POSTED: 10:03 a.m. HST, Dec 12, 2013
LAST UPDATED: 10:03 a.m. HST, Dec 12, 2013
Barnwell Industries Inc., which generates most of its revenue from its oil and natural gas operations in Canada, narrowed its loss in the July-through-September quarter from the same period a year earlier largely as the result of changes in the book value of various assets.
The Honolulu-based company reported a net loss of $1.6 million, or 20 cents a share, in its fourth fiscal quarter. That compared with a loss of $5.5 million, or 67 cents a share, in the year-earlier quarter.
Morton Kinzler, Barnwell chairman and chief executive officer, attributed the improvement to "reductions in the carrying value of our oil and natural gas properties, joint venture investments and lot acquisition rights as compared to no reductions in carrying value in this year's fourth quarter."
The decrease was partially offset by a $379,000 increase in general and administrative costs primarily due to severance and legal and executive search fees related to hiring a new president of its oil and natural gas subsidiary.
Barnwell shares were up 1 cent at $3.02 in midday trading on the New York Stock Exchange.