This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Barnwell Industries, Inc. Reports Results For The Third Quarter And Nine Months Ended June 30, 2013

Stocks in this article: BRN

HONOLULU, Aug. 9, 2013 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE MKT:BRN) today reported net losses of $1,225,000 ($0.15 per share) and $6,915,000 ($0.84 per share) for the three and nine months ended June 30, 2013, respectively, as compared to net losses of $1,366,000 ($0.17 per share) and $4,629,000 ($0.56 per share) for the three and nine months ended June 30, 2012, respectively.

Mr. Morton H. Kinzler, Chairman and Chief Executive Officer of Barnwell, commented, "The decrease in the loss for the three months ended June 30, 2013 as compared to last year's three months ended June 30, 2012 was due to increases in oil and natural gas prices partially offset by an increase in general and administrative expenses and decreases in land investment and contract drilling segment operating results.

"During the quarter ended June 30, 2013 natural gas production declined as compared to the same period in the prior year due to natural declines in production, a scheduled Dunvegan plant and pipeline maintenance shutdown during a portion of May and June 2013, whereas there was no such shutdown in the prior year period, and an annual adjustment of natural gas royalty allowances by the Government of Alberta. The impact on operating results of the revenue decrease associated with this decline in production was offset by a reduction in depletion expense.

"Operating results for the nine months ended June 30, 2013 decreased due to a $4,506,000 reduction of the carrying value of our oil and natural gas properties as compared to a $1,854,000 reduction in the carrying value of our real estate held for sale in the nine months ended June 30, 2012. In addition, oil and natural gas operating expenses for the nine months ended June 30, 2013 included $706,000 in remediation costs at Dunvegan and Wood River. Revenues for the three and nine months ended June 30, 2012 include $5,975,000 from the sale of residential real estate at a nominal loss; there was no such sale in the three or nine months ended June 30, 2013."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,729.02 +267.70 1.63%
S&P 500 1,955.86 +28.75 1.49%
NASDAQ 4,460.4340 +77.5870 1.77%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs