Amen Properties reports reduced net income for Q2 2016 and declares dividend of USD10 per share.
M2 EQUITYBITES-September 20, 2016-Amen Properties reports reduced net income for Q2 2016 and declares dividend of USD10 per share
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Amen Properties Inc (Pink Sheets:AMEN) reported on Monday that for its fiscal quarter ended 30 June 2016, it recorded a net income of USD44,000 or USD0.83 earnings per diluted share, declined from the net income of USD108,000 or USD2.03 per diluted share in the same quarter last year.
The company's second quarter revenue was USD321,000, down compared to the revenue of USD379,000 in the second quarter of 2015. The decrease in revenue and profitability was driven by reduced commodity prices for oil and gas and losses recognised in the current period related to the sale of marketable securities.
Additionally, the company's board of directors authorised a quarterly dividend of USD10 per share that will be paid on 30 September 2016 to shareholders of record as of 23 September 2016.
Finally, the company reiterated that its board has approved a plan whereby it will no longer hedge the revenue stream associated with its oil and gas royalties.
An owner of oil and gas royalty and working interests in various oil and gas properties in the US, Amen owns an indirect interest in oil gas and gas royalties through its ownership of 33% of the membership interests of SFF Royalty LLC; and controls oil and gas working interests owned by SFF Production LLC through its ownership of 81.1% of the membership interests. Formerly Crosswalk.com Inc, it changed its name in October 2002. Founded in 1993, it is based in Richardson, Texas.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Sep 20, 2016|
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