Amen Properties today announced financial results for its fiscal 2008 third quarter ended September 30, 2008. For the quarter, the Company posted net income of $362 thousand compared to $278 thousand in the same quarter last year. This increase in net income of approximately 30% over last year was caused primarily by income from the Company’s oil and gas investment in SFF Production, LLC and SFF Royalty, LLC.
The Company recorded expenses of $252 thousand for the quarter related to the shut-down of its retail electricity provider, W Power and Light, and does not expect any material expenses in the future related to the shut-down of that business. Priority Power Management, the Company’s energy management and consulting business, reported revenue and net income of $1.1 million and $290 thousand, respectively, for the quarter. Priority Power’s income decreased approximately 51% when compared to the same quarter last year, primarily due to increased expenses resulting from the hiring of additional sales staff.
The Company’s investment in SFF Royalty, LLC and SFF Production, LLC generated income of $574 thousand for the quarter due to increased commodity prices. Additionally, the Company reported that it has received cash distributions from the SFF entities totaling $2.6 million through September 30, 2008.
Amen Properties is engaged in the acquisition and management of strong, profitable energy-related businesses. Priority Power, a wholly owned subsidiary acquired in April 2006, is an energy management and consulting services firm. The Company has other energy – related holdings through its other subsidiaries, Amen Minerals and Amen Delaware.
Contacts:
Kris Oliver, 972-999-0494
