Business

Barnwell Industries Reports First Quarter Earnings

February 9, 2017, 12:12 PM HST
* Updated February 9, 12:15 PM
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Kukio Resort photo. www.kukio.com

Barnwell Industries Inc. today reported net earnings of $1,641,000 ($.20 per share) for the three months ending on Dec. 31, 2016, as compared to a net loss of $1,409,000 ($.17 per share) for the three months ending on Dec. 31, 2015.

“The company’s results improved dramatically, to net earnings of $1,641,000 for our first quarter of fiscal 2017 as compared to a net loss of $1,409,000 for fiscal 2016’s first quarter, primarily due to the success of our 2013 investment in the Kukio Resort land development partnerships,” Alexander C. Kinzler, CEO of Barnwell, commented. “During the three months ended Dec. 31, 2016, the company received a percentage of sales payment of $1,678,000 and $497,000 in distributions while in the year earlier quarter ended Dec. 31, 2015 the company received a percentage of sales payment of $150,000 and no distributions. The success of the Kukio Resort land development partnerships also resulted in a $2,163,000 increase in equity in income from affiliates as compared to the same quarter last year, and a further cash distribution in January 2017 of $2,066,000.

“With the recent improvement in oil and natural gas prices the company has continued its efforts to restart wells that had been shut in and look for growth opportunities in areas with which it is familiar,” said Kinzler. “The company is continuing its efforts to sell its New York City office as well as the vacant lot it owns on the Big Island of Hawai‘i.

“Barnwell ended the quarter with $16,738,000 in working capital which includes $15,360,000 in cash and cash equivalents,” said Kinzler.

COMPARATIVE OPERATING RESULTS
(Unaudited)
Quarter ended December 31,
2016 2015
 
Revenues $  4,290,000 $   1,874,000
 
Net earnings (loss) attributable
to Barnwell Industries, Inc.
$  1,641,000 $ (1,409,000)
 
Net earnings (loss) per share – basic and
diluted
$    0.20 $   (0.17)
Weighted-average shares and
equivalent shares outstanding:
 
  Basic and diluted   8,277,160   8,277,160
 

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