Monday, Barnwell Industries Inc. (BRN), a company engaged in exploration and sale of oil and natural gas to Canada, announced a sharp rise in its fourth-quarter profit, with an increase in revenues.
Net income rose to $3.2 million or $0.38 per share from $401,000 or $0.05 per share in the year ago period. Quarterly revenues climbed to $15.32 million from $11.19 million in the same period last year.
The full-year net income jumped to $11.73 million or $1.39 per share from $3.52 million or $0.41 per share last year. Annual revenues increased to $65.64 million from $47.44 million in the previous year, reflecting higher oil, natural gas and natural gas liquids prices.
Morton Kinzler, the chairman and chief executive officer of Barnwell, stated that fiscal 2008's profit was reduced by the record of a $1.09 million bad debt reserve primarily against oil and natural gas receivables, due to the bankruptcy filing of SemGroup, L.P. in July 2008.
BRN closed Friday's regular trading session at $4.99.
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