Barnwell Industries reports results for the quarter and six months ended March 31, 1997.HONOLULU--(BUSINESS WIRE)--May 13, 1997--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 $410,000 ($0.31 per share) and $830,000 ($0.63 per share) for the three and six months ended March 31, 1997, as compared to $260,000 ($0.20 per share) and $560,000 ($0.42 per share) for the three and six months ended March 31, 1996. 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 such significant earnings growth over last year's earnings, 58 percent for the current quarter and 48 percent for the first half of our fiscal year. Cash flows from operations also increased 69 percent or $1,200,000, to $2,947,000 for the six months ended March 31, 1997 as compared to the six months ended March 31, 1996. The primary reason for our higher earnings and operational cash flows were increases of 56 percent, 48 percent and 29 percent in natural gas liquids, natural gas and oil prices, respectively. These increases were partially offset by a 20 percent decrease in natural gas and a 23 percent decrease in natural gas liquids volumes sold. "The company has increased its oil and natural gas investments 30 percent for the six months ended March 31, 1997, as compared to the six months ended March 31, 1996. The company invested $940,000 in the development of a natural gas and oil exploration program in the Central Basin in Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). , still in its preliminary stages, and $930,000 in the development of 11 successful gas wells and attendant ATTENDANT. One who owes a duty or service to another, or in some sort depends upon him. Termes de la Ley, h.t. As to attendant terms, see Powell on Morts. Index, tit. Attendant term; Park on Dower, c. 1 7. gas processing facilities at our Thornbury, Alberta property during the six months ended March 31, 1997. In total, the company has invested $3,653,000 in its oil and natural gas program in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. , in the first half of fiscal 1997. "Additionally, the company's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with the Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. was increased $3,000,000, or 27 percent over the previous year's amount. With $3,415,000 of cash and $5,000,000 of available credit at March 31, 1997, the company is well positioned to compete for attractive opportunities to expand its oil and natural gas investments." -0-
Barnwell Industries Inc.
Comparative Operating Results
(Unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
1997 1996 1997 1996
Revenues $ 3,920,000 $ 3,660,000 $7,830,000 $ 7,080,000
Net earnings 410,000 260,000 830,000 560,000
Net earnings per share $ 0.31 $ 0.20 $ 0.63 $ 0.42
Weighted average number
of shares outstanding 1,326,121 1,324,373 1,325,912 1,324,593
CONTACT: Barnwell Industries Inc., Honolulu Russell Gifford or Alexander C. Kinzler, 808/531-8400 or Ron Como & 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 |
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