Amen Properties Reports Results for First Quarter of 2009
May 29 2009 - 12:32PM
Business Wire
Amen Properties (Pink Sheets: AMEN) today announced financial
results for its fiscal quarter ended March 31, 2009. The Company
posted quarterly revenue of $1.9 million and a net loss of $488
thousand, or $(0.09) per diluted share. These results compare to
revenue of $1.4 million and net income of $977 thousand, or $0.26
per diluted share, for the year ago quarter. The decrease in
earnings during Q109 was a result of decreased oil and gas
commodity prices, increased sales expenses at Priority Power and
other one-time items as described below.
Priority Power received a one-time payment of $300 thousand in
the first quarter of 2008 related to a power plant development
project. Recurring revenue for Priority was down 12% versus last
year due to reduced energy demand caused by economic factors,
particularly among Priority�s oil and gas customers. Priority�s
general and administrative expenses were 43% higher than the same
quarter in 2008 due to increases in sales staff. Management has
recently let go a number of sales staff and believes that these
expenses will be reduced in future quarters.
The Company recognized a gain of $535 thousand in the first
quarter of 2008 on the liquidation of its ownership in the Santa Fe
Energy Trust. The first quarter of 2009 is the first period that
the financial results of SFF Production, LLC are consolidated with
the Company�s financial statements. The Company�s Oil & Gas
Interests generated a loss of $101 thousand for the quarter due to
reduced commodity prices during the quarter. Despite these
disappointing accounting earnings, the Company received over $700
thousand in cash distributions related to its oil and gas holdings
during the quarter.
The Company�s 2009 first quarter report is available for viewing
or download from the company�s web site �
www.amenproperties.com.
About Amen Properties:
Amen is a Christian corporation with a strategic asset � a net
operating loss accumulated during the Company�s �dot com� past
totaling $28 million which can be used to offset tax liabilities
arising from future earnings. Amen seeks to own strong
energy-related assets and businesses with earnings which can be
shielded from taxes via the Company�s NOL. Currently, Amen owns
business and assets which fall into two categories: Energy Services
and Energy Resources.
Energy Services: Priority Power (www.prioritypower.net)
Priority Power is an independent energy management and
consulting services firm whose sole purpose is to act as an
extension of our clients� staff to mitigate the risk and overcome
the challenges associated with energy supply, information, and
demand management. Priority Power has 1,200 clients representing
over 7.1 billion kilowatt hours and $650 million in annual energy
consumption.
Energy Resources: Oil and Gas Interests
Amen owns royalty and working interests in over 1,200 properties
in twelve states through its ownership of SFF Royalty, LLC (33.3%
ownership) and SFF Production, LLC (79.1% owner), the entities
which own the interests formerly held by Santa Fe Energy Trust.
Additionally, the Company owns a 5% working interest and 4% net
revenue interest in producing wells located on the 30,000 acres of
the Permian Basin known as the Yarborough and Allen Field.
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