Adams Resources & Energy, Inc. (AE) saw its loss narrow to $0.17 million, or $0.04 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $8.40 million, or $1.99 a share.

Revenue during the quarter dropped 14.15 percent to $298.97 million from $348.26 million in the previous year period. Gross margin for the quarter period stood at positive 0.05 percent as compared to a negative 0.84 percent for the previous year period. Operating margin for the quarter stood at negative 0.02 percent as compared to a negative 3.97 percent for the previous year period.

"During 2016, Adams took significant steps to broaden our service offerings including beginning to diversify into dry bulk transportation and focusing on gaining access to new areas within our crude oil marketing and transportation segment. During 2017, we plan to continue to find ways to leverage our existing businesses and focus on strategic business development efforts." said Thomas S. Smith, president and chief executive officer.

The company has spent $7.77 million cash to meet investing activities during the year as against cash outgo of $10.07 million in the last year. It has incurred net capital expenditure of $4.78 million on net basis during the year, down 53.86 percent or $5.58 million from year ago.

Cash flow from financing activities was almost stable for the quarter at $3.71 million, when compared with the previous year period.

Cash and cash equivalents stood at $87.34 million as on Dec. 31, 2016, down 4.94 percent or $4.53 million from $91.88 million on Dec. 31, 2015.

Working capital increases
Adams Resources & Energy, Inc. has recorded an increase in the working capital over the last year. It stood at $106.44 million as at Dec. 31, 2016, up 10.49 percent or $10.10 million from $96.34 million on Dec. 31, 2015. Current ratio was at 2.24 as on Dec. 31, 2016, up from 2.20 on Dec. 31, 2015.