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Stock impact report

Barnwell Industries, Inc. Reports First Quarter Results [Yahoo! Finance]

Barnwell Industries, Inc. (BRN) 
NASDAQ:AMEX Investor Relations: brninc.com
Company Research Source: Yahoo! Finance
HONOLULU, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for the first quarter ended December 31, 2023. The Company posted quarterly revenue of $6,155,000 and a net loss of $664,000, or $0.07 per share. In the three months ended December 31, 2022, the Company had quarterly revenue of $7,511,000 and net earnings of $1,089,000, or $0.11 per share. Mr. Alexander C. Kinzler, Chief Executive Officer of Barnwell, commented, “Our loss for the quarter was the result of a decline in prices of all products; oil, natural gas, and natural gas liquids which decreased 7%, 57%, and 34%, respectively, as compared to the prior year period, together with a decline in land investment results where our equity in income from affiliates declined $538,000. Additionally, in last year's first quarter, our contract drilling segment recognized a $551,000 gain on the sale of one drilling rig, whereas there was no such gain this quarter. Oil Show less Read more
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