Adams Resources & Energy, Inc (AE) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $0.86 million, or $ 0.20 a share in the quarter, against a net profit of $1.43 million, or $0.34 a share in the last year period. Revenue during the quarter grew 20.98 percent to $303.09 million from $250.53 million in the previous year period. Gross margin for the quarter stood at negative 0.52 percent as compared to a positive 0.93 percent for the previous year period. Operating margin for the quarter stood at negative 0.53 percent as compared to a positive 0.89 percent for the previous year period.
Operating loss for the quarter was $1.59 million, compared with an operating income of $2.24 million in the previous year period.
“Adams is off to a decent start in 2017 as our first quarter results saw meaningful increases in activity in March 2017. Our crude oil marketing and transportation subsidiary was negatively impacted by Frost Laws in North Dakota and Michigan during the first quarter of 2017, but saw volumes return in March 2017 as weather related downtime was reduced. The Company experienced a noticeable uptick in activity at our Service Transport subsidiary during March 2017. We are encouraged by the activity that we saw late in the first quarter of 2017 and look forward to executing our strategy during the year.” said Thomas S. Smith, President and Chief Executive Officer.
Operating cash flow turns positive
Adams Resources & Energy, Inc has generated cash of $12.15 million from operating activities during the quarter as against cash outgo of $2.36 million in the last year period. The company has spent $0.49 million cash to meet investing activities during the quarter as against cash outgo of $5.49 million in the last year period. It has incurred net capital expenditure of $0.97 million on net basis during the quarter, down 70.61 percent or $2.32 million from year ago period.
Cash flow from financing activities was unchanged at negative $0.93 million for the quarter, when compared with the last year.
Cash and cash equivalents stood at $98.07 million as on Mar. 31, 2017, up 118,060.24 percent or $97.99 million from $0.08 million on Mar. 31, 2016.
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