Barnwell Industries, Inc. Reports Results For the Quarter and Six Months Ended March 31, 1996.HONOLULU--(BUSINESS WIRE)--May 13, 1996--Barnwell Industries, Inc., (ASE-BRN) today reported net earnings of $260,000 ($0.20 per share) and $560,000 ($0.42 per share) for the three and six months ended March 31, 1996, as compared to $140,000 ($0.11 per share) and $340,000 ($0.26 per share for the three and six months ended March 31, 1995. Morton Morton, village (1990 pop. 13,799), Tazewell co., central Ill., in a grain-farming and livestock area; inc. 1877. Food is canned, and tractor parts, washing machines, and pottery are manufactured. H. Kinzler, Chairman and Chief Executive Officer of Barnwell There are a number of places called Barnwell:
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. outlook for natural gas is very favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. . "The Company significantly increased its rate of investment in oil and natural gas properties in the first six months of this year investing $2,810,000, $1,063,000 (60%) more than its cash flow generated from operations and 46% above oil and natural gas investments of the first six months of the prior year. The Company was able to increase its capital expenditures significantly because of its $2,000,000 debenture debenture (dəbĕn`chər), document acknowledging indebtedness. In Great Britain a debenture is practically the same as a bond, and debenture stock is similar to preferred stock. placement last June. These expenditures have yielded the Company interests in nine oil wells, eight gas wells and only six dry holes in Alberta, Canada and North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). . "We anticipate that the Company's oil production will increase by roughly 100 barrels (20%) per day by the end of the year due to these new oil wells. Also, the Company is investing approximately $900,000 in a sour natural gas plant at Dunvegan, our principal property, which will allow the Company to process and sell production from currently shut-in shut-in n. A person confined indoors by illness or disability. adj. 1. Confined to a home or hospital, as by illness. 2. Disposed to avoid social contact; excessively withdrawn or introverted. sour gas Sour gas is natural gas or any other gas mixture which contains significant amounts of hydrogen sulfide (H2S). According to this reference [1], natural gas is usually considered sour if there are more than 5. wells, as well as generate additional gas processing income. "The Company's cash and working capital at March 31, 1996 was $1,828,000 and $3,095,000, respectively. Available credit under the Company's credit facility was approximately $1,900,000 at March 31, 1996. "Included in net earnings for the six months ended March 31, 1996 is a $290,000 income tax benefit due to a reduction in the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. branch tax rate. This benefit was recorded in the first quarter of this fiscal year." -0-
COMPARATIVE OPERATING RESULTS
(unaudited)
Three months ended Six months ended
March 31, March 31,
1996 1995 1996 1995
Revenues $3,660,000 $3,730,000 $7,080,000 $8,120,000 Net earnings 260,000 140,000 560,000 340,000 Net earnings per share 0.20 0.11 0.42 0.26 Weighted average number of shares outstanding 1,324,373 1,322,052 1,324,593 1,322,052 CONTACT: Barnwell Industries Russell M. Gifford/Alexander C. Kinzler 808/531-8400 |
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