Attached files
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| 8-K - FORM 8K - BARNWELL INDUSTRIES INC | barnwell-8k_020812.htm |
Exhibit 99.1
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P R E S S
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BARNWELL INDUSTRIES, INC.
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R E L E A S E
1100 Alakea Street, Suite 2900
Honolulu, Hawaii 96813 Telephone (808) 531-8400 Fax (808) 531-7181 Website: www.brninc.com |
CONTACT: Alexander C. Kinzler
President and Chief Operating Officer
Russell M. Gifford
Executive Vice President and Chief Financial Officer
Tel: (808) 531-8400
BARNWELL INDUSTRIES, INC. REPORTS RESULTS
FOR THE FIRST QUARTER ENDED DECEMBER 31, 2011
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HONOLULU, HAWAII, February 8, 2012 -- Barnwell Industries, Inc. (NYSE Amex: BRN) today reported a net loss of $282,000 ($0.03 per share – diluted) for the three months ended December 31, 2011, as compared to net earnings of $1,085,000 ($0.13 per share – diluted) for the three months ended December 31, 2010.
Mr. Morton H. Kinzler, Chairman and Chief Executive Officer of Barnwell, commented, “Operating results for the three months ended December 31, 2011 decreased as last year’s quarter ended December 31, 2010 included the receipt of $2,656,000 for the last of ten scheduled option payments relating to the development rights within Hualalai Resort at Kaupulehu in the North Kona district on the island of Hawaii and $600,000 in percentage of sales payments, while no such payments were received in the current quarter. Operating results also declined due to lower natural gas prices, which declined 9%. These declines were partially offset by a 30% increase in net oil production and a 22% increase in oil prices.”
The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.
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COMPARATIVE OPERATING RESULTS
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(Unaudited)
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Quarter ended December 31,
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2011
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2010
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Revenues
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$ | 8,502,000 | $ | 11,319,000 | ||||
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Net (loss) earnings attributable
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to Barnwell Industries, Inc.
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$ | (282,000 | ) | $ | 1,085,000 | |||
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Net (loss) earnings per share - basic
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$ | (0.03 | ) | $ | 0.13 | |||
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Net (loss) earnings per share - diluted
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$ | (0.03 | ) | $ | 0.13 | |||
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Weighted average shares
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and equivalent shares outstanding:
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Basic
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8,277,160 | 8,277,160 | ||||||
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Diluted
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8,277,160 | 8,277,160 | ||||||