Barnwell Industries, Inc. Reports Year-End Results and Declares Dividend.Business Editors HONOLULU Honolulu (hŏn'əl  `l, hōnō–), city (1990 pop. , Hawaii--(BUSINESS WIRE)--Dec. 5, 2001Barnwell 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 year ended September September: see month. 30, 2001, as compared to net earnings of $5,010,000 ($3.67 per share - diluted) for the year ended September 30, 2000. For the quarter ended September 30, 2001, Barnwell reported net earnings of $170,000 ($0.13 per share - diluted), as compared to net earnings of $1,080,000 ($0.79 per share - diluted) for the quarter ended September 30, 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 in fiscal 2000 included $2,300,000 of net earnings from the sale of land development rights; excluding land transactions, net earnings increased $1,120,000 or 41%. "The land investment segment, while not generating revenues in fiscal 2001, had a very successful year that positions the Company for future success and revenues. Most significantly, Kaupulehu Developments, Barnwell's real estate development partnership, has completed the remand To send back. A higher court may remand a case to a lower court so that the lower court will take a certain action ordered by the higher court. A prisoner who is remanded into custody is sent back to prison subsequent to a Preliminary Hearing before a tribunal or magistrate procedure before 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 ("LUC") regarding the 1,000-acre Lot 4 area of Kaupulehu, North Kona, Hawaii. The development entitlements from the LUC are now complete. Additionally, Kaupulehu Developments restructured its remaining unexercised options granted to Hualalai Development Company in 1990. In 2001, the Company also substantially increased its interest in Kaupulehu Developments from 50.1% to 77.6% when it acquired 55.2% of Cambridge Hawaii Limited Partnership, the 49.9% minority interest in Kaupulehu Developments, for $5,000,000. "In fiscal 2001 the Company invested $4,240,000 in oil and gas exploration and development during fiscal 2001, participating in the drilling of 23 successful gross wells, or 3.20 net wells, and the recompletion of 24 gross wells, or 2.20 net wells. This was accomplished while the Company reduced long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. during the year by $400,000 as cash flows generated from operations increased to $10,158,000, the highest level ever attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. by the Company." Barnwell Industries, Inc. also announced today that its Board of Directors has declared a dividend of $0.15 per share payable January 2, 2002, to stockholders of record on December 17, 2001. Except for historical information contained herein, the statements made in this release contain 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 most recently filed Annual Report on Form 10-KSB with the Securities and Exchange Commission.
COMPARATIVE OPERATING RESULTS
Year ended Quarter ended
September 30, September 30,
2001 2000 2001 2000
Revenues $ 24,090,000 $26,570,000 $ 4,160,000 $ 5,630,000
Net earnings $ 3,830,000 $ 5,010,000 $ 170,000 $ 1,080,000
Earnings per
share -
basic $ 2.92 $ 3.81 $ 0.13 $ 0.82
Earnings
per share -
diluted $ 2.82 $ 3.67 $ 0.13 $ 0.79
Weighted
average
shares and
equivalent
shares
outstanding:
Basic 1,310,952 1,315,312 1,310,952 1,310,952
Diluted 1,390,798 1,388,540 1,352,032 1,397,390
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