Barnwell Industries, Inc. Reports Year-End Results and Declares Dividend.Business Editors HONOLULU--(BUSINESS WIRE)--Dec. 8, 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 quarter ended September September: see month. 30, 2003, as compared to net earnings of $320,000 ($0.24 per share - diluted) for the quarter ended September 30, 2002. For the year ended September 30, 2003, Barnwell reported net earnings of $2,320,000 ($1.69 per share - diluted), as compared to net earnings of $40,000 ($0.03 per share - diluted) for the year ended September 30, 2002. 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 the prior year, which resulted in higher revenues. Additionally, Barnwell's natural gas production in the three months ended September 30, 2003 increased 8% as compared to the same three months in 2002 due to new production from the Company's recent drilling programs. In fiscal 2003, the Company invested $11,059,000, a 141% increase from fiscal 2002, in oil and gas exploration and development, participating in the drilling of 65 gross wells, or 14.7 net wells, of which 53 gross wells, or 11.1 net wells, were successful. Thirty-two of these 65 wells were on prospects developed by Barnwell. "The results for the year ended September 30, 2003 reflect the sale of land development rights by Kaupulehu Developments, Barnwell's 77.6% owned real estate general partnership, in the first quarter. The Company accounts for development rights under option under 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 and estimated future costs associated with the development rights. "As of September 30, 2003, Kaupulehu Developments owns an additional approximately 110 acres of land development rights under option with another eight payments due on each December December: see month. 31 of years 2003 to 2010. If any annual option payment is not made, the then remaining development right options will expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. . There is no assurance that any portion of the remaining options will be exercised. Additionally, Kaupulehu Developments is negotiating with an independent third party interested in developing Kaupulehu Developments' approximately 870 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. acres of land zoned resort/residential which are 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. . The independent third party and Kaupulehu Developments have made significant progress in negotiation of 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." Barnwell Industries, Inc. also announced today that its Board of Directors has declared a dividend of $0.20 per share payable January January: see month. 6, 2004, to stockholders of record on December 22, 2003. 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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(Audited) (Unaudited)
Year ended Three months ended
September 30, September 30,
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2003 2002 2003 2002
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Revenues $ 23,680,000 $ 15,880,000 $ 5,570,000 $ 4,170,000
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Net earnings $ 2,320,000 $ 40,000 $ 500,000 $ 320,000
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Earnings per share
- basic $ 1.76 $ 0.03 $ 0.38 $ 0.24
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Earnings per share
- diluted $ 1.69 $ 0.03 $ 0.36 $ 0.24
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Weighted average
shares and
equivalent shares
outstanding:
Basic 1,314,510 1,313,915 1,314,510 1,314,510
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Diluted 1,369,595 1,357,181 1,375,985 1,356,919
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