Biloxi Marsh Lands Corporation Announces Date of 2021 Annual Meeting of Shareholders and Results for the Fourth Quarter of 2020, 12 Months Ending December 31, 2020
Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) is set to hold its 2021 Annual Meeting of Shareholders on May 5, 2021. For the year ending December 31, 2020, the company reported a revenue of $11,736 from oil and gas production, down from $18,982 in 2019. The net loss for 2020 was $988,189 ($0.39 per share), significantly improved from a loss of $3,030,888 ($1.21 per share) the previous year. The company also declared a dividend of $250,503 ($0.10 per share) on January 14, 2021, contributing to a total of $56,481,500 paid in dividends since 2002.
- Net loss reduced from $3,030,888 in 2019 to $988,189 in 2020.
- Dividend paid amounted to $250,503, demonstrating ongoing shareholder returns.
- Oil and gas production revenue decreased from $18,982 in 2019 to $11,736 in 2020.
- Dividend and interest income fell from $101,240 in 2019 to $53,330 in 2020.
- Fee land income dropped from $143,322 in 2019 to $75,527 in 2020.
Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces the 2021 Annual Meeting of Shareholders and results for the year ending December 31, 2020.
The 2021 Annual Meeting of Shareholders of Biloxi Marsh Lands Corporation will be held on Wednesday May 5, 2021 at 10:30 a.m.
The Company’s annual revenue breakdown is as follows: 2020 revenue from oil and gas production for its fee lands was
On January 14, 2021, the Company paid a dividend to its shareholders of record at the close of business on December 30, 2020. This represents a total cash dividend payment of
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, 2020 and 2019 | ||||||||||||
| Assets | 2020 |
2019 |
||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 1,977,605 |
|
$ | 815,877 |
|
||||||
| Accounts and interest receivable | 4,368 |
|
7,085 |
|
||||||||
| Income taxes receivable | 16,000 |
|
11,723 |
|
||||||||
| Prepaid expenses | 37,403 |
|
44,987 |
|
||||||||
| Marketable debt securities - at cost | — |
|
293,265 |
|
||||||||
| Other assets | 3,830 |
|
3,830 |
|
||||||||
| Total current assets | 2,039,206 |
|
1,176,767 |
|
||||||||
| Membership interest in limited liability companies | 34,355 |
|
231,000 |
|
||||||||
| Marketable debt and equity securities - at cost | 3,039,983 |
|
4,531,816 |
|
||||||||
| Deferred tax asset | — |
|
10,579 |
|
||||||||
| Land - at cost | 234,939 |
|
234,939 |
|
||||||||
| Total assets | $ | 5,348,483 |
|
$ | 6,185,101 |
|
||||||
| Liabilities and Stockholders' Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Accrued expenses and other current liabilities | $ | 37,054 |
|
$ | 62,517 |
|
||||||
| Membership interest in limited liability companies | 820,882 |
|
393,345 |
|
||||||||
| Total current liabilities | 857,936 |
|
455,862 |
|
||||||||
| Stockholders' equity: | ||||||||||||
| Common stock, $.001 par value. Authorized, 20,000,000 shares; | ||||||||||||
| issued, 2,851,196 shares; outstanding, 2,505,028 shares | 47,520 |
|
47,520 |
|
||||||||
| Retained earnings | 7,520,052 |
|
8,758,744 |
|
||||||||
| Treasury stock - 346,168 shares | (3,077,025 |
) |
(3,077,025 |
) |
||||||||
| Total stockholders' equity | $ | 4,490,547 |
|
$ | 5,729,239 |
|
||||||
| Total liabilities and stockholders' equity | $ | 5,348,483 |
|
$ | 6,185,101 |
|
||||||
| BILOXI MARSH LANDS CORPORATION | ||||||||||||||||||
| Statements of Revenues and Expenses - Income Tax Basis | ||||||||||||||||||
| December 31, 2020 and 2019 | ||||||||||||||||||
| 3 Months Ended | 12 Months Ended | |||||||||||||||||
| December 31 | December 31 | |||||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||||
| Revenues: | ||||||||||||||||||
| Oil and gas | $ |
5,224 |
|
$ |
7,363 |
|
$ |
11,736 |
|
$ |
18,982 |
|
||||||
| Total oil and gas revenues |
|
5,224 |
|
|
7,363 |
|
|
11,736 |
|
|
18,982 |
|
||||||
| Other income (loss): | ||||||||||||||||||
| Dividends and interest income |
|
10,289 |
|
|
19,789 |
|
|
53,330 |
|
|
101,240 |
|
||||||
| Gain on settlement |
|
- |
|
|
- |
|
|
1,761,510 |
|
|
- |
|
||||||
| Loss on sale of securities |
|
(43,145 |
) |
|
(18,662 |
) |
|
(124,341 |
) |
|
(191,428 |
) |
||||||
| Fee land income |
|
5,135 |
|
|
900 |
|
|
75,527 |
|
|
143,322 |
|
||||||
| Loss from membership interest in LLCs |
|
(1,289,474 |
) |
|
(954,306 |
) |
|
(2,174,183 |
) |
|
(2,290,999 |
) |
||||||
| Total other income (loss) | $ |
(1,317,195 |
) |
$ |
(952,279 |
) |
$ |
(408,157 |
) |
$ |
(2,237,865 |
) |
||||||
| Total revenues and other income (loss) | $ |
(1,311,971 |
) |
$ |
(944,916 |
) |
$ |
(396,421 |
) |
$ |
(2,218,883 |
) |
||||||
| Expenses: | ||||||||||||||||||
| Total expenses |
|
197,352 |
|
|
249,274 |
|
|
591,768 |
|
|
812,005 |
|
||||||
| Net loss before income taxes |
|
(1,509,323 |
) |
|
(1,194,190 |
) |
|
(988,189 |
) |
|
(3,030,888 |
) |
||||||
| Income tax benefit |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||
| Net loss - income tax basis | $ |
(1,509,323 |
) |
$ |
(1,194,190 |
) |
$ |
(988,189 |
) |
$ |
(3,030,888 |
) |
||||||
| Net loss per share - income tax basis | $ |
(0.60 |
) |
$ |
(0.48 |
) |
$ |
(0.39 |
) |
$ |
(1.21 |
) |
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210308005841/en/
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