Barnwell Industries Inc., a Honolulu-based oil and gas exploration company, said today its fiscal first-quarter net income skyrocketed 182 percent, thanks to soaring gas prices.
Rising energy prices help the isle-based
firm post a $1.52 million gain
in the quarter
Barnwell said net earnings rose to $1.52 million in the three months ended Dec. 31 from $540,000 in the same period in 1999. Per-share earnings rose to $1.10 from 41 cents in the year-earlier period.
Revenues, pumped up by double-digit increases in natural gas, oil and natural gas liquids, jumped 63 percent to $7.03 million from $4.31 million in the year-earlier period, Barnwell said.
"Natural gas prices in particular have increased significantly and we continue to believe that our fiscal 2001 average natural gas price will be higher than our fiscal 2000 average price," said Morton H. Kinzler, Barnwell's chairman and chief executive.
Kinzler noted the jump in earnings came as Barnwell invested $1.32 million in the exploration and development of oil and gas in the first quarter, tripling capital expenses over the same period last year.
The company's thinly traded stock rose 4.3 percent, or 79 cents to $19.20 today on the American Stock Exchange. The stock is up 42.9 percent from a year ago but down 7.5 percent since Jan. 1.
Barnwell, which principally operates on properties in Alberta, Canada, also installs and repairs water pumping systems in Hawaii.