Barnwell Industries, Inc. Reports Results for the First Quarter Ended December 31, 2001.Business Editors HONOLULU--(BUSINESS WIRE)--Feb. 14, 2002 Barnwell There are a number of places called Barnwell:
BRN Brown BRN Berne, Switzerland - Belp (Airport Code) BRN Board of Registered Nursing BRN Bulk Richardson Number (meteorology) ) today reported net earnings of $150,000 ($0.11 per share - diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) for the three months ended December December: see month. 31, 2001, as compared to $1,520,000 ($1.10 per share - diluted) for the three months ended December 31, 2000. Mr. 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, commented, "Net earnings have decreased due to significant decreases in natural gas and oil prices as compared to last year's first quarter, factors beyond the Company's control. However, the most significant event of this quarter was the successful completion of the attainment of development entitlements from the Hawaii Hawaii, island, United States Hawaii, island (1990 pop. 120,217), 4,037 sq mi (10,456 sq km), largest and southernmost island of the state of Hawaii and coextensive with Hawaii co.; known as the Big Island. State Land Use Commission regarding the 1,000 acre Lot 4 area of Kaupulehu, North Kona Kona (kō`nə), district, along the western coast of the island of Hawaii. It is Hawaii's coffee belt and the only coffee-producing area in the United States. The Kona coast, with fine deep-sea fishing offshore, is a favorite tourist spot. , Hawaii. This was a milestone event that is not reflected in the Company's earnings for this quarter or on the Company's balance sheet, but nonetheless an event that will have significant positive future impact on the Company's earnings and balance sheet. "On January 31, 2002, the Company paid the remaining $2,209,000 due on the April 2001 purchase of an additional 27% interest in Kaupulehu Developments which brought the Company's total interest in Kaupulehu Developments to 77%. Significantly, in the first quarter, Kaupulehu Developments successfully restructured the unexercised options granted to Kaupulehu Makai Venture in 1990 for the development of residential parcels within the Four Season Resort Hualalai at Historic Ka'upulehu and as a result, on December 31, 2001, received $2,125,000. The Company did not recognize any operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. on this transaction as it accounts for development rights under option under the cost recovery method where no operating profit is recognized until cash received exceeds costs and estimated future costs associated with the development rights. However, net earnings for the quarter were increased by $376,000 in deferred tax benefits related to this transaction. "The Company invested $1,404,000 in oil and gas exploration and development during the three months ended December 31, 2001, a 6% increase from the same period last year. Barnwell participated in the drilling of three successful gross wells, or 1.35 net wells, and the recompletion of two gross wells or 0.18 net wells." Except for historical information contained herein, the statements made in this release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including those risks detailed in the Company's Annual Report on Form 10-KSB for the fiscal year ended September 30, 2001 filed with the Securities and Exchange Commission.
COMPARATIVE OPERATING RESULTS
(Unaudited)
Quarter ended December 31,
2001 2000
Revenues $ 4,010,000 $7,030,000
Net earnings $ 150,000 $1,520,000
Net earnings per share
- basic $ 0.11 $ 1.16
Net earnings per share
- diluted $ 0.11 $ 1.10
Weighted average shares
and equivalent shares
outstanding:
Basic 1,312,151 1,310,952
Diluted 1,355,164 1,403,689
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