Posted at 1:01 p.m., Monday, August 13, 2007
Barnwell stock drops after weak earnings report
Advertiser Staff
Shares of Honolulu-based Barnwell Industries fell 8 percent today after the company reported a sharp decline in second-quarter earnings.Barnwell Industries Inc. said earnings fell to $743,000, or 9 cents a share for the three months ended June 30, 2007, compared with earnings of $3 million, or 37 cents a share. Third quarter revenues fell 31 percent to $11.8 million.
The real estate company that also operates an oil and natural gas business in North America blamed the decline in earnings to decreased earnings from its Kaupulehu Developments project on the Big Island.
Shares of Barnwell fell $1.69, or 8 percent, to close at $18.90 today on the American Stock Exchange.
Barnwell also announced today that its board of directors has declared a cash dividend of 5 cents a share, payable Sept. 21, to stockholders of record on Sept. 7.
