RICHARDSON, Texas--(BUSINESS WIRE)--Amen Properties, Inc. (OTC Pink: AMEN) today announced financial results for its fiscal quarter ended December 31, 2014. The Company posted quarterly revenue of $583 thousand and a net profit of $3.1 million, or $59.75 per diluted share. These results compare to revenue of $865 thousand and net income of $948 thousand, or $18.47 per diluted share, for the same quarter last year. The increase in profitability from last year was caused primarily by two significant gains recognized during the quarter: $2.2 million recognized in connection with the sale of leasehold interests and $1.4 million recognized on the sale of the Company’s interest in Midland real estate. Amen’s earnings for all of 2014 totaled $6.6 million.
Amen also announced that the Company’s Board of Directors has approved the payment of two dividends: a quarterly dividend of $20 per share and a tithing dividend for 2014 earnings of $12.36 per share. Both dividends will be paid on March 31, 2015 to shareholders of record as of March 24, 2015.
Amen’s bylaws require that the Company donate approximately 10% of its net profits to persons or entities expected to make “significant efforts to propagate the Gospel of Jesus Christ.” “Given the Company’s current tax-free status by virtue of its net operating losses, the Board feels it is more prudent and effective to pay the tithe directly to shareholders and allow them to pass the funds along as they see fit,” said Kris Oliver, Amen’s Chief Executive Officer.
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 Oliver.
The Company’s 2014 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.
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.