Barnwell doubles quarterly earnings
Barnwell Industries Inc., capping off the third-best fiscal year in the company's 49-year history, more than doubled its earnings in the fourth quarter behind another strong performance from its oil and natural gas unit in Alberta, Canada.
The Honolulu-based company, which also has land holdings on the Big Island and performs water-well drilling statewide, posted net income last quarter of $1.8 million, or 21 cents a share, compared with $870,000, or 10 cents a share, a year earlier.
The numbers are adjusted for 3-for-1 and 2-for-1 stock splits that Barnwell underwent during the year.
Barnwell's revenue for the quarter ended Sept. 30 rose 38.8 percent to $11.7 million from $8.4 million.
"Fiscal 2005 has been a sterling year for Barnwell encompassing its first-ever stock split," said Morton Kinzler, chairman and chief executive of Barnwell.
The company's board of directors also declared a dividend of 2.5 cents a share payable Jan. 4 to stockholders of record on Dec. 20.
Barnwell, which has benefited from the spike in energy prices, saw the prices of natural gas, oil and natural gas liquids increase in the fourth quarter over the year-earlier period.
Barnwell ended the year with record earnings in the segment as net income rose $8.9 million, or 37 percent, over full-year fiscal 2004.