Updated at 5:12 p.m., Tuesday, December 12, 2006
Barnwell posts record $14.6M earnings for fiscal year
Advertiser Staff
Honolulu-based Barnwell Industries posted the best financial results in the company's 50-year history in the latest fiscal year, fueled by record earnings in its oil and natural gas business.Barnwell reported earnings of $14.6 million, or $1.68 a share, for the fiscal year ending Sept. 30, up from $6 million, or 70 cents a share, for the previous fiscal year.
"Fiscal 2006 has been a golden year for Barnwell encompassing its second stock split ... as well as its 50th year in business," said Morton Kinzler, Barnwell's chairman and chief executive officer.
Barnwell's earnings also were boosted by proceeds from the sale of a residential development in North Kona, positive results in contract drilling operations and favorable tax changes, the company said in a press release.
For the quarter ending Sept. 30, Barnwell reported earnings of $1.84 million, or 21 cents a share, up from $1.80 million, or 21 cents a share for the same quarter a year earlier.
