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Adams Resources Energy, Inc. (AE) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Adams Resources Energy, Inc.

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CIK: 2178 Ticker: AE

Exhibit 99.1
FOR IMMEDIATE RELEASE
adamslogoa03.jpg

ADAMS RESOURCES & ENERGY, INC. ANNOUNCES
FOURTH QUARTER 2018 RESULTS

Houston, Texas (Friday, March 8, 2019) -- Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) (“Adams” or the “Company”) today announced its financial results for the three months and year ended December 31, 2018.

The Company reported a net loss of $3.8 million, or ($0.91) per common share, on revenues of $442.6 million for the fourth quarter of 2018, compared to net earnings of $3.7 million, or $0.88 per common share, on revenues of $408.5 million for the fourth quarter of 2017. On an adjusted basis, net earnings were $2.2 million, or $0.52 per common share, for the fourth quarter of 2018, compared to net earnings of $1.3 million, or $0.31 per common share, for the fourth quarter of 2017. For the full year 2018, the Company had net earnings of $2.9 million, or $0.70 per common share, on revenues of $1.75 billion, compared to a net loss of $0.5 million, or ($0.11) per common share, on revenues of $1.32 billion for the full year 2017. On an adjusted basis, net earnings were $5.9 million, or $1.40 per common share, for the full year 2018, compared to net earnings of $1.3 million, or $0.31 per common share, for the full year 2017.

Adjusted net (losses) earnings, adjusted (losses) earnings per common share and adjusted cash flow are non-generally accepted accounting principle (“non-GAAP”) financial measures that are defined and reconciled in the financial tables below.

Fourth Quarter 2018 Highlights:

•Gross revenues of approximately $442.6 million for the fourth quarter of 2018 compared to $408.5 million for the fourth quarter of 2017, and gross revenues of approximately $1.75 billion for the full year 2018 compared to $1.32 billion for the full year 2017
•Our crude oil marketing subsidiary, GulfMark Energy, Inc., marketed approximately 110,802 barrels per day (“bpd”) of crude oil during the fourth quarter of 2018, compared to 72,387 bpd of crude oil during the fourth quarter of 2017
•Cash and cash equivalents increased by approximately 7.0 percent from December 31, 2017 of $109.4 million to over $117.1 million at December 31, 2018 
•$55.4 million of undrawn capacity under our letter of credit facility at December 31, 2018 
1
The following information was filed by Adams Resources Energy, Inc. (AE) on Friday, March 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Adams Resources Energy, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Cash Deposits And Other Assets
Cash Deposits And Other Assets (Details)
Cash Deposits And Other Assets (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Long-Term Non-Cancelable Operating Leases And Terminal Arrangements For The Next Five Years (Details)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Rental Expense (Details)
Commitments And Contingencies - Schedule Of Accrued Medical Claims (Details)
Commitments And Contingencies - Schedule Of Expenses And Losses Incurred But Not Reported (Details)
Commitments And Contingencies - Schedule Of Principal Contractual Commitments Outstanding Under Our Capital Leases (Details)
Concentration Of Credit Risk
Concentration Of Credit Risk (Details)
Concentration Of Credit Risk (Tables)
Derivative Instruments And Fair Value Measurements
Derivative Instruments And Fair Value Measurements (Tables)
Derivative Instruments And Fair Value Measurements - Derivatives By Hedging Relationship And Fair Value Measurements (Details)
Derivative Instruments And Fair Value Measurements - Forward Month Commodity Contracts (Details)
Derivative Instruments And Fair Value Measurements - Narrative (Details)
Derivative Instruments And Fair Value Measurements - Nonrecurring Fair Value Measurements (Details)
Derivative Instruments And Fair Value Measurements - Use Of Derivative Instruments (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of The Company's Income Tax (Provision) Benefit (Details)
Income Taxes - Components Of The Federal Deferred Tax Asset (Liability) (Details)
Income Taxes - Earliest Tax Years Remaining For Federal And Major States Of Operations (Details)
Income Taxes - Other Matters (Details)
Income Taxes - Reconciliation Of Taxes Computed At The Corporate Federal Income Tax Rate To The Reported Income Tax (Provision) (Details)
Investments In Unconsolidated Affiliates
Investments In Unconsolidated Affiliates (Details)
Oil And Gas Producing Activities (Unaudited)
Oil And Gas Producing Activities (Unaudited) (Tables)
Oil And Gas Producing Activities (Unaudited) - Assumed Market Prices Of Oil And Natural Gas Reserves And Future Net Revenues (Details)
Oil And Gas Producing Activities (Unaudited) - Components Of Proved Oil And Gas Reserves (Details)
Oil And Gas Producing Activities (Unaudited) - Cost Incurred In Oil And Gas Exploration And Development Activities (Details)
Oil And Gas Producing Activities (Unaudited) - Effect Of Income Taxes And Discounting On The Standardized Measure Of Discounted Future Net Cash Flows (Details)
Oil And Gas Producing Activities (Unaudited) - Narrative (Details)
Oil And Gas Producing Activities (Unaudited) - Principal Sources Of Changes In The Standardized Measure Of Discounted Future Net Flows (Details)
Oil And Gas Producing Activities (Unaudited) - Proved Developed And Undeveloped Oil And Gas Reserves (Details)
Oil And Gas Producing Activities (Unaudited) - Results Of Operations For Oil And Gas Producing Activities (Details)
Oil And Gas Producing Activities (Unaudited) - Standardized Measure Of Discounted Future Net Cash Flows (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Prepayments And Other Current Assets
Prepayments And Other Current Assets (Details)
Prepayments And Other Current Assets (Tables)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Asset Acquisition (Details)
Property And Equipment - Asset Retirement Obligations (Details)
Property And Equipment - Cost Of Property And Equipment And Related Accumulated Depreciaiton, Depletion, And Amortization (Details)
Property And Equipment - Impairment Of Oil And Gas Properties (Details)
Property And Equipment - Purchase Price Allocation (Details)
Property And Equipment - Sales Of Equipment (Details)
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited) (Details)
Quarterly Financial Information (Unaudited) (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Other Revenue (Details)
Revenue Recognition - Revenue Disaggregation (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Identifiable Assets By Industry Segment (Details)
Segment Reporting - Information Concerning Business Activities (Details)
Segment Reporting - Reconciliation Of Segment Earnings To Earnings Before Income Taxes (Details)
Share-Based Compensation Plan
Share-Based Compensation Plan (Details)
Share-Based Compensation Plan (Tables)
Subsidiary Bankruptcy, Deconsolidation And Sale
Subsidiary Bankruptcy, Deconsolidation And Sale (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Accounts Receivable And Allowance For Doubtful Accounts (Details)
Summary Of Significant Accounting Policies - Earnings Per Share (Details)
Summary Of Significant Accounting Policies - Employee Benefits (Details)
Summary Of Significant Accounting Policies - Inventory (Details)
Summary Of Significant Accounting Policies - Letter Of Credit Facility (Details)
Summary Of Significant Accounting Policies - New Accounting Pronouncements (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Transactions With Affiliates
Transactions With Affiliates (Details)
Transactions With Affiliates (Tables)
Ticker: AE
CIK: 2178
Form Type: 10-K Annual Report
Accession Number: 0000002178-19-000011
Submitted to the SEC: Fri Mar 08 2019 2:24:13 PM EST
Accepted by the SEC: Mon Mar 11 2019
Period: Monday, December 31, 2018
Industry: Wholesale Petroleum And Petroleum Products No Bulk Stations

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