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Amen Properties Reports Results for Third Quarter of 2021 and Announces Dividend
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
Amen Properties, Inc. (AMEN) reported a significant financial improvement for Q3 2021, with revenue of $1.1 million and net income of $641 thousand, compared to $301 thousand and $98 thousand year-over-year. The rise in profitability was mainly due to enhanced oil and gas revenues following improved market conditions post-pandemic. Additionally, the Board announced a quarterly dividend of $7.50 per share, payable on December 30, 2021, to shareholders on record by December 23, 2021.
Positive
Revenue increased from $301 thousand to $1.1 million year-over-year.
Net income rose from $98 thousand to $641 thousand, indicating solid profitability growth.
Quarterly dividend of $7.50 per share approved, enhancing shareholder returns.
Negative
The decision to no longer hedge revenue streams exposes shareholders to increased market risk.
DALLAS--(BUSINESS WIRE)--
Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended September 30, 2021. The Company posted quarterly revenue of $1.1 million and net income of $641 thousand. These results compare to revenue of $301 thousand and net income of $98 thousand for the same quarter last year. The Company’s improvement in profitability was caused primarily by increased oil and gas revenue resulting from improved market conditions versus 2020 when the pandemic dramatically decreased demand.
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 December 30, 2021, to shareholders of record as of the close of business on December 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 third 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.
