Barnwell Industries Inc. Q3 Loss Widens

(RTTNews) - Barnwell Industries Inc. (BRN) announced Loss for its third quarter of -$1.550 million

The company's bottom line totaled -$1.550 million, or -$0.15 per share. This compares with -$1.246 million, or -$0.12 per share, last year.

The company's revenue for the period fell 29.2% to $3.192 million from $4.506 million last year.

Barnwell Industries Inc. earnings at a glance (GAAP) :

-Earnings: -$1.550 Mln. vs. -$1.246 Mln. last year. -EPS: -$0.15 vs. -$0.12 last year. -Revenue: $3.192 Mln vs. $4.506 Mln last year.

Craig D. Hopkins, CEO of Barnwell Industries, said: “The sale of our U.S. oil and natural gas properties provides capital to invest in the well workovers and optimization opportunities in our Twining field that are required to replace production declines. It will also assist in reducing our working capital deficit due to ongoing costs associated with shareholder disputes. Looking forward, the Company will need to raise additional capital to develop our assets at Twining and dilute our fixed costs across a higher revenue base.”