Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial
results for its fiscal quarter ended September 30, 2012. The Company
posted quarterly revenue of $610 thousand and a net profit of $11
thousand, or $0.22 per diluted share. These results compare to revenue
of $985 thousand and a net profit of $85 thousand, or $1.65 per diluted
share, for the same quarter last year. The reduction in revenue and
profitability versus the same period last year was driven primarily by
the decline in natural gas prices.
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 December 28, 2012 to
shareholders of record as of December 21, 2012. The Company reminded
shareholders that future dividend levels will be largely determined by
commodity prices for oil and gas.
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 that hold Amen stock 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 Officer.
The Company’s 2012 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.