DALLAS--(BUSINESS WIRE)--Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended March 31, 2016. The Company posted quarterly revenue of $322 thousand and net income of $(894) thousand, or $(16.82) per diluted share. These results compare to revenue of $433 thousand and net income of $1.4 million, or $27.25 per diluted share, for the same quarter last year. The decrease in revenue and profitability was driven by reductions in commodity prices for oil and gas, gains recognized in the prior period related to the sales of leasehold interests, and losses recognized in the current period in connection with the sale of marketable securities.
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 June 30, 2016 to shareholders of record as of June 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 first 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.