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| Amen Properties Reports Results for First Quarter of 2009 May 29, 2009 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. Read full story here. |
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| Amen Properties Reports Results for Second Quarter of 2009 September 24, 2009 Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended June 30, 2009. The Company posted quarterly revenue of $2.1 million and a net loss from continuing operations of $44 thousand, or $(0.05) per diluted share. These results compare to revenue of $967 thousand and net income from continuing operations of $431 thousand, or $0.09 per diluted share, for the year ago quarter. The decrease in earnings from continuing operations during Q209 was primarily a result of decreased oil and gas commodity prices. The Company reported that, despite a net loss of $741 thousand thus far in 2009, it has increased its cash holdings by almost $2 million. Read full story here. |
| Amen Properties Reports Results for Third Quarter of 2009 November 24, 2009 Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended September 30, 2009. The Company posted quarterly revenue of $2.3 million and net income from continuing operations of $304 thousand, or $0.01 per diluted share. These results compare to revenue of $1.1 million and net income from continuing operations of $614 thousand, or $0.16 per diluted share, for the year ago quarter. The decrease in earnings from continuing operations during Q309 was primarily a result of decreased oil and gas commodity prices. The Company reported that, despite a net loss of $668 thousand thus far in 2009, it has increased its cash holdings by $2.3 million. Read full story here. |
| Amen Properties Announces Completion of Reverse Stock Split January 13, 2010 Amen Properties (Pink Sheets: AMEN) today announced that a previously approved 1-for-100 reverse split of its common stock will take effect at the start of trading on Thursday, January 14, 2010. Trading of AMEN’s common stock on the OTC Pink Sheets will begin on a split-adjusted basis at the open of trading on January 14th. Amen’s shares will continue to trade under the symbol “AMEN” with the letter “D” added to the end of the trading symbol for a period of 20 trading days to indicate that the reverse stock split has been effected. As a result of the reverse stock split, every 100 shares of AMEN’s common stock issued and outstanding immediately prior to the effective time will be combined into one share of common stock. Fractional shares will not be issued and stockholders who otherwise would have been entitled to receive a fractional share as a result of the reverse stock split will receive an amount in cash equal to $4.00 per pre-split share for such fractional interests. The number of shares of Amen’s common stock issued and outstanding will be reduced from approximately 4,233,714 pre-split to approximately 42,300 post-split. Read full story here. |
| Amen Properties Reports Results for 2009 April 8, 2010 Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal quarter and year ended December 31, 2009. The Company posted quarterly revenue of $2.3 million and net income of $401 thousand versus revenue of $1.0 million and net income of $6 thousand in the fourth quarter of 2008. This improvement in earnings was driven by a 42% increase in Priority Power revenue which resulted from a large reengineering project. Priority delivered full year earnings of $1.4 million in 2009, an increase of 6% over 2008. For the full year 2009, Amen reported revenue of $8.6 million and net income of $451 thousand, versus revenue of $4.5 million and net income of $550 thousand in 2008. The significant increase in 2009 revenue was caused by the consolidation of SFF Production, in which the Company purchased a controlling interest at the end of 2008. The decrease in profitability versus 2008 was driven by decreases in oil and gas prices, depletion expense for SFF Production and the recognition of a gain of $703 thousand in 2008 related to the liquidation of the Company’s holdings in Santa Fe Energy Trust. After payment of preferred dividends, the Company generated a loss per common share of $(0.11) for 2009, compared to earnings per share of $0.05 in 2008 (diluted). Read full story here. |
| Amen Properties Reports Results for First Quarter of 2010 June 14, 2010 Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended March 31, 2010. The Company posted quarterly revenue of $2.6 million and a net loss of $(222) thousand, or $(4.34) per diluted share. These results compare to revenue of $1.9 million and a net loss of $(488) thousand, or $(11.60) per diluted share, for the year ago quarter. This increase in earnings is attributable to revenue growth at Priority Power and increased oil and gas commodity prices. Read full story here. |
| Amen Properties Announces New Employment Agreements for Priority Power Executives March 3, 2010 Amen Properties (Pink Sheets: AMEN) today announced that it has signed new employment agreements for John Bick and Pat Ennis, the executives responsible for managing Priority Power Management, LLC (“Priority Power”), the company’s energy management and consulting subsidiary. The agreements are effective December 1, 2009 with a term of five years. In connection with these new employment agreements, the Company also issued a warrant to Bick and Ennis entitling them collectively to purchase 80% of the equity of Priority Power for a price of $10. The warrant has an expiration date of December 1, 2014 and vests only upon the delivery of $1.9 million in cash earnings by Priority Power to Amen. Additionally, the company issued an option to Bick and Ennis entitling them to purchase Amen’s retained 20% ownership in Priority for the price of $480,000. This purchase option has an expiration date of December 1, 2012. Under the leadership of Bick and Ennis, Priority Power continues to distinguish itself as a leader in comprehensive energy management and consulting services to end users of power and natural gas. Read full story here. |
| Amen Properties Announces Repurchase Program for Common Stock June 17, 2010 Amen Properties, Inc. (Pink Sheets: AMEN), announced today that its Board of Directors has approved a share repurchase program authorizing the Company to repurchase from time to time, at management’s discretion, up to 5,000 shares of the Company’s common stock. The Board has not established an end date for this repurchase program. Common stock acquired through the repurchase program will be held as treasury shares and may be used for general corporate purposes, including re-issuances in connection with acquisitions, stock option exercises or employee stock plans. Repurchases will be funded from existing working capital and future earnings. This announced share purchase program reflects management's commitment to enhance shareholder value and create additional liquidity for its shares which are currently quoted on the Pink Sheets®, a centralized electronic quotation service for over-the- counter securities. The size, scope and timing of any purchases under the new program will depend on a variety of business, market and other conditions and factors, including price, cash generation from operations, cash requirements for the Company’s operations, regulatory and contractual requirements or consents, and securities law limitations. Read full story here. |