Barnwell Industries, Inc. Reports Results for the Third Quarter Ended June 30, 2003.Business Editors HONOLULU--(BUSINESS WIRE)--Aug. 13, 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. ) and $1,820,000 ($1.33 per share - diluted) for the three and nine months ended June June: see month. 30, 2003, respectively, as compared to net losses of $220,000 ($0.17 per share - diluted) and $280,000 ($0.21 per share - diluted) for the three and nine months ended June 30, 2002, respectively. 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 increased due to increases in oil and natural gas prices as compared to last year's third quarter and nine months, which resulted in higher revenues. Additionally, Barnwell's natural gas production in the three months ended June 30, 2003 increased 8% from the prior year's three-month production due to new production from the Company's recent drilling programs. The Company continues to make significant investments in oil and gas exploration and development, $2,871,000 during the three months ended June 30, 2003 and $6,982,000 during the first nine months of this fiscal year. Barnwell participated in the drilling of 20 successful gross wells, or 5.43 net wells, in the nine months ended June 30, 2003. Sixteen of the 25 wells Barnwell participated in drilling during the nine months ended June 30, 2003 were on prospects developed by Barnwell. In last year's first nine months, 7 of the 9 wells Barnwell participated in drilling were prospects developed by Barnwell. The nine month period ended June 30, 2003 reflects a sale of land development rights by Kaupulehu Developments (a 77.6% owned general partnership) in the first quarter as Kaupulehu Developments received $2,125,000, 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 sale of development rights within Hualalai Resort. Kaupulehu Developments also is currently negotiating with an independent party 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 progress in negotiating a revised development agreement 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." 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 September: see month. 30, 2002 filed with the Securities and Exchange Commission.
COMPARATIVE OPERATING RESULTS
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(Unaudited)
Three months ended Nine months ended
June 30, June 30,
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2003 2002 2003 2002
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Revenues $6,140,000 $3,990,000 $18,110,000 $11,710,000
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Net earnings (loss) $ 650,000 $ (220,000) $ 1,820,000 $ (280,000)
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Earnings (loss)
per share - basic $ 0.49 $ (0.17) $ 1.38 $ (0.21)
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Earnings (loss)
per share-diluted $ 0.47 $ (0.17) $ 1.33 $ (0.21)
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Weighted average
shares and
equivalent
shares
outstanding:
Basic 1,314,510 1,314,510 1,314,510 1,313,715
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Diluted 1,374,862 1,314,510 1,367,236 1,313,715
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