Barnwell Industries reports results for the quarter and nine months ended June 30, 1996.HONOLULU--(BUSINESS WIRE)--Aug. 6, 1996--Barnwell Industries Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :BRN BRN Brunei (ISO Country code) BRN Brown BRN Berne, Switzerland - Belp (Airport Code) BRN Board of Registered Nursing BRN Bulk Richardson Number (meteorology) ) today reported net earnings of $280,000 ($0.21 per share) and $840,000 ($0.63 per share) for the three and nine months ended June June: see month. 30, 1996, as compared to net earnings of $140,000 ($0.11 per share) and $480,000 ($0.36 per share) for the three and nine months ended June 30, 1995. 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, "We are very pleased to report increases in net earnings of 100% for the three months ended June 30, 1996, and 75% for the nine months ended June 30, 1996, as compared to the prior year periods. These significant increases in net earnings are due to a combination of higher natural gas prices, a reduction in the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Branch tax rate and lower general and administrative expenses. Natural gas prices increased 21% and 6% for the three and nine months ended June 30, 1996, respectively, as compared to the prior year periods, while general and administrative expenses decreased 2% and 20%, respectively, for the three and nine months ended June 30, 1996. Additionally, included in net earnings for the nine months ended June 30, 1996 is a a $290,000 income tax benefit due to a reduction in the Canadian Branch tax rate. This benefit was recorded in the first quarter of this fiscal year. "Significantly, cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses has increased by 479% ($3,413,000) to $4,126,000 for the nine months ended June 30, 1996 as compared to $713,000 for the nine months ended June 30, 1995. Due to this increase in operational cash flow, cash totaled $3,365,000 and working capital was $2,997,000 at June 30, 1996. Utilizing its internally generated cash, Barnwell participated in the drilling of ten successful oil wells and ten successful gas wells in the nine months ended June 30, 1996 as oil and gas capital expenditures have increased 51% ($1,312,000) to $3,861,000 for the nine months ended June 30, 1996 as compared to $2,549,000 for the nine months ended June 30, 1995." -0-
COMPARATIVE OPERATING RESULTS (Unaudited)
Three months ended Nine months ended
June 30, June 30,
1996 1995 1996 1995
Revenues $3,420,000 $3,290,000 $ 10,500,000 $ 11,410,000 Net earnings $ 280,000 $ 140,000 $ 840,000 $ 480,000 Net earnings per share $ 0.21 $ 0.11 $ 0.63 $ 0.36 Weighted average number of shares outstanding 1,324,373 1,322,052 1,324,521 1,322,052 CONTACT: RON COMO Como (kō`mō), city (1991 pop. 87,059), capital of Como prov., Lombardy, N Italy, at the southwest end of Lake Como, near the Swiss border. It is an important tourist center and is noted for its silk industry. & ASSOCIATES, INC., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212/227-3010 or Barnwell Industries, Honolulu Russell M. Gifford, Vice President 808/531-8400 |
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