Biloxi Marsh Lands Corporation Announces Date of 2020 Annual Meeting of Shareholders and Results for the Fourth Quarter of 2019, 12 Months ending December 31, 2019

METAIRIE, La.--()--Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces the 2020 Annual Meeting of Shareholders and results for the year ending December 31, 2019.

The 2020 Annual Meeting of Shareholders of Biloxi Marsh Lands Corporation will be held at the Corporate Office, One Galleria Blvd., Ste 902, Metairie, Louisiana on Tuesday May 5, 2020 at 10:30 a.m.

The Company’s annual revenue breakdown is as follows: 2019 revenue from oil and gas production for its fee lands was $18,982 compared to revenue of $21,398 in 2018. The flow-through loss from B&L Exploration, LLC (B&L) reduced the Company’s annual revenue by $2,290,999 in 2019 compared to $1,972,854 in 2018. The flow-through loss of $2,290,999 includes $849,431 of the amortization of intangible drilling costs capitalized in prior years. Dividend and interest income for 2019 was $101,240, compared to $115,035 for 2018. In 2019, the Company realized a cumulative loss from the sale of investment securities of $191,428 compared to a cumulative gain in the amount of $1,591,104 in 2018. Fee land income, unrelated to oil and gas activities, was $143,322 for 2019 compared to $67,605 for 2018. Expenses for the year totaled $812,005 compared to prior year expenses of $781,064. For the year, the Company had a net loss of $3,030,888 or $1.21 per share compared to a net loss of $850,545 or $.34 per share in 2018.

On January 15, 2020, the Company paid a dividend to its shareholders of record at the close of business on December 31, 2019. This represents a total cash dividend payment of $250,503 or $.10 per share. Since 2002, the Company has paid approximately $56,231,000 in total dividends.

Biloxi Marsh Lands Corporation is a Delaware corporation whose principal assets are surface and mineral rights to approximately 90,000 acres of marsh land in St. Bernard Parish, Louisiana, which from time to time generates revenues from mineral activities including lease bonuses, delay rentals, royalties on oil and natural gas production, and fee land income unrelated to oil and gas activities. Through investment in limited liability companies the Company also has separate interests in various oil and gas properties in Louisiana and Texas outside of its fee lands.

This news release contains forward-looking statements regarding all of the Company’s business activities including without limitation oil and gas discoveries, oil and gas exploration, and development and production activities and reserves. Accuracy of the forward-looking statements depends on assumptions about events that change over time and is thus susceptible to periodic change based on actual experience and new developments. The Company cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this report. Important factors that might cause future results to differ from these forward-looking statements include: variations in the market prices of oil and natural gas; drilling results; unanticipated fluctuations in flow rates of producing wells; oil and natural gas reserves expectations; the ability to satisfy future cash obligations and environmental costs; and general exploration and development risks and hazards. Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. Each such statement speaks only as of the day it was made. The factors described above cannot be controlled by the Company. When used in this report, the words “believes”, “estimates”, “plans”, “expects”, “could”, “should”, “outlook”, and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements.

The following Statements of Assets, Liabilities and Stockholders’ Equity—Income Tax Basis and Statements of Revenues and Expenses—Income Tax Basis have been derived from the Company’s end of the year financial statements, but do not include the information and footnotes that are an integral part of a complete financial statement.

The Company recommends that investors and all interested parties visit its website www.biloximarshlandscorp.com to view historical press releases, historical financial statements, and other relevant information. All inquiries should be made through the Contact Mailbox on the Company’s website: http://www.biloximarshlandscorp.com/contact/.

