Lower fuel prices sent Barnwell Industries Inc. latest quarterly earnings tumbling.

The company said it earned $424,000, or 5 cents per share, during the three months ending Dec. 31, 2008.

That compares an unusually high year-earlier period when the company netted $3.3 million, or 39 cents per share.

"Net earnings for the three months ended Dec. 31, 2008 decreased due to lower revenues as a result of lower natural gas, oil and natural gas liquids prices," said Morton Kinzler, Barnwell's Chairman and CEO.

The comparison with the year-earlier quarter was also skewed by a $909,000 deferred tax benefit that the company received in 2007. Barnwell said it received no such tax benefit in the December 2008 quarter.