Barnwell Industries, Inc. Reports Earnings For The Third Quarter And Nine Months Ended June 30, 2010
HONOLULU, Aug. 11, 2010 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE Amex:BRN) today reported net earnings of $314,000 ($0.04 per share - diluted) and $3,756,000 ($0.45 per share – diluted) for the three and nine months ended June 30, 2010, respectively, as compared to net losses of $3,235,000 ($0.39 per share - diluted) and $19,808,000 ($2.40 per share – diluted) for the three and nine months ended June 30, 2009, respectively.
Mr. Morton H. Kinzler, Chairman and Chief Executive Officer of Barnwell, commented, "We are pleased to again report significantly improved results compared to last year. Operating results for the three and nine months ended June 30, 2010 increased due to higher revenues at the Company's land investment segment. In the quarter ended June 30, 2010, Kaupulehu Developments, Barnwell's 77.6%-owned land development partnership, saw increased sales activity and received $1,200,000 in percentage of sales payments as compared to no payments in the quarter ended June 30, 2009. The Company's oil and natural gas segment also saw average oil and natural gas prices of $69.59 and $3.46, respectively, representing 34% and 8% increases in oil and natural gas prices, respectively, in the quarter ended June 30, 2010 as compared to last year's quarter ended June 30, 2009.
"In the nine months ended June 30, 2010, Kaupulehu Developments received $3,560,000 in percentage of sales payments as compared to $214,000 in the nine months ended June 30, 2009 and oil prices increased 56% over the prior year comparable period. Also, increased operating profits at the Company's oil and natural gas segment contributed to the increase in net earnings for the nine months ended June 30, 2010 as compared to the nine months ended June 30, 2009. Net earnings for the nine months ended June 30, 2010 also included an income tax benefit of $1,465,000 due to a change in tax law enacted in November 2009. There was no such income tax benefit in last year's nine months. Net earnings for the nine months ended June 30, 2010 also includes a $572,000, net of non-controlling interest, non-cash write-down of the carrying value of investments in residential parcels.
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