Amen Properties Reports Results for Fourth Quarter of 2012 and Announces
RICHARDSON, Texas -- March 11, 2013
Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results
for its fiscal quarter ended December 31, 2012. The Company posted quarterly
revenue of $653 thousand and a net profit of $1.2 million, or $23.69 per
diluted share. These results compare to revenue of $767 thousand and a net
loss of $(94) thousand, or $(1.83) per diluted share, for the same quarter
last year. The decline in operating revenue was caused by declines in
commodity prices, primarily natural gas. The increase in profitability was
driven by dividends received by the Company in connection with its real estate
Amen also announced that the Company’s Board of Directors has approved the
payment of a quarterly dividend of $18 per share to the Company’s common
shareholders. The dividend will be paid on March 29, 2013 to shareholders of
record as of March 22, 2013. The Company reminded shareholders that future
dividend levels will be largely determined by commodity prices for oil and
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. The Board reached this decision based on reduced cash flow risk
associated with the retirement of the Company’s debt in 2011. “Shareholders of
Amen need to understand that, moving forward, 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
The Company’s 2012 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 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.
Press and Investor Relations:
Kris Oliver, 972-999-0494
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