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Posted on: Tuesday, February 13, 2001
Barnwell's profits increase
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Advertiser Staff and News Services
Profits rose for Honolulu-based oil exploration company Barnwell Industries Inc. in the last three months of 2000, as higher gas prices caused revenues to jump. Barnwell’s net income was $1.5 million in fourth-quarter 2000, up from $540,000 in fourth-quarter 1999. Revenues for fourth-quarter 2000 rose to $7 million, up from $4.3 million in fourth-quarter 1999.
On a per-share basis, diluted net income was $1.16, compared with 41 cents per share in fourth-quarter 1999. Barnwell, which discovers and develops natural gas and oil, benefited from a doubling of natural gas prices and higher oil prices, said Morton H. Kinzler, company chairman and chief executive officer.
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