Amen Properties Reports Results for Fourth Quarter of 2017 and Announces Dividends
Tuesday, March 13, 2018 10:00:00 AM ET
DALLAS--(BUSINESS WIRE)-- Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended December 31, 2017. The Company posted quarterly revenue of $611 thousand and net income of $1.2 million, or $23.18 per diluted share. These results compare to revenue of $315 thousand and net income of $2.0 million, or $38.42 per diluted share, for the same quarter last year. The increase in revenue was driven by changes in commodity prices and production. The Company recognized gains in connection with the sale of leasehold interests of $1.2 million and $1.9 million in the fourth quarters of 2017 and 2016, respectively; the large gain recognized in 2016 led to the decrease in profitability.
Amen also announced that the Company’s Board of Directors has approved the payment of a quarterly dividend of $10 per share and tithing dividend of $4.23 per share, to be paid on March 30, 2018 to shareholders of record as of March 23, 2018.
Finally, Amen reiterated that its Board has approved a plan whereby the Company will no longer hedge the revenue stream associated with its oil and gas royalties. “Shareholders of Amen need to understand that they hold an un-hedged long oil and gas position and should pursue their own hedging strategy if they are uncomfortable with that risk,” said Kris Oliver, Amen’s Chief Executive Officer.
The Company’s 2017 fourth quarter report is available for viewing or download from the company’s web site – www.amenproperties.com .
About Amen Properties:
Amen Properties owns a portfolio of cash-producing properties including real estate and oil and gas interests.
This document contains forward-looking statements, which involve a number of risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Forward-looking statements can be identified by use of the words "expect," "project," "may," "might," potential," and similar terms. AMEN Properties, Inc. ("Amen", "we" or the "Company") cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Amen's control. These factors include, but are not limited to, our ability to implement our strategic initiatives, economic, political and market conditions and price fluctuations, government and industry regulation, U.S. and global competition and other factors. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Amen Properties, Inc.
Kris Oliver, 972-999-0494
Source: Amen Properties, Inc.