Barnwell Industries, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended June 30, 2023
August 14, 2023 at 04:15 pm EDT
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Barnwell Industries, Inc. reported earnings results for the third quarter and nine months ended June 30, 2023. For the third quarter, the company reported revenue was USD 5.68 million compared to USD 8.03 million a year ago. Net loss was USD 0.717 million compared to net income of USD 2.53 million a year ago. Basic loss per share from continuing operations was USD 0.07 compared to basic earnings per share from continuing operations of USD 0.25 a year ago. Diluted loss per share from continuing operations was USD 0.07 compared to diluted earnings per share from continuing operations of USD 0.25 a year ago.
For the nine months, revenue was USD 18.43 million compared to USD 20.16 million a year ago. Net loss was USD 0.865 million compared to net income of USD 5.66 million a year ago. Basic loss per share from continuing operations was USD 0.09 compared to basic earnings per share from continuing operations of USD 0.59 a year ago. Diluted loss per share from continuing operations was USD 0.09 compared to diluted earnings per share from continuing operations of USD 0.59 a year ago.
Barnwell Industries, Inc. is engaged in three businesses: acquiring, developing, producing and selling oil and natural gas in Canada and Oklahoma; investing in land interests in Hawaii; and drilling wells and installing and repairing water pumping systems in Hawaii. The Company operates through three segments: Oil and Natural Gas, Land Investment, and Contract Drilling. Oil and Natural Gas Segment is engaged in oil and natural gas development, production, acquisitions and sales in Canada and Oklahoma. Its investments in oil and natural gas properties are located in Alberta, Canada and Oklahoma. Land Investment segment is entitled to receive contingent residual payments from the entities that previously purchased the Company's land investment interests under contracts entered into in prior years. Contract Drilling segment provides well drilling services and water pumping system installation and repairs in Hawaii.
BARNWELL INDUSTRIES, INC. 
