Barnwell Industries reports year-end results.HONOLULU--(BUSINESS WIRE)--Dec. 16, 1996--Barnwell Industries Inc. (ASE-BRN), today reported net earnings of $1,230,000 ($0.93 per share) for the year ended Sept. 30, 1996, as compared to $650,000 ($0.49 per share) for the year ended Sept. 30, 1995. For the quarter ended Sept. 30, 1996, Barnwell There are a number of places called Barnwell:
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 an increase in net earnings of 89% for the year ended Sept. 30, 1996, as compared to the prior year. This significant increase in net earnings is due to a combination of higher prices for natural gas and oil, both up 11% and natural gas liquids, up 22% as compared to the prior year, 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 17% lower general and administrative expenses. The reduction in the Canadian Branch tax rate generated a $290,000 income tax benefit in the first quarter of the fiscal year. "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 also increased to $5,700,000 for the year ended Sept. 30, 1996, as compared to $1,924,000 for the year ended Sept. 30, 1995. At Sept. 30, 1996, cash totaled $3,553,000 and working capital was $3,364,000. Utilizing its internally generated cash, Barnwell significantly increased its oil and gas capital expenditures by 47% ($1,615,000) to $5,049,000 for the 1996 year. The company participated in the drilling of 27 successful oil and natural gas wells in the year ended Sept. 30, 1996, as compared to 15 successful wells in fiscal 1995. "We look forward to the coming year and estimate that fiscal 1997's capital expenditures will exceed this past year's total largely due to a significant drilling program at our Thornbury Thornbury may represet: Places known as Thornbury Australia
class, classify, sort out, assort, sort, separate - arrange or order by classes or categories; "How would you approximately 1,000 acres of land into the Urban District for resort/residential development. These lands are adjacent to the now open Four Seasons Resort and golf course at Hualalai." -0-
Barnwell Industries Inc.
Comparative Operating Results
Year Ended Quarter Ended
9/30/96 9/30/95 9/30/96 9/30/95
Revenues $14,180,000 $14,950,000 $3,680,000 $ 3,540,000
Net earnings $ 1,230,000 $ 650,000 $ 390,000 $ 170,000
Net earnings per share $ 0.93 $ 0.49 $ 0.29 $ 0.13
Weighted average shares
and equivalent
shares outstanding 1,324,400 1,326,100 1,324,192 1,325,833
CONTACT: Barnwell Industries Inc., Honolulu Russell M. 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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