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Barnwell loses $282,000 as revenue declines

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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.





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