Barnwell Industries narrows loss in latest quarter
May 28, 2017 | 82° | Check Traffic

Top News

Barnwell Industries narrows loss in latest quarter


Honolulu-based Barnwell Industries Inc. said several factors helped it narrow its loss in the January-through-March quarter from the same period a year earlier, including an improvement in the valuation of its oil and natural gas operations in Canada.

The company reported a net loss of $285,000, or 3 cents a share, in its second fiscal quarter, Barnwell reported Wednesday. That compared with a net loss of $2.94 million, or 36 cents a share, during the same three-month period a year ago.

The biggest factor affecting the financial results was the fact that the year-earlier quarter included $2.18 million reduction in the carrying value of Barnwell’s Canadian assets, while this year’s quarter had no reduction in the value, according to a news release from Barnwell.

Also improving the results for three months ending March 31 were decreased oil and natural gas operating expenses due to $700,000 in soil contamination remediation costs in the year-earlier quarter that were not present in the current quarter. Additionally, price increases for natural gas, oil and natural gas liquids boosted revenue in the current quarter.

Barnwell’s shares closed down 1 cent at $3.06 Wednesday on the New York Stock Exchange.

No comments
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may be banned from posting. To report comments that you believe do not follow our guidelines, email