Amen Properties Reports Results for Third Quarter of 2009.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 (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 continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the 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. Priority Power, the Company's energy management and consulting business, generated a 45% increase in revenue and a 101% increase in net income versus the same quarter last year as a result of a large power reengineering project and a 29% reduction in general and administrative expenses. The Company's Oil & Gas Interests generated a loss of $140 thousand for the quarter due to reduced commodity prices. Despite these disappointing accounting earnings driven by depletion expense, the Company received over $650 thousand in cash distributions related to its oil and gas holdings during the quarter. The Company experienced a sharp decline in corporate general and administrative expenses as a result of delisting earlier this year. Overhead expenses declined 51% versus the same quarter in 2008. The Company's 2009 third 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 operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. 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 NOL - Never Offline . 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 (Small Form Factor) Refers to a device that is smaller than others in its field. For example, a miniature display on a cellphone is an SFF device because displays can be extremely large on monitors and TVs by comparison. See form factor. Royalty, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (33.3% ownership) and SFF Production, LLC (79.1% owner), the entities which own the interests formerly held by Santa Fe Energy Trust. |
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