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Barnwell loss widens to $5.5 million

By Dave Segal

LAST UPDATED: 01:44 p.m. HST, Dec 10, 2012

Barnwell Industries Inc. posted a fiscal fourth-quarter loss that was more than tenfold wider than the year-earlier period primarily due to a $4.8 million reduction in the value of its oil and natural gas properties, joint venture investments and lot acquisition rights.

The Honolulu-based company said today it had a loss of $5.5 million, or 67 cents a share, in the period ended Sept. 30. That compared with a loss of $533,000, or 6 cents a share, in the year-earlier period.

Revenue tumbled 32 percent to $6 million from $8.9 million.

Barnwell said also contributing to its fourth-quarter loss was a 44 percent decline in natural gas prices and a $657,000 increase in stock appreciation rights expense.

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