AMEN Properties Announces First Quarter 2005 Financial Results.MIDLAND, Texas Midland is the county seat of Midland CountyGR6 located on the Southern Plains of the western area of the U.S. State of Texas. As of the 2006 U.S. Census estimate, the city had a total population of 102,073. -- For the quarter ended March 31, 2005 the Company (Nasdaq:AMEN) showed a net loss of $163,650 or a net loss $.07 per share. This first quarter loss is mainly due to the Company's newly created, wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. W Power. This loss is due to management restraining the customer growth of W Power to ensure that adequate credit was available to meet W Power's growth. Additionally, the Company has experienced a decrease in net income from it's investment in TCTB due to the distribution and sale of the Company's undivided interest undivided interest n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. in a commercial real estate property in Lubbock, Texas on December 31, 2004. This sale reduced the Company's income from its limited partnership interest in TCTB for the quarter ending March 31, 2005 by approximately $146,500. Additionally, during the quarter ending March 31, 2005 the Company incurred additional legal fees and other general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. of approximately $34,500 associated with the issuance the Company's Series C Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . |
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