Business & Finance
Business and Finance
Business and Finance
Wed, March 9, 2011
Tue, March 8, 2011 Amen Properties Reports Results for Fourth Quarter of 2010
RICHARDSON, Texas--([ BUSINESS WIRE ])--Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended December 31, 2010. The Company posted quarterly revenue of $904 thousand and a net loss of $(2.2) million, or $(43.71) per diluted share. These results compare to revenue of $878 thousand and net income of $121 thousand, or $2.35 per diluted share, for the year ago quarter.
The decrease in earnings versus last year was driven primarily by a loss of $1.5 million recorded when the Company sold Priority Power to Prioritya™s management team on October 1. Additionally, Amen recorded $470 thousand in dry hole expense during the quarter in connection with a number of drilling projects in the Permian Basin of West Texas.
For the full year, Amen reported revenue from continuing operations of $3.3 million and a net loss of $(4.4) million, versus revenue of $3.1 million and a net loss of $(547) thousand in 2009. The decrease in earnings was driven primarily by the fourth quarter losses described above as well as $2.9 million in goodwill impairment recognized during the year.
Amen reported that it ended the year debt-free and in a strong cash position, having received $2.4 million in distributions during 2010 from its oil and gas royalty investments.
The Companya™s 2010 fourth quarter report is available for viewing or download from the companya™s web site a" [ www.amenproperties.com ].
About Amen Properties:
Amen is a Christian corporation with a strategic asset a" a net operating loss accumulated during the Companya™s adot coma 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 Companya™s NOL.
