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| Amen Properties Reports Results for 2008 March 31, 2009 Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal year ended December 31, 2008. The Company posted 2008 revenue of $4.5 million and net income of $550 thousand, or $0.14 per diluted share. These results compare to revenue of $3.7 million and net income of $1.3 million, or $0.34 per diluted share, in 2007. The decrease in earnings in 2008 was a result of $1.5 million in shutdown costs associated with W Power and an increase in sales personnel costs. The Company does not expect any further material costs associated with the shutdown of W Power, the Company’s retail electricity provider that it decided to shut down in June of 2008. Read full story here. |
| Amen Properties Announces Intent to Voluntarily Delist and Deregister its Common Stock February 13, 2009 Amen Properties, Inc. (Nasdaq-CM:AMEN), announced today that it has notified the Nasdaq Stock Market of its intent to voluntarily delist its common stock from the Nasdaq Capital Market, and that it intends to voluntarily deregister its common stock under the Securities Exchange Act of 1934 and cease filing reports with the Securities and Exchange Commission (the “SEC”). Read full story here. |
| Amen Properties Purchases Membership Interests in SFF Production, LLC December 29, 2008 Amen Properties (NASDAQ: AMEN) today announced that it has entered into an agreement to purchase membership interests totaling 45.5% in SFF Production, LLC. The transaction will close and be effective December 31, 2008 for a purchase price of 78.8% of the membership interests of SFF Production. Read full story here. |
| Amen Properties Reports Results for First Quarter of 2009 May 29, 2009 Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended March 31, 2009. The Company posted quarterly revenue of $1.9 million and a net loss of $488 thousand, or $(0.09) per diluted share. These results compare to revenue of $1.4 million and net income of $977 thousand, or $0.26 per diluted share, for the year ago quarter. The decrease in earnings during Q109 was a result of decreased oil and gas commodity prices, increased sales expenses at Priority Power and other one-time items. Read full story here. |
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| Amen Properties Reports Results for Second Quarter of 2009 September 24, 2009 Amen Properties (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended June 30, 2009. The Company posted quarterly revenue of $2.1 million and a net loss from continuing operations of $44 thousand, or $(0.05) per diluted share. These results compare to revenue of $967 thousand and net income from continuing operations of $431 thousand, or $0.09 per diluted share, for the year ago quarter. The decrease in earnings from continuing operations during Q209 was primarily a result of decreased oil and gas commodity prices. The Company reported that, despite a net loss of $741 thousand thus far in 2009, it has increased its cash holdings by almost $2 million. Read full story here. |
| Amen Properties Reports Results for Third Quarter of 2009 November 24, 2009 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 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. Read full story here. |
| Amen Properties Announces Completion of Reverse Stock Split January 13, 2010 Amen Properties (Pink Sheets: AMEN) today announced that a previously approved 1-for-100 reverse split of its common stock will take effect at the start of trading on Thursday, January 14, 2010. Trading of AMEN’s common stock on the OTC Pink Sheets will begin on a split-adjusted basis at the open of trading on January 14th. Amen’s shares will continue to trade under the symbol “AMEN” with the letter “D” added to the end of the trading symbol for a period of 20 trading days to indicate that the reverse stock split has been effected. As a result of the reverse stock split, every 100 shares of AMEN’s common stock issued and outstanding immediately prior to the effective time will be combined into one share of common stock. Fractional shares will not be issued and stockholders who otherwise would have been entitled to receive a fractional share as a result of the reverse stock split will receive an amount in cash equal to $4.00 per pre-split share for such fractional interests. The number of shares of Amen’s common stock issued and outstanding will be reduced from approximately 4,233,714 pre-split to approximately 42,300 post-split. Read full story here. |
| Amen Properties Announces New Employment Agreements for Priority Power Execs March 3, 2010 Amen Properties today announced that it has signed new employment agreements for John Bick and Pat Ennis, the executives responsible for managing Priority Power Management, LLC (“Priority Power”), the company’s energy management and consulting subsidiary. The agreements are effective December 1, 2009 with a term of five years. In connection with these new employment agreements, the Company also issued a warrant to Bick and Ennis entitling them collectively to purchase 80% of the equity of Priority Power for a price of $10. The warrant has an expiration date of December 1, 2014 and vests only upon the delivery of $1.9 million in cash earnings by Priority Power to Amen. Additionally, the company issued an option to Bick and Ennis entitling them to purchase Amen’s retained 20% ownership in Priority for the price of $480,000. This purchase option has an expiration date of December 1, 2012. Read full story here. |