 
BILOXI MARSH LANDS CORPORATION
Statements of Assets, Liabilities, and Stockholders' Equity - Income Tax Basis
December 31, 2019 and 2018
     
Assets  

2019

 

2018

     
Current assets:    
Cash and cash equivalents  

$

815,877

 

 

$

2,033,637

 

Accounts and interest receivable  

7,085

 

 

97,755

 

Income taxes receivable  

11,723

 

 

29,538

 

Prepaid expenses  

44,987

 

 

40,222

 

Marketable debt securities - at cost  

293,265

 

 

300,765

 

Other assets  

3,830

 

 

3,830

 

Total current assets  

1,176,767

 

 

2,505,747

 

     
Investment in partnerships  

231,000

 

 

217,654

 

Marketable debt and equity securities - at cost  

4,531,816

 

 

6,096,339

 

Deferred tax asset  

10,579

 

 

21,159

 

Land - at cost  

234,939

 

 

234,939

 

Levees and office furniture and equipment  

308,607

 

 

308,607

 

Accumulated depreciation  

(308,607

)

 

(308,576

)

Total assets  

$

6,185,101

 

 

$

9,075,869

 

Liabilities and Stockholders' Equity

   
Current liabilities:    
Accrued expenses and other current liabilities  

$

62,517

 

 

$

17,541

 

Partnership advances  

393,345

 

 
Total current liabilities  

455,862

 

 

17,541

 

Stockholders' equity:    
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,505,028 and 2,513,008 shares in 2019 and 2018, respectively  

47,520

 

 

47,520

 

Retained earnings  

8,758,744

 

 

12,040,933

 

Treasury stock - 346,168 and 338,188 shares in 2019 and 2018, respectively, at cost  

(3,077,025

)

 

(3,030,125

)

Total stockholders' equity  

$

5,729,239

 

 

$

9,058,328

 

Total liabilities and stockholders' equity  

$

6,185,101

 

 

$

9,075,869

 

     
BILOXI MARSH LANDS CORPORATION
Statements of Revenues and Expenses - Income Tax Basis
December 31, 2019 and 2018
         
 

3 Months Ended

 

12 Months Ended

 

December 31

 

December 31

 

2019

 

 

2018

 

 

2019

 

 

2018

 

         
Revenues:        
Oil and gas  

$

7,363

 

 

$

1,782

 

 

$

18,982

 

 

$

21,398

 

Total oil and gas revenues  

 

7,363

 

 

 

1,782

 

 

 

18,982

 

 

 

21,398

 

         
Other income (loss):        
Dividends and interest income  

 

19,789

 

 

 

29,611

 

 

 

101,240

 

 

 

115,035

 

Gain on settlement  

 

-

 

 

 

86,967

 

 

 

-

 

 

 

86,967

 

Gain on sale of securities  

 

(18,662

)

 

 

479,447

 

 

 

(191,428

)

 

 

1,591,104

 

Fee land income  

 

900

 

 

 

-

 

 

 

143,322

 

 

 

67,605

 

Loss from investment in partnership  

 

(954,306

)

 

 

(917,415

)

 

 

(2,290,999

)

 

 

(1,972,854

)

Total other income (loss)  

$

(952,279

)

 

$

(321,390

)

 

$

(2,237,865

)

 

$

(112,143

)

Total revenues and other income (loss)  

$

(944,916

)

 

$

(319,608

)

 

$

(2,218,883

)

 

$

(90,745

)

         
Expenses:        
Total expenses  

 

249,274

 

 

 

224,217

 

 

 

812,005

 

 

 

781,064

 

Net loss before income taxes  

 

(1,194,190

)

 

 

(543,825

)

 

 

(3,030,888

)

 

 

(871,809

)

Income tax benefit  

 

-

 

 

 

(21,264

)

 

 

-

 

 

 

(21,264

)

Net loss - income tax basis  

$

(1,194,190

)

 

$

(522,561

)

 

$

(3,030,888

)

 

$

(850,545

)

         
Net loss per share - income tax basis  

$

(0.48

)

 

$

(0.21

)

 

$

(1.21

)

 

$

(0.34

)

 

Contacts

Biloxi Marsh Lands Corporation
Belle Bellard: 504-837-4337

Release Summary

Biloxi Marsh Lands Corporation Announces Date of 2020 Annual Meeting of Shareholders and Results for the 12 months ending December 31, 2019

Contacts

Biloxi Marsh Lands Corporation
Belle Bellard: 504-837-4337