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Adams Resources Energy, Inc. (AE) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

AE Quarterly Reports

Adams Resources Energy, Inc.

CIK: 2178 Ticker: AE

Exhibit 99.1
FOR IMMEDIATE RELEASE
adamslogoa03.jpg

ADAMS RESOURCES & ENERGY, INC. ANNOUNCES
RESULTS FOR FOURTH QUARTER AND FULL YEAR 2021

Houston, Texas (Tuesday, March 8, 2022)
-- Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) (“Adams” or the “Company”) today announced operational and financial results for the three months and year ended December 31, 2021.

Fourth Quarter 2021 Financial Highlights

Reported net earnings of $2.8 million, or $0.64 per diluted common share, on revenues of $644.8 million for the fourth quarter of 2021, compared to $5.8 million, or $1.38 per diluted common share, on revenues of $249.8 million for the fourth quarter of 2020. During the third quarter of 2021, the Company reported net earnings of $1.5 million, or $0.36 per diluted common share, on revenues of $568.2 million.

Generated net cash provided by operating activities of $16.8 million for the fourth quarter of 2021, versus $6.1 million for the fourth quarter of 2020. The increase was primarily driven by changes in working capital and higher cash-based earnings in the 2021 period. Adams generated net cash provided by operating activities of $12.1 million for the third quarter of 2021.

Reported adjusted net earnings of $2.8 million, or $0.64 per diluted common share, for the fourth quarter of 2021, compared to $2.8 million, or $0.65 per diluted common share, for the fourth quarter of 2020, and $1.8 million, or $0.41 per diluted common share, for the third quarter of 2021.

Increased adjusted cash flow by 40% to $8.6 million for the fourth quarter of 2021 from $6.1 million for the fourth quarter of 2020, and 18% from $7.3 million for the third quarter of 2021.

Full Year 2021 Financial Highlights

Reported net earnings of $11.9 million, or $2.75 per diluted common share, on revenues of $2.03 billion for the full year 2021, compared to $1.0 million, or $0.23 per diluted common share, on revenues of $1.02 billion for the full year 2020.

Generated net cash provided by operating activities of $81.0 million for the full year 2021, compared to net cash used in operating activities of $44.0 million for the full year 2020. The increase was primarily driven by changes in working capital due to the volatility in the market price of crude oil during 2020 substantially driven by the COVID-19 pandemic.
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The following information was filed by Adams Resources Energy, Inc. (AE) on Tuesday, March 8, 2022 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Unaudited Condensed Consolidated Balance Sheets
Unaudited Condensed Consolidated Balance Sheets (Parenthetical)
Unaudited Condensed Consolidated Statements Of Cash Flows
Unaudited Condensed Consolidated Statements Of Operations
Unaudited Condensed Consolidated Statements Of Shareholders' Equity
Unaudited Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Pre-Funded Insurance (Details)
Derivative Instruments And Fair Value Measurements
Derivative Instruments And Fair Value Measurements (Tables)
Derivative Instruments And Fair Value Measurements - Fair Value Measurements (Details)
Derivative Instruments And Fair Value Measurements - Gain (Loss) On Derivatives (Details)
Derivative Instruments And Fair Value Measurements - Narrative (Details)
Derivative Instruments And Fair Value Measurements - Use Of Derivative Instruments (Details)
Leases
Leases (Details)
Leases (Tables)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Other Assets
Other Assets (Details)
Other Assets (Tables)
Other Current Liabilities
Other Current Liabilities (Details)
Other Current Liabilities (Tables)
Prepayments And Other Current Assets
Prepayments And Other Current Assets (Details)
Prepayments And Other Current Assets (Tables)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (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)
Stock-Based Compensation Plan
Stock-Based Compensation Plan (Details)
Stock-Based Compensation Plan (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Common Shares Outstanding (Details)
Summary Of Significant Accounting Policies - Equity At The Market Offering, Income Taxes, Inventory And Property And Equipment (Details)
Summary Of Significant Accounting Policies - Fair Value (Details)
Summary Of Significant Accounting Policies - Letters Of Credit Facility (Details)
Summary Of Significant Accounting Policies - Reconciliation Of Basic And Diluted Earnings (Losses) Per Share (Details)
Summary Of Significant Accounting Policies - Reconciliation Of Cash And Restricted Cash (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-Q Quarterly Report
Accession Number: 0000002178-22-000046
Submitted to the SEC: Mon May 16 2022 4:16:09 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Wholesale Petroleum And Petroleum Products No Bulk Stations

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