Amen Properties Reports Results for Third Quarter of 2016 and Announces Dividend
Dec 09, 2016
OTC Disclosure News Service
Amen Properties, Inc. (OTC Pink: AMEN) today announced financial results
for its fiscal quarter ended September 30, 2016. The Company posted
quarterly revenue of $203 thousand and net income of $1.1 million, or
$21.07 per diluted share. These results compare to revenue of $466
thousand and net income of $265 thousand, or $4.98 per diluted share,
for the same quarter last year. The increase in profitability was driven
by a large gain recognized on the sale of leasehold interests, offset by
reductions in revenue caused by decreases in commodity prices.
Amen also announced that its Company’s Board of Directors has approved
the payment of a quarterly dividend of $10 per share, to be paid on
December 30, 2016 to shareholders of record as of December 23, 2016.
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 2016 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 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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