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

March 8, 2021 5:00 PM EST

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METAIRIE, La.--(BUSINESS WIRE)-- 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

)

 

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

Source: Biloxi Marsh Lands Corporation



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