Barnwell Industries’ loss widened to $5.5M in quarter

By Dave Segal

POSTED: 01:30 a.m. HST, Dec 11, 2012

~~<p>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.</p>
<p>The Honolulu-based company said Monday 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.</p>
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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 Monday 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. Login for more...