Amen Properties Reports Results for Fourth Quarter of 2016 and Announces Dividends
Friday, March 10, 2017 10:00:00 AM ET
Amen Properties, Inc. (OTC Pink: AMEN) today announced financial results
for its fiscal quarter ended December 31, 2016. The Company posted
quarterly revenue of $315 thousand and net income of $2.0 million, or
$38.42 per diluted share. These results compare to revenue of $541
thousand and net income of $(137) thousand, or $(2.58) per diluted
share, for the same quarter last year. The decrease in revenue was
driven by reductions in commodity prices for oil and gas. The increase
in profitability is attributable to significant gains recognized in
connection with the sale of leasehold interests and marketable
Amen also announced that the Companys Board of Directors has approved
the payment of a quarterly dividend of $10 per share and tithing
dividend of $4.18 per share, to be paid on March 31, 2017 to
shareholders of record as of March 24, 2017.
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, Amens Chief Executive Officer.
The Companys 2016 fourth quarter report is available for viewing or
download from the companys 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 Amens 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.
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SOURCE: Amen Properties, Inc.
Amen Properties, Inc.
Kris Oliver, 972-999-0494