Barnwell Industries, Inc. Reports Earnings for Its First Quarter Ended December 31, 2020
10 Fevereiro 2021 - 8:00AM
Barnwell Industries, Inc. (NYSE American: BRN) today reported net
earnings of $584,000, $0.07 per share, for the three months ended
December 31, 2020, as compared to a net loss of $414,000, $0.05 per
share, for the three months ended December 31, 2019.
Mr. Alexander C. Kinzler, Chief Executive
Officer of Barnwell, commented, “We are pleased to report net
earnings for the quarter ended December 31, 2020 as compared
to last year’s net loss for the three months ended December 31,
2019, primarily due to a $1,097,000 improvement in equity in
earnings of affiliates as compared to the quarter ended December
31, 2019.
“This increase in the affiliates’ earnings
reflects improved land sales at Kaupulehu, North Kona, Hawaii, with
the Company having received $1,712,000 in net cash distributions in
our first quarter, $459,000 of which was a preferred return which
contributed to our net earnings, improving our cash balance and
liquidity. Contract drilling segment operating profits grew
slightly and while oil and natural gas operating margins declined
this was largely due to a $630,000 non-cash impairment of our oil
and natural gas properties due to lower 12-month historical rolling
average oil and natural gas prices this year as compared to the
preceding year, there was no such oil and natural gas impairment in
the first quarter last year. Our oil and natural gas segment had
production increases for all products in the current quarter as
compared to last year’s quarter and the first well we drilled at
the Twining property a year ago is currently producing over 120
barrels of oil a day.
“We are also pleased that general and
administrative expenses decreased $311,000, 21% in the current
quarter as compared to last year’s quarter. The Company also
recently entered into a cooperation and support agreement with
MRMP-Managers LLC, the Ned L. Sherwood Revocable Trust, Bradley M.
Tirpak and Ned L. Sherwood, which we believe will be beneficial in
our efforts to reduce general and administrative expenses for the
remainder of fiscal 2021 as compared to the same periods in fiscal
2020.
“Barnwell ended the quarter with $5,370,000 in
working capital, which includes $5,334,000 in cash and cash
equivalents. Also, in January 2021, we received a net cash
distribution in the amount of $199,000 from the Kukio Resort Land
Development Partnerships. Financial results of this distribution
will be reflected in Barnwell's quarter ending March 31, 2021.”
The information contained in this press release
contains “forward-looking statements,” within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. A forward-looking
statement is one which is based on current expectations of future
events or conditions and does not relate to historical or current
facts. These statements include various estimates, forecasts,
projections of Barnwell’s future performance, statements of
Barnwell’s plans and objectives, and other similar statements.
Forward-looking statements include phrases such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “predicts,”
“estimates,” “assumes,” “projects,” “may,” “will,” “will be,”
“should,” or similar expressions. Although Barnwell believes that
its current expectations are based on reasonable assumptions, it
cannot assure that the expectations contained in such
forward-looking statements will be achieved. Forward-looking
statements involve risks, uncertainties and assumptions which could
cause actual results to differ materially from those contained in
such statements. The risks, uncertainties and other factors that
might cause actual results to differ materially from Barnwell’s
expectations are set forth in the “Forward-Looking Statements,”
“Risk Factors” and other sections of Barnwell’s annual report on
Form 10-K for the last fiscal year and Barnwell’s other filings
with the Securities and Exchange Commission. Investors should not
place undue reliance on the forward-looking statements contained in
this press release, as they speak only as of the date of this press
release, and Barnwell expressly disclaims any obligation or
undertaking to publicly release any updates or revisions to any
forward-looking statements contained herein.
|
COMPARATIVE OPERATING RESULTS |
(Unaudited) |
|
Quarter ended December 31, |
|
2020 |
|
2019 |
|
|
|
|
Revenues |
$ |
4,387,000 |
|
|
$ |
4,850,000 |
|
|
|
|
|
Net earnings
(loss) attributable to Barnwell Industries, Inc. |
$ |
584,000 |
|
|
$ |
(414,000 |
) |
|
|
|
|
Net earnings
(loss) per share – basic and diluted |
$ |
0.07 |
|
|
$ |
(0.05 |
) |
|
|
|
|
Weighted-average shares and equivalent shares outstanding: |
|
|
|
Basic and diluted |
|
8,277,160 |
|
|
|
8,277,160 |
|
|
|
|
|
Contact: |
Alexander C.
Kinzler |
|
Chief Executive Officer and President |
|
|
|
Russell M. Gifford |
|
Executive Vice President and Chief Financial Officer |
|
Tel: (808) 531-8400 |
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