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Biloxi Marsh Lands Corporation Announces Date of 2021 Annual Meeting of Shareholders and Results for the Fourth Quarter of 2020, 12 Months Ending December 31, 2020

·6-min read

Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces the 2021 Annual Meeting of Shareholders and results for the year ending December 31, 2020.

The 2021 Annual Meeting of Shareholders of Biloxi Marsh Lands Corporation will be held on Wednesday May 5, 2021 at 10:30 a.m.

The Company’s annual revenue breakdown is as follows: 2020 revenue from oil and gas production for its fee lands was $11,736 compared to revenue of $18,982 in 2019. The flow-through losses from the Company’s membership interests in limited liability companies was $2,174,183 in 2020 compared to $2,290,999 in 2019. Dividend and interest income for 2020 was $53,330, compared to $101,240 for 2019. In 2020, the Company realized a cumulative loss from the sale of investment securities of $124,341 compared to a cumulative loss in the amount of $191,428 in 2019. Fee land income, unrelated to oil and gas activities, was $75,527 for 2020 compared to $143,322 for 2019. Expenses for the year totaled $591,768 compared to prior year expenses of $812,005. For the year, the Company had a net loss of $988,189 or $.39 per share compared to a net loss of $3,030,888 or $1.21 per share in 2019.

On January 14, 2021, the Company paid a dividend to its shareholders of record at the close of business on December 30, 2020. This represents a total cash dividend payment of $250,503 or $.10 per share. Since 2002, the Company has paid approximately $56,481,500 in total dividends.

Biloxi Marsh Lands Corporation is a Delaware corporation whose principal assets are surface and mineral rights to approximately 90,000 acres of marsh land in St. Bernard Parish, Louisiana, which from time to time generates revenues from mineral activities including lease bonuses, delay rentals, royalties on oil and natural gas production, and fee land income unrelated to oil and gas activities. Through investment in limited liability companies the Company also has separate interests in various oil and gas properties in Louisiana and Texas outside of its fee lands.

This news release contains forward-looking statements regarding all of the Company’s business activities including without limitation oil and gas discoveries, oil and gas exploration, and development and production activities and reserves. Accuracy of the forward-looking statements depends on assumptions about events that change over time and is thus susceptible to periodic change based on actual experience and new developments. The Company cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this report. Important factors that might cause future results to differ from these forward-looking statements include: variations in the market prices of oil and natural gas; drilling results; unanticipated fluctuations in flow rates of producing wells; oil and natural gas reserves expectations; the ability to satisfy future cash obligations and environmental costs; and general exploration and development risks and hazards. Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. Each such statement speaks only as of the day it was made. The factors described above cannot be controlled by the Company. When used in this report, the words "believes", "estimates", "plans", "expects", "could", "should", "outlook", and "anticipates" and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements.

The following Statements of Assets, Liabilities and Stockholders’ Equity—Income Tax Basis and Statements of Revenues and Expenses—Income Tax Basis have been derived from the Company’s end of the year financial statements, but do not include the information and footnotes that are an integral part of a complete financial statement.

The Company recommends that investors and all interested parties visit its website www.biloximarshlandscorp.com to view historical press releases, historical financial statements, and other relevant information. All inquiries should be made through the Contact Mailbox on the Company’s website: http://www.biloximarshlandscorp.com/contact/.

BILOXI MARSH LANDS CORPORATION

Statements of Assets, Liabilities, and Stockholders' Equity - Income Tax Basis

December 31, 2020 and 2019

Assets

2020

2019

Current assets:

Cash and cash equivalents

$

1,977,605

$

815,877

Accounts and interest receivable

4,368

7,085

Income taxes receivable

16,000

11,723

Prepaid expenses

37,403

44,987

Marketable debt securities - at cost

293,265

Other assets

3,830

3,830

Total current assets

2,039,206

1,176,767

Membership interest in limited liability companies

34,355

231,000

Marketable debt and equity securities - at cost

3,039,983

4,531,816

Deferred tax asset

10,579

Land - at cost

234,939

234,939

Total assets

$

5,348,483

$

6,185,101

Liabilities and Stockholders' Equity

Current liabilities:

Accrued expenses and other current liabilities

$

37,054

$

62,517

Membership interest in limited liability companies

820,882

393,345

Total current liabilities

857,936

455,862

Stockholders' equity:

Common stock, $.001 par value. Authorized, 20,000,000 shares;

issued, 2,851,196 shares; outstanding, 2,505,028 shares

47,520

47,520

Retained earnings

7,520,052

8,758,744

Treasury stock - 346,168 shares

(3,077,025

)

(3,077,025

)

Total stockholders' equity

$

4,490,547

$

5,729,239

Total liabilities and stockholders' equity

$

5,348,483

$

6,185,101

BILOXI MARSH LANDS CORPORATION

Statements of Revenues and Expenses - Income Tax Basis

December 31, 2020 and 2019

3 Months Ended

12 Months Ended

December 31

December 31

2020

2019

2020

2019

Revenues:

Oil and gas

$

5,224

$

7,363

$

11,736

$

18,982

Total oil and gas revenues

5,224

7,363

11,736

18,982

Other income (loss):

Dividends and interest income

10,289

19,789

53,330

101,240

Gain on settlement

-

-

1,761,510

-

Loss on sale of securities

(43,145

)

(18,662

)

(124,341

)

(191,428

)

Fee land income

5,135

900

75,527

143,322

Loss from membership interest in LLCs

(1,289,474

)

(954,306

)

(2,174,183

)

(2,290,999

)

Total other income (loss)

$

(1,317,195

)

$

(952,279

)

$

(408,157

)

$

(2,237,865

)

Total revenues and other income (loss)

$

(1,311,971

)

$

(944,916

)

$

(396,421

)

$

(2,218,883

)

Expenses:

Total expenses

197,352

249,274

591,768

812,005

Net loss before income taxes

(1,509,323

)

(1,194,190

)

(988,189

)

(3,030,888

)

Income tax benefit

-

-

-

-

Net loss - income tax basis

$

(1,509,323

)

$

(1,194,190

)

$

(988,189

)

$

(3,030,888

)

Net loss per share - income tax basis

$

(0.60

)

$

(0.48

)

$

(0.39

)

$

(1.21

)

View source version on businesswire.com: https://www.businesswire.com/news/home/20210308005841/en/

Contacts

Biloxi Marsh Lands Corporation
Eric Zollinger: 504-837-4337