Amen Properties Reports First Quarter Results.Emphasis on Energy-Related Businesses Delivers Strong Earnings Growth Year-over-Year 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. -- Amen Properties today announced financial results for its fiscal 2007 first quarter ended March 31, 2007. The Company posted revenue of $3.1 million and a net quarterly profit of $508,923, or $0.13 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. These results compare to revenue of $3.9 million and net quarterly profit of $192,654, or $0.05 per diluted share, in the year-ago quarter. Gross margin was 14.8%, up from 7.2% in the year-ago quarter. Energy Management and Consulting sales accounted for 26% of the quarter's revenue. Retail Electricity revenue declined 27% despite a 2% increase in volume due to savings associated with lower wholesale energy costs being passed on to consumers. The remainder of the decline in operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. was caused by the company's withdrawal from the real estate market in late 2006 in order to focus on energy-related opportunities. "We are very pleased to report strong earnings growth over last year," said Kris Oliver, Amen Properties' CFO See Chief Financial Officer. . "We see this quarter's performance as a validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of our decision to deemphasize our real estate businesses and focus on energy-related opportunities. We are particularly enthusiastic about our growth in energy management services through the acquisition of Priority Power in 2006." Amen Properties is engaged in the acquisition and management of strong, profitable energy-related businesses. W Power & Light, a wholly-owned subsidiary, is a Retail Electricity Provider in Texas, the largest electricity marketplace in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Priority Power, a wholly-owned subsidiary acquired in April 2006, is an energy management and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" firm. ChooseEnergy.com, launched in 2006, is an unbiased online electricity marketplace which allows consumers to compare offers and save money by selecting an electricity provider that meets their needs. The Company has other energy -related holdings through its other subsidiaries, Amen Minerals and Amen Delaware. |
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