Amen Properties Reports Results for Fourth Quarter of 2020 and Announces Dividend

Rhea-AI Summary

Amen Properties, Inc. (AMEN) reported its Q4 2020 financial results, recording revenue of $415 thousand and a net income of $1.1 million, down from $576 thousand and $136 thousand respectively in Q4 2019. For the full year 2020, revenue decreased by 57% to $1.1 million, with a net loss of $(469) thousand compared to a profit of $27 thousand in 2019. The Board approved a quarterly dividend of $7.50 per share, payable on March 31, 2021. The Company will no longer hedge oil and gas royalty revenues, encouraging shareholders to adopt their own strategies regarding this risk.

Positive

• Quarterly net income increased to $1.1 million from $136 thousand year-over-year.
• Dividend of $7.50 per share approved, signaling management's confidence in cash flow.

Negative

• Q4 2020 revenue decreased to $415 thousand, a 28% drop from Q4 2019.
• Full year 2020 revenue down 57% year-over-year, driven by reduced production and commodity prices.
• 2020 net loss of $(469) thousand compared to net income of $27 thousand in 2019.

Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended December 31, 2020. The Company posted quarterly revenue of $415 thousand and net income of $1.1 million. These results compare to revenue of $576 thousand and net income of $136 thousand for the same quarter last year. The Company’s decline in revenue for the quarter was driven by decreases in oil and gas production and commodity prices while the improvement in profitability was caused by the correction of excess depletion recorded in prior periods for some of the Company’s working interests.

For the full year 2020, Amen reported revenue of $1.1 million, a decrease of 57% from 2019 also driven by decreases in oil and gas production and commodity prices. The Company’s net income for 2020 was a loss of $(469) thousand compared to income of $27 thousand in 2019, a decline caused by the factors described above as well as a loss recognized in connection with the devaluation of certain 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 March 31, 2021 to shareholders of record as of the close of business on March 24, 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 2020 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.

Cautionary Statement:

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210311005723/en/

FAQ

What were Amen Properties' Q4 2020 financial results?

In Q4 2020, Amen Properties reported revenue of $415 thousand and net income of $1.1 million.

What is the dividend amount for Amen Properties in 2021?

Amen Properties declared a dividend of $7.50 per share, payable on March 31, 2021.

How did Amen Properties' revenue change in 2020?

Amen's revenue for 2020 was $1.1 million, a 57% decrease from 2019 due to lower oil and gas production.

What is Amen Properties' stock symbol?

The stock symbol for Amen Properties is AMEN.

When is the dividend record date for Amen Properties?

The record date for the dividend is March 24, 2021.