RICHARDSON, Texas--(BUSINESS WIRE)--
Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended September 30, 2013. The Company posted quarterly revenue of $767 thousand and a net profit of $496 thousand, or $9.67 per diluted share. These results compare to revenue of $609 thousand and net income of $11 thousand, or $0.22 per diluted share, for the same quarter last year. The Company attributed its improved earnings over last year to increases in commodity prices and additional income recognized in connection with the Company’s investment in SFF Royalty, LLC. Amen expects earnings from SFF Royalty to remain higher as the interests owned by that entity have been fully depleted for accounting purposes.
Amen also announced that the Company’s Board of Directors has approved the payment of a quarterly dividend of $13 per share to the Company’s common shareholders. The dividend will be paid on December 27, 2013 to shareholders of record as of December 20, 2013. The Company explained that its dividend for this quarter is lower as a result of cash reserved in preparation for drilling obligations related to working interests held in Glasscock County, Texas.
Amen also shared their Board’s decision to fulfill the Company’s tithing obligation for 2013 by issuing a tithing dividend to shareholders in the first quarter of 2014. The Company’s bylaws require that ten percent of earnings each year be given to individuals or organizations “expected to make significant efforts to propagate the Gospel of Jesus Christ.” Given the Company’s current tax-free status by virtue of its net operating losses, the Board feels it is more prudent and effective to pay the tithe directly to shareholders and allow them to pass the funds along as they see fit. The tithing dividend will be declared in early 2014, as soon as the Company is able to determine earnings for 2013.
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 2013 third quarter report is available for viewing or download from the company’s web site – www.amenproperties.com.
About Amen Properties:
Amen Properties owns a diverse 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.
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Kris Oliver, 972-999-0494