Barnwell Industries, Inc. has reported a net loss attributable to company of $2.75 million, or $0.33 loss per share, for the first quarter ended December 31, 2012, compared to a net loss attributable to company of $282,000, or $0.03 loss per share, for the first quarter ended December 31, 2011.
Revenues for the first quarter ended December 31, 2012 were $6.55 million, compared to $8.50 million, for the first quarter ended December 31, 2011.
Morton Kinzler, chairman and CEO of Barnwell, commented, "The loss for the three months ended December 31, 2012 included a $2,327,000 non-cash reduction of the carrying value of our oil and natural gas properties. There was no such write-down in the prior year period.
"This reduction in carrying value had no effect on the Company's liquidity or compliance with our credit agreements. Operating results also decreased due to declines in natural gas, oil and natural gas liquids prices of 12%, 15% and 23%, respectively, and declines in net natural gas and oil production of 14% and 21%, respectively. Due to these declines in product prices the Company has decreased its investments in natural gas properties significantly, focusing on oil properties."