Barnwell Industries reports Q1 EPS (7c) vs. 11c last year

Reports Q1 revenue $6.16M vs. $7.51M last year. CEO Alexander Kinzler commented, “Our loss for the quarter was the result of a decline in prices of all products; oil, natural gas, and natural gas liquids which decreased 7%, 57%, and 34%, respectively, as compared to the prior year period, together with a decline in land investment results where our equity in income from affiliates declined $538K. Additionally, in last year’s Q1, our contract drilling segment recognized a $551,000 gain on the sale of one drilling rig, whereas there was no such gain this quarter. We are pleased to report that our oil, natural gas, and natural gas liquids production increased from the prior year’s quarter by 21%, 26% and 80%, respectively…General and administrative expenses decreased $845K, or 38% as compared to the prior year period, primarily due to decreases in professional fees, accrued bonus expense, and share-based compensation…we anticipate approximately 30% of the Canadian oil and natural gas that the company sells during those periods will be sold at fixed prices with the remaining 70% of such production sold at spot prices.”