Posted at 11:01 a.m., Wednesday, December 5, 2001

Barnwell suffers drop in earnings

Advertiser Staff

Barnwell Industries Inc., a Honolulu-based oil exploration company, said a 23 percent drop in its net earnings over the past year reflected increased investment in land and oil and gas exploration that sets the stage for improved revenue growth.

"The land investment segment, while not generating revenues in fiscal 2001, had a very successful year that postions the company for future success and revenues," said Morton H. Kinzler, Barnwell chairman and CEO.

Barnwell said its net earnings for the three months to Sept. 30 fell 84 percent to $170,000, or 13 cents per diluted share, compared to 79 cents per share in the same period a year ago. In the year to Sept. 30, Barnwell said its net earnings were $3.83 million, or $2.82 per share, compared to $5.01 million, or $3.67 per share the year before.

Barnwell said it would pay a dividend of 15 cents per share on Jan. 2. Barnwell shares, which have increased 16 percent in the last two weeks, rose 40 cents to $20.75 in early trading today.