DALLAS--(BUSINESS WIRE)--Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended December 31, 2019. The Company posted quarterly revenue of $576 thousand and net income of $136 thousand. These results compare to revenue of $1.2 million and net income of $351 thousand for the same quarter last year. The Company’s decline in revenue and profitability for the quarter was driven by decreases in oil and gas production and commodity prices.
For the full year 2019, Amen reported revenue of $2.6 million, a decrease of 43% from 2018 also driven by decreases in oil and gas production and commodity prices. The Company’s net income for 2019 was $445 thousand compared to $5.2 million in 2018, a decline caused by the factors described above as well as significant gains recognized in 2018 related to the sale of leasehold interests. In keeping with the Company’s bylaws, Amen has accrued a tithing obligation of $38 thousand at the end of 2019.
For many years, Amen had a significant NOL carryforward from losses incurred in the late 1990’s when the Company operated as crosswalk.com. With the completion of the Company’s tax return for 2018, the NOL carryforward has now been completely used and Amen’s income is now subject to Federal taxation. Going forward, the Board will consider this development as it determines dividend and tithing policy to ensure funds are used or distributed in a way that maximizes shareholder value. Amen announced that the Company’s Board of Directors has approved the payment of a quarterly dividend of $10 per share, to be paid on March 31, 2020 to shareholders of record as of the close of business on March 24, 2020.
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 Financial Officer.
The Company’s 2019 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 portfolio of cash-producing properties including real estate and oil and gas interests.
Cautionary Statement:
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.