Barnwell Industries, Inc. Reports Results for the Quarter Ended December 31, 2002.Business Editors HONOLULU--(BUSINESS WIRE)--Feb. 12, 2003 Barnwell There are a number of places called Barnwell:
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, 2002, as compared to $150,000 ($0.11 per share - diluted) for the three months ended December 31, 2001. 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 for the year increased due to increases in earnings from both our land investment segment and our natural gas and oil operations. "We are very pleased to report that Kaupulehu Developments, Barnwell's 77.6% owned land development partnership, did receive the second of ten scheduled option payments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the development rights within Hualalai Resort on December 31, 2002, its due date, totaling $2,125,000. Barnwell accounts for sales of development rights under option by use of the cost recovery method where no 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. is recognized until cash received exceeds costs incurred and estimated future costs. Accordingly, the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the underlying development rights have been expensed and reduced to zero and the Company recognized net earnings of $600,000 during the quarter related to this receipt. "Kaupulehu Developments also is currently negotiating with independent parties interested in developing its leasehold An estate, interest, in real property held under a rental agreement by which the owner gives another the right to occupy or use land for a period of time. leasehold n. land, zoned resort/residential, which is located adjacent to and north of the Four Seasons Resort Hualalai The creator of this article, or someone who has substantially contributed to it, may have a conflict of interest regarding its subject matter. It may require cleanup to comply with Wikipedia's content policies, particularly neutral point of view. at Historic Ka'upulehu on the Island of 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. , and continues to make significant progress in negotiating a revised development agreement and residential fee simple purchase prices with the lessor One who rents real property or Personal Property to another. A lessor of land is a landlord. Cross-references Landlord and Tenant. lessor n. the owner of real property who rents it to a lessee pursuant to a written lease. of the property. Management cannot predict the outcome of these negotiations. "Our natural gas and oil segment generated increased earnings due to increases in petroleum product prices as compared to last year's first quarter. Net earnings included approximately $75,000 in the three months ended December 31, 2002 due to a reduction in Alberta's corporate tax rate from 13.5% to 13.0%; there was no such item in the three months ended December 31, 2001. "The Company invested $1,875,000 in oil and gas exploration and development during the three months ended December 31, 2002, a 34% increase from the same period last year. Barnwell participated in the drilling of four successful gross wells, or 1.52 net wells, and two gross wells or 0.37 net wells that are currently being evaluated. "The Company's cash totaled $3,694,000 and the Company had a positive working capital position of $930,000 at December 31, 2002." 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 filed with the Securities and Exchange Commission.
COMPARATIVE OPERATING RESULTS
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(Unaudited)
Quarter ended December 31,
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2002 2001
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Revenues $5,980,000 $4,010,000
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Net earnings $870,000 $150,000
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Net earnings per share - basic $0.66 $0.11
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Net earnings per share - diluted $0.64 $0.11
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Weighted average shares
and equivalent shares outstanding:
Basic 1,314,510 1,312,151
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Diluted 1,372,403 1,355,164
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