Barnwell Industries, Inc. Reports Year-End and Fourth Quarter Results
HONOLULU, Dec. 11, 2020 (GLOBE NEWSWIRE) Barnwell Industries, Inc. (NYSE American: BRN) today reported a net loss of $4,756,000, $0.57 per share, for the year ended September 30, 2020, as compared to a net loss of $12,414,000, $1.50 per share, for the year ended September 30, 2019. For the quarter ended September 30, 2020, Barnwell reported net earnings of $628,000, $0.08 per share, as compared to a net loss of $4,324,000, $0.52 per share, for the quarter ended September 30, 2019.
Mr. Alexander Kinzler, Chief Executive Officer of Barnwell, commented, “We are pleased to report a profit in our fourth quarter ended September 30, 2020, which was brought about by positive operating margins in each of our oil and natural gas, contract drilling and land investment segments. In addition, general and administrative expenses decreased $118,000 as compared to the fourth quarter of fiscal 2019.