DALLAS--(BUSINESS WIRE)--Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended March 31, 2021. The Company posted quarterly revenue of $422 thousand and net income of $154 thousand. These results compare to revenue of $407 thousand and net income of $(1.5) million for the same quarter last year. The Company’s improvement in profitability was caused by excess depletion recorded in prior periods for some of the Company’s working interests and a loss of $(1.3) million recognized in 2020 as a result of the conversion of marketable securities.
Amen also announced that the Company’s Board of Directors has approved the payment of a quarterly dividend of $7.50 per share, to be paid on June 30, 2021 to shareholders of record as of the close of business on June 23, 2021.
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 2021 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.