DALLAS--(BUSINESS WIRE)--Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended December 31, 2018. The Company posted quarterly revenue of $1.2 million and net income of $351 thousand. These results compare to revenue of $611 thousand and net income of $1.2 million for the same quarter last year. The Company’s 2018 revenue growth was driven by increased oil and gas production while the decline in profitability resulted from recognition of a significant gain in 2017 related to the sale of a mineral leasehold interest.
For the full year 2018, Amen reported revenue of $4.6 million, an increase of 72% over 2017 driven by increased oil and gas production. The Company’s net income for 2018 was $5.2 million compared to $2.4 million in 2017, an improvement caused by the revenue growth described above as well as significant gains recognized in connection with the sale or assignment of mineral leasehold interests during the year.
Amen also announced that the Company’s Board of Directors has approved the payment of a quarterly dividend of $20 per share and tithing dividend of $9.30 per share, to be paid on March 29, 2019 to shareholders of record as of March 22, 2019.
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 2018 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.