comscore Barnwell loses $282,000 as revenue declines | Honolulu Star-Advertiser
Top News

Barnwell loses $282,000 as revenue declines

Barnwell Industries Inc. swung to a loss of $282,000 in its fiscal first quarter from a profit of $1.1 million a year ago when the company received the last of 10 scheduled option payments for a Hawaii island development project.

The Honolulu-based company, which derives the majority of its revenue from its oil and gas exploration operations in Alberta, Canada, said today that operating results also declined due to a 9 percent decrease in natural gas prices. That was partially offset by a 30 percent increase in net oil production and a 22 percent gain in oil prices.

Barnwell had a loss of 3 cents a share for the period ended Dec. 31 compared with income of 13 cents a share a year ago.

Revenue fell 24.9 percent to $8.5 million from $11.3 million.

The quarter ended Dec. 31, 2010 included a payment of $2.7 million related to the development rights within Hualalai Resort at Kaupulehu in North Kona and $600,000 in percentage of sales payments. No such payments were received in the most recent quarter.

Barnwell’s stock slipped 14 cents to $2.70 on the American Stock Exchange. The financial results were released before the market opened.

 

 

 

 

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature
Comments have been disabled for this story...

Scroll Up