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BARNWELL INDUSTRIES, INC., REPORTS YEAR END RESULTS; RESUMES AND DECLARES QUARTERLY DIVIDENDS

 HONOLULU, Dec. 6 /PRNewswire/ -- Barnwell Industries, Inc. ("Barnwell") (AMEX: BRN) today reported net earnings of $3,210,000 ($2.42 per share) for the year ended Sept. 30, 1993, as compared to net earnings of $2,170,000 ($1.61 per share) for the year ended Sept. 30, 1992. For the quarter ended Sept. 30, 1993, Barnwell reported net earnings of $330,000 ($0.23 per share) as compared with net earnings of $1,510,000 ($1.14 per share).
 Morton H. Kinzler, chairman and chief executive officer of Barnwell, commented: "Earnings increased $1,040,000 (48%) in 1993 as compared to 1992 due principally to record natural gas sales at increased prices. Natural gas production increased 15% over fiscal 1992 and average 1993 gas prices increased 16% above 1992. Additionally, fiscal 1993 earnings included no income from land transactions. In fiscal 1993, the company adopted statement of Financial Accounting Standards No. 109, which required a change from the deferred method of accounting for income taxes to the asset and liability method. Included in the fiscal 1993 earnings is the cumulative effect of this change in accounting, which increased earnings by $800,000 ($0.61 per share).
 Cash flow generated from operations in 1993 was $6,327,000, a 39% increase above the prior year comparable amount. At Sept. 30, 1993, Barnwell had $5,800,000 and $4,600,000 in cash and working capital, respectively, and in fiscal 1993 the company repaid $4,676,000 (31%) of long-term debt. Barnwell invested $3,100,000 in oil and gas properties in 1993 and increased its oil and gas reserves by more than 1993 production.
 In November 1993, the company received a compensatory payment of $1,586,000 for the termination of its long-term gas purchase contract with Alberta & Southern Gas Company, Ltd. This contract was terminated pursuant to certain regulatory events and orders in the United States and Canada affecting the sale and delivery of Canadian gas supplies to the California market. The company is currently selling the gas from the Dunvegan Unit under an amalgamation of short-term and long-term contracts and believes it will be able to continue to do so in the future.
 Earnings for the quarter ended Sept. 30, 1993, decreased $1,180,000 (78%), as compared to the same quarter in 1992, as last year's quarter included a $1,520,000 gain from a Kaupulehu Developments ("KD"), a 50.1% owned joint venture land transaction. There were no KD land transactions in 1993.
 Barnwell declared a regular cash dividend of $0.05 (five cents) per share payable Jan. 26, 1994, to shareholders of record Jan. 10, 1994.
 BARNWELL INDUSTRIES, INC.
 Comparative Operating Results
 For the periods Fiscal Year Quarter
 ended Sept. 30, 1993 1992 1993 1992
 Revenues $17,340,000 $22,730,000 $3,530,000 $9,630,000
 Earnings before
 extraordinary gain
 and cumulative effect
 of accounting change 2,410,000 1,940,000 330,000 1,280,000
 Extraordinary gain -- 230,000 -- 230,000
 Cumulative effect of
 accounting change 800,000 -- -- --
 Net earnings $3,210,000 $2,170,000 $330,000 $1,510,000
 Net earnings per share:
 Earnings before
 extraordinary gain
 and cumulative effect
 of accounting change $1.81 $1.44 $0.23 $0.97
 Extraordinary gain -- 0.17 -- 0.17
 Cumulative effect of
 accounting change 0.61 -- -- --
 Net earnings $2.42 $1.61 $0.23 $1.14
 Weighted average number
 of shares outstanding 1,329,067 1,345,449 1,329,362 1,323,344
 -0- 12/6/93
 /CONTACT: Russell M. Gifford, vice president, or Alexander C. Kinzler, vice president, of Barnwell Industries, 808-836-0136; or Ron Como & Associates, 212-227-3010/
 (BRN)


CO: Barnwell Industries, Inc. ST: Hawaii IN: OIL SU: ERN DIV

GK-TW -- NY022 -- 0671 12/06/93 10:02 EST
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Date:Dec 6, 1993
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