The local carrier, which filed for bankruptcy protection in December, posted an operating income last month of $3.4 million. In May, the company reported an operating profit of $2.5 million.

The results came on sales of $40.4 million, which was up from May's revenues of $38.5 million.

Barnwell earnings fall in second quarter

Barnwell Industries Inc. today reported net earnings of $874,000, or 30 cents per share, in the second quarter, compared with net earnings of $1.19 million, or 42 cents a share a year earlier.

Morton Kinzler, chairman and chief executive officer, said the earnings decline was due to a $1.25 million increase in stock appreciation rights expense resulting from a 25 percent rise in the price of Barnwell's stock in the second quarter. Also, the prior year's net earnings included $200,000 of non-cash deferred tax benefits due to reductions in corporate tax rates in Alberta, Canada, where Barnwell does business.

Honolulu-based Barnwell Industries Inc. and its subsidiaries are principally engaged in exploring for, developing, producing and selling natural gas and oil in Canada, investing in leasehold land in Hawai'i, and drilling wells and maintaining water systems in the Islands.