Amen Properties Reports Results for Fourth Quarter of 2012 and Announces Quarterly Dividend
RICHARDSON, Texas--(BUSINESS WIRE)-- 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 investments.
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 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 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 Officer.
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
KEYWORDS: United States North America Texas
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