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Metairie, La.–March 10, 2020 (BUSINESS WIRE)–Biloxi Marsh Lands Corporation (PINK SHEETS:BLMC) announces the 2020 Annual Meeting of Shareholders and results for the year ending December 31, 2019.

The 2020 Annual Meeting of Shareholders of Biloxi Marsh Lands Corporation will be held at the Corporate Office, One Galleria Blvd., Ste 902, Metairie, Louisiana on Tuesday May 5, 2020 at 10:30 a.m.

The Company’s annual revenue breakdown is as follows: 2019 revenue from oil and gas production for its fee lands was $18,982 compared to revenue of $21,398 in 2018. The flow-through loss from B&L Exploration, LLC (B&L) reduced the Company’s annual revenue by $2,290,999 in 2019 compared to $1,972,854 in 2018. The flow-through loss of $2,290,999 includes $849,431 of the amortization of intangible drilling costs capitalized in prior years. Dividend and interest income for 2019 was $101,240, compared to $115,035 for 2018. In 2019, the Company realized a cumulative loss from the sale of investment securities of $191,428 compared to a cumulative gain in the amount of $1,591,104 in 2018. Fee land income, unrelated to oil and gas activities, was $143,322 for 2019 compared to $67,605 for 2018. Expenses for the year totaled $812,005 compared to prior year expenses of $781,064. For the year, the Company had a net loss of $3,030,888 or $1.21 per share compared to a net loss of $850,545 or $.34 per share in 2018.

On January 15, 2020, the Company paid a dividend to its shareholders of record at the close of business on December 31, 2019. This represents a total cash dividend payment of $250,503 or $.10 per share. Since 2002, the Company has paid approximately $56,231,000 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/.

Contact:
Biloxi Marsh Lands Corporation
Belle Bellard: 504-837-4337

BLMC Statement of Assets, Liabilities and Stockholders' Equity - March 31, 2020 and 2019

Assets20202019
Current assets:
Cash and cash equivalents414,8101,755,868
Accounts receivable1,3812,084
Prepaid expenses25,21923,590
Accrued interest receivable 3,9077,629
Deferred tax asset10,57921,159
Income taxes receivable11,65229,538
Other assets3,8303,830
Total Current assets471,3781,843,698
Membership interest in limited liability companies231,00048,367
Marketable debt and equity securities - at cost4,749,5625,689,714
Land234,939234,939
Total other assets5,215,5015,973,020
Total assets5,686,8797,816,718
Liabilities and Stockholders’ Equity
Current liabilities:
Accrued expenses11,52828,808
Membership interest in limited liability companies622,341---
Total current liabilities633,86928,808
Stockholders’ equity:
Common stock, $.001 par value. Authorized, 20,000,000 shares; issued, 2,851,196 shares; outstanding, 2,505,028 shares in 2020 and 2019, respectively47,52047,520
Retained earnings8,082,51510,817,415
Treasury stock – 346,168 shares in 2020 and 2019, respectively, at cost(3,077,025)(3,077,025)
Total liabilities and stockholders’ equity5,686,8797,816,718

BLMC Statements of Revenues and Expenses, December 31, 2019 and 2018

3 Months Ended12 Months Ended
December 31December 31
2019201820192018
Revenues:
Oil and gas 7,363
1,78218,98221,398
Total oil and gas revenues7,3631,78218,98221,398
Other income (loss):
Dividends and interest income19,78929,611101,240115,035
Gain on Settlement---86,967---86,967
Gain on sale of securities(18,662)479,447(191,428)1,591,104
Fee Land Income900---143,32267,605
Loss from membership interest in LLC's(954,306)(917,415)

(2,290,999)(1,972,854)
Total other income (loss)(952,279)(321,390)(2,237,865)(112,143)
Total revenues and other income (loss)(944,916)(319,608)(2,218,883)(90,745)
Expenses:
Total expenses249,274224,217812,005781,064
Net loss before income taxes(1,194,190)(543,825)(3,030,888)(871,809)
Income tax benefit ---(21,264) ---(21,264)
Net Loss - income tax basis(1,194,190)(522,561)(3,030,888)(850,545)
Net loss per share - income tax basis(0.48)(0.21)(1.21)(0.34)