Barnwell Industries, Inc. Reports Results for the Third Quarter Ended June 30, 2002.Business Editors HONOLULU--(BUSINESS WIRE)--Aug. 13, 2002 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 net earnings of $3,660,000 ($2.68 per share - diluted) for the three and nine months ended June 30, 2001, 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 decreased from the prior year's periods due principally to $1,310,000 (28%) and $8,150,000 (49%) declines in oil and natural gas revenues as compared to last year's third quarter and nine months, respectively, which were due primarily to significant decreases in petroleum prices. Natural gas prices decreased 36% as compared to last year's third quarter, and natural gas, natural gas liquids and oil prices decreased 55%, 51% and 24%, respectively, as compared to last year's nine months ended June 30. Additionally, the three and nine months ended June 30, 2001 included a $300,000 deferred income tax benefit due to a reduction in the Province of Alberta's corporate tax rate; there was no such tax benefit in the current periods. "The nine months ended June 30, 2002 reflects a sale of land development rights by Kaupulehu Developments (a 77.6% owned general partnership) in the first quarter. 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 nine months were increased by $376,000 in deferred tax benefits related to this transaction. Kaupulehu Developments is currently having discussions with third parties about the development of 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 and continues to make progress negotiating a revised development agreement and residential fee 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. . "The Company invested $753,000 during the three months ended June 30, 2002 and $3,335,000 during the first nine months of this year in oil and gas exploration and development, participating in the drilling of nine gross wells, or 3.60 net wells, of which seven gross wells, or 2.70 net wells, are successful. Seven of the nine wells the Company participated in were on prospects developed by the Company. The Company's cash and available credit were $1,781,000 and $1,500,000, respectively, at June 30, 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 for the fiscal year ended September September: see month. 30, 2001 filed with the Securities and Exchange Commission.
COMPARATIVE OPERATING RESULTS
----------------------------------------------------------------------
(Unaudited)
Three months ended Nine months ended
June 30, June 30,
------------------------- --------------------------
2002 2001 2002 2001
----------- ------------ ------------ ------------
Revenues $ 3,990,000 $ 5,820,000 $ 11,710,000 $ 19,930,000
=========== ============ ============ ============
Net (loss)
earnings $ (220,000) $ 740,000 $ (280,000) $ 3,660,000
============ ============ ============ ============
(Loss) earnings
per share - basic $ (0.17) $ 0.56 $ (0.21) $ 2.79
=========== ============ ============= ============
(Loss) earnings
per share- diluted $(0.17) $ 0.55 $ (0.21) $ 2.68
=========== ============ ============= ============
Weighted average
shares and
equivalent shares
outstanding:
Basic 1,314,510 1,310,952 1,313,715 1,310,952
=========== ============ ============ ============
Diluted 1,314,510 1,399,365 1,313,715 1,395,753
=========== ============ ============ ============
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion