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Barnwell Industries, Inc. Reports Year-End And Fourth Quarter Results

Stocks in this article: BRN

HONOLULU, Dec. 10, 2012 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE MKT:BRN) today reported a net loss of $10,136,000 ($1.22 per share) for the year ended September 30, 2012, as compared to a net loss of $109,000 ($0.01 per share) for the year ended September 30, 2011. For the quarter ended September 30, 2012, Barnwell reported a net loss of $5,507,000 ($0.67 per share) as compared to a net loss of $533,000 ($0.06 per share) for the quarter ended September 30, 2011.

Mr. Morton H. Kinzler, Chairman and Chief Executive Officer of Barnwell, commented, "The loss for the year ended September 30, 2012 included $6,647,000 of reductions of the carrying value of assets – $2,551,000 of oil and natural gas properties, $1,854,000 of real estate held for sale, $1,754,000 of joint venture investments and $488,000 of lot acquisition rights. These reductions in carrying value had no effect on the Company's liquidity or compliance with our credit agreements.

"Operating results decreased $10,027,000 as compared to last year due to several factors. First was the aforementioned reductions in carrying value. The net loss for the prior year included a $1,424,000 gain from drilling royalty credits whereas there was no such benefit this year. Also, there was a decrease in land investment operating profit of $3,260,000, before reductions in carrying value, partially due to the prior year including the receipt of a $2,656,000 option payment. Finally, a significant decline in natural gas prices of 41% or $1.39 per MCF (1,000 cubic feet) from $3.42 per MCF to $2.03 per MCF contributed to the current year loss. Partially offsetting these declines were increased oil revenues as net oil production increased 7%.

"The loss for the three months ended September 30, 2012 included $4,793,000 of reductions in the carrying value of our oil and natural gas properties, joint venture investments and lot acquisition rights; a $3,876,000 increase from the prior year's fourth quarter. Also contributing to the loss were a 44% decline in natural gas prices and a $657,000 increase in stock appreciation rights expense, as compared to the prior year's fourth quarter.

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