Barnwell Industries, Inc. Reports Year-End And Fourth Quarter Earnings
HONOLULU, Dec. 13, 2010 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc., (NYSE Amex:BRN) today reported net earnings of $3,840,000 ($0.46 per share – diluted) for the year ended September 30, 2010, as compared to a net loss of $24,362,000 ($2.96 per share – diluted) for the year ended September 30, 2009. For the quarter ended September 30, 2010, Barnwell reported net earnings of $84,000 ($0.01 per share – diluted) as compared to a net loss of $4,554,000 ($0.55 per share – diluted) for the quarter ended September 30, 2009.
Mr. Morton H. Kinzler, Chairman and Chief Executive Officer of Barnwell, commented, "Net earnings increased for the year ended September 30, 2010 due to increases of $3,346,000 and $1,770,000 in percentage of sales payments and development rights receipts, respectively, received by Kaupulehu Developments, Barnwell's 77.6%-owned land development partnership. Net earnings for the year ended September 30, 2010 also increased due to a $1,465,000 income tax benefit due to a change in tax law enacted in November 2009; there was no such income tax benefit last year. Partially offsetting this increase was a $2,149,000 non-cash write-down of the carrying value of our investments and real estate held for sale. The net loss for fiscal 2009 included non-cash reductions in the carrying value of oil and natural gas properties of $18,556,000 net of income taxes, while no non-cash reductions in the carrying value of oil and natural gas properties occurred in fiscal 2010. Fiscal 2009's loss also included non-cash write-downs of the carrying value of investments in hotel joint ventures and our lot rights interests of $2,039,000. The reduction in the carrying value of oil and natural gas properties had no effect on the Company's oil and natural gas reserve volumes or production rates, nor any impact on liquidity or compliance with our banking agreements. The reduction in the carrying value of our investments and real estate held for sale increases the principal payment of debt due December 31, 2010 by $1,054,000 but has no other impact.
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