quarter
                                               -------------
                                           2009             2008
                                           ----             ----
    Operating Earnings (Loss)
       Marketing                       $5,448,000       $4,202,000
       Transportation                    (178,000)         760,000
       Oil and gas                       (160,000)         956,000
       Administrative expenses         (2,310,000)      (2,917,000)
                                      -----------      -----------
                                        2,800,000        3,001,000

    Interest income, net                   26,000          351,000
    Income tax  benefit (provision)      (956,000)      (1,141,000)
                                        ---------      -----------

    Net earnings (loss)                $1,870,000       $2,211,000
                                       ==========       ==========

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, and (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.

             UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
                                 (In thousands)

                                              March 31,         March 31,
                                                2009              2008

    Revenues                                  $340,141          $965,988

    Costs, expenses and other                 (337,315)         (962,636)
    Income tax (provision) benefit                (956)           (1,141)

    Net earnings                                $1,870            $2,211

    Basic and diluted net earnings
     per common share                             $.44              $.52

    Dividends per common share                      $-                $-

                 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
                                 (In thousands)

                                               March 31,       December 31,
                                                 2009              2008

    ASSETS
      Cash                                      $22,311           $18,208
      Other current assets                      143,808           151,158
        Total current assets                    166,119           169,366

      Net property & equipment                   37,674            35,586
      Deposits and other assets                   5,194             5,974
                                               $208,987          $210,926

    LIABILITIES AND EQUITY
      Total current liabilities                $123,921          $127,807
      Other long-term liabilities                 1,435             1,358
      Shareholders' equity                       83,631            81,761
                                               $208,987          $210,926

    Rick Abshire
    (713) 881-3609

SOURCE Adams Resources & Energy, Inc.