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Amen Properties Reports Results for Third Quarter of 2010

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  Published in Science and Technology on Monday, November 22nd 2010 at 14:40 GMT by Market Wire
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RICHARDSON, Texas--([ BUSINESS WIRE ])--Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended September 30, 2010. The Company posted quarterly revenue of $755 thousand and a net loss of $(667) thousand, or $(13.02) per diluted share. These results compare to revenue of $614 thousand and net income of $73 thousand, or $1.41 per diluted share, for the year ago quarter. This decrease in earnings is attributable primarily to goodwill impairment expense of $963 thousand recognized during the quarter.

The operating results of Priority Power are shown as discontinued operations in the Companya™s third quarter financial statements as a result of the sale of Priority to its management team on October 1, 2010. Income from discontinued operations was $389 thousand for the quarter.

The Companya™s Oil & Gas Interests generated a net loss of $(79) thousand and cash distributions to Amen totaling over $469 thousand during the quarter. During the same quarter in 2009, the Company reported a loss related to its oil and gas properties of $(369) thousand. This improvement in earnings in 2010 was driven by increases in oil and gas commodity prices.

The Companya™s 2010 third quarter report is available for viewing or download from the companya™s web site a" [ www.amenproperties.com ].

About Amen Properties:

Amen is a Christian corporation with a strategic asset a" a net operating loss accumulated during the Companya™s adot coma 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 Companya™s NOL. 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 clientsa™ 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 Royalty, LLC (33.3% ownership) and SFF Production, LLC (79.1% owner), the entities which own the interests formerly held by Santa Fe Energy Trust.