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Barnwell Industries’ Honolulu-based Barnwell Industries Inc.'s quarterly earnings rose more than threefold, thanks to continuing high prices for its Canadian oil and natural gas and new income from its Big Island land development.
net soars 218%
Higher energy prices and
a boost from its Big Island
property power the increaseStar-Bulletin staff
Barnwell said today it had a profit of $1.08 million, or 79 cents a share, in its fiscal fourth quarter, up 218 percent from a profit of $340,000, or 26 cents a share, in the year-earlier quarter.
Revenues for the quarter that ended Sept. 30 equaled $5.63 million, up 6.6 percent from revenues of $5.28 million in the 1999 period.
For the full financial year, Barnwell reported a profit of $5.01 million, or $3.67 a share, up 863 percent from a previous-year profit of $520,000, or 39 cents a share.
Fiscal-year revenues of $26.6 million were up 75 percent from 1999 revenues of $15.2 million.
The company also raised its quarterly dividend to 15 cents a share, up 50 percent from 10 cents. The dividend is payable Jan. 3 to stockholders of record Dec. 12.
Prices for the natural gas the company produced rose 54 percent and oil prices were up 86 percent in the just-concluded fiscal year, Barnwell said.
Natural gas and oil revenues in the fourth quarter were up 35 percent over the year-ago quarter at $4.5 million from $3.34 million.
Barnwell said it also had added earnings from its half-owned joint venture on the Big Island when the owner of the Four Seasons Resort Hualalai exercised its option to develop luxury homes on the joint venture's property.