Barnwell posts $989,000 loss in quarter

Honolulu-based oil, natural gas and real estate company Barnwell Industries Inc. lost $989,000 in its fiscal first quarter because of reduced oil and gas production in Canada partially offset by a Hawaii house lot sale and improved drilling operations.

The net loss for the three-month period ending Dec. 31 compared with a $2.7 million loss in the same quarter a year before. However, the year-ago results included a $2.3 million reduction in the value of the company’s oil and gas properties. So operating results in the recent quarter were worse than a year earlier.

The diminished earnings were primarily due to a 16 percent decline in natural gas production and a 3 percent dip in oil production in the recent quarter, the company said.

Total revenue during the recent quarter was up about 9 percent to $7.2 million from $6.6 million a year earlier.

Barnwell noted that colder weather in the U.S. and Canada has helped elevate prices for natural gas.

In Hawaii, Barnwell reported receiving $140,000 in proceeds during the recent quarter from the sale of a residential lot on Hawaii island where the company owns 77 percent of a joint venture developing homes adjacent to the Four Seasons Resort Hualalai.

Shares of Barnwell stock closed at $2.95 cents on Thursday after the company announced its earnings. The price was unchanged from Wednesday’s closing price and is near a 52-week low of $2.89 on Feb. 5. The 52-week high for Barnwell stock was $3.78 on May 31.

Media group opposes KFVE owner change

Media Council Hawaii filed a challenge Wednesday with the Federal Communications Commission of KFVE-TV’s ownership transfer.

KFVE plans to transfer the station’s FCC license from HITV, a Delaware corporation, to Charlotte, North Carolina-base American Spirit Media.

The opposition is an extension of the nonprofit Media Council’s 2009 effort to get the FCC to disallow the creation of a shared services agreement under which KFVE, KGMB-TV and KHNL-TV are jointly operated by Alabama-based Raycom Media Inc.

The council said the agreement reduced the diversity of voices in local television.

The FCC ruled against the media council in its initial opposition to the shared services agreement.

John Fink, KFVE general manager, called the Media Council’s latest petition "a sham" and "an afterthought filed several weeks late," which "raises the same tired issues that the FCC resolved against it years ago."

Isles’ vacation rentals desired, survey finds

The vacation rental industry is on the rise, and Hawaii remains a top choice, according to the fifth annual TripAdvisor.com survey on the subject.

Fifty-two percent of the more than 1,100 people surveyed said they planned to stay at a vacation rental this year, up 8 percent over the number that actually stayed in a vacation rental last year.

Vacation rentals in residential neighborhoods are controversial in Hawaii, a state in which 11 percent of respondents are planning to vacation.

Sixty-seven percent of travelers prefer the large living space a vacation rental provides over a traditional hotel room, 53 percent cited lower cost as the reason for choosing a vacation rental, and 50 percent cited better amenities.

Of those surveyed, 61 percent booked a rental home when traveling with family or other type of large group, and of those, 48 percent cited bonding time in common living space as the reason.

ON THE MOVE

Anthology Marketing Group has named Nathan Kam president of McNeil Wilson Communications effective March 1. He will replace David McNeil, who will remain as chairman of Anthology Marketing Group. Kam joined the agency as an account executive in 2000 and is currently executive vice president. He also serves on the travel and tourism section board of directors for the national organization of the Public Relations Society of America and the advisory board for the Kapiolani Community College business marketing program. 

The Chamber of Commerce Hawaii has named Jenny Lee business advocacy and development assistant. She was previously a legal assistant for Clay Chapman Iwa­mura Pulice & Nervell and a legislative aide to state Rep. Pono Chong.

SHIP AHOY!

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