Last $2.90 USD
Change Today 0.00 / 0.00%
Volume 8.3K
BRN On Other Exchanges
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NYSE Amex
As of 4:15 PM 08/21/14 All times are local (Market data is delayed by at least 15 minutes).

barnwell industries inc (BRN) Key Developments

Barnwell Industries, Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended June 30, 2014

Barnwell Industries, Inc. announced unaudited earnings results for the third quarter and nine months ended June 30, 2014. For the quarter, the company reported revenue was $6,810,000 compared to $5,182,000 for the last year. Net loss was $216,000 or $0.03 per basic and diluted share, compared to $1,225,000 or $0.15 per basic and diluted share for the last year. For the nine months, the company reported revenue was $21,892,000 compared to $18,502,000 for the last year. Net loss was $1,490,000 or $0.18 per basic and diluted share compared to $6,915,000 or $0.84 per basic and diluted share for the last year. The loss for the nine months ended June 30, 2014 decreased as compared to the nine months ended June 30, 2013 as last year's nine months included a $4,506,000 reduction of the carrying value of oil and natural gas properties as compared to no reduction in carrying value in the current period, lower natural gas operating expenses due to $735,000 in soil contamination remediation costs, primarily at Dunvegan, in the prior year's period as compared to $45,000 in the current period, and natural gas, oil and natural gas liquids price increases of 39%, 5% and 11% in this current nine months as compared to a year ago.

Barnwell Seeks Acquisitions

Barnwell Industries, Inc. (AMEX:BRN) is looking for acquisition opportunities. Morton H. Kinzler, Chairman and Chief Executive Officer of Barnwell, commented, "With $10.25 million in cash and cash equivalents, $11.17 million in working capital, and $3.9 million in available credit on our oil and natural gas facility at June 30, 2014, as well as the aforementioned receipt in July of $2.64 million, the Company has significant liquidity to fund future oil and natural gas property acquisitions and other corporate opportunities."

Barnwell Industries, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended March 31, 2014

Barnwell Industries, Inc. reported earnings results for the second quarter and six months ended March 31, 2014. The company has reported that net loss for the second quarter ended March 31, 2014 was $285,000, or $0.03 loss per share, compared to a net loss of $2.94 million, or $0.36 loss per share, for the same quarter ended March 31, 2013. Revenues for the second quarter ended March 31, 2014 were $7.83 million, compared to $6.77 million for the same quarter ended March 31, 2013. The company net loss for the six months ended March 31, 2014 was $1.27 million, or $0.15 loss per share, compared to a net loss of $5.69 million, or $0.69 loss per share, for the same period ended March 31, 2013. Revenues for the six months ended March 31, 2014 were $15.03 million, compared to $13.32 million for the same period ended March 31, 2013.

Barnwell Industries, Inc. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended March 31, 2014

Barnwell Industries, Inc. reported unaudited earnings results for the second quarter and six months ended March 31, 2014. For the quarter, the company reported revenues of $7,833,000 against $6,769,000 a year ago. Net loss was $285,000 or $0.03 per basic and diluted share against $2,944,000 or $0.36 per basic and diluted share a year ago. For the six months, the company reported revenues of $15,034,000 against $13,320,000 a year ago. Net loss was $1,274,000 or $0.15 per basic and diluted share against $5,690,000 or $0.69 per basic and diluted share for the three and six months ended March 31, 2013.

Barnwell Industries Seeks Acquisitions

Barnwell Industries, Inc. (AMEX:BRN) is looking for acquisitions. Barnwell Industries completed the sale of an oil and gas property located in the Boundary Lake area and recently finalized the sales of other oil and gas properties located primarily at Mantario, Saskatchewan and Chauvin, Alberta, Canada for total sales proceeds of approximately CAD 13.29 million. Barnwell Industries plans to utilize these funds to invest in oil and gas acquisition and drilling opportunities, reduce debt and other corporate opportunities going forward.

 

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