0000899681-14-000584.txt : 20140807 0000899681-14-000584.hdr.sgml : 20140807 20140807101048 ACCESSION NUMBER: 0000899681-14-000584 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140807 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140807 DATE AS OF CHANGE: 20140807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARNWELL INDUSTRIES INC CENTRAL INDEX KEY: 0000010048 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 720496921 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05103 FILM NUMBER: 141022194 BUSINESS ADDRESS: STREET 1: 1100 ALAKEA ST. STREET 2: SUITE 2900 CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 808-531-8400 MAIL ADDRESS: STREET 1: 1100 ALAKEA ST. STREET 2: SUITE 2900 CITY: HONOLULU STATE: HI ZIP: 96813 FORMER COMPANY: FORMER CONFORMED NAME: BMA CORP/TN DATE OF NAME CHANGE: 19770324 FORMER COMPANY: FORMER CONFORMED NAME: BARNWELL OFFSHORE INC DATE OF NAME CHANGE: 19671101 8-K 1 barnwell-8k_080614.htm CURRENT REPORT barnwell-8k_080614.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  August 7, 2014

BARNWELL INDUSTRIES, INC.
(Exact Name of Registrant as Specified in its Charter)

Delaware
(State or Other Jurisdiction of Incorporation)
     
1-5103
(Commission File Number)
 
72-0496921
(IRS Employer
Identification No.)

1100 Alakea Street, Suite 2900
Honolulu, Hawaii  96813
(Address of Principal Executive Offices) (Zip Code)

(808) 531-8400
(Registrant’s Telephone Number, Including Area Code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
     
o
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
¨
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
o
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
o
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
 
 
 
 

Item 2.02  Results of Operations and Financial Condition.
 
On August 7, 2014, Barnwell Industries, Inc. issued a press release announcing its financial results for its fiscal quarter ended June 30, 2014.  A copy of such press release is furnished as Exhibit 99.1 to this Current Report.
 
Item 9.01  Financial Statements and Exhibits.
 
(d)           Exhibits
 
Exhibit No.
Description
   
99.1
Press release dated August 7, 2014

 
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated:  August 7, 2014
 

 
BARNWELL INDUSTRIES, INC.
   
   
 
By:
/s/ Russell M. Gifford
   
Name:
Russell M. Gifford
   
Title:
Executive Vice President and
Chief Financial Officer
 
 
 
 
 
 

 
Exhibit Index
 
 
 
Exhibit No.
Description
   
99.1
Press release dated August 7, 2014

EX-99.1 2 barnwell-ex991_080614.htm PRESS RELEASE DATED AUGUST 7, 2014 barnwell-ex991_080614.htm
Exhibit 99.1
 
 logo
BARNWELL INDUSTRIES, INC.
P R E S S
R  E  L  E  A  S  E
1100 Alakea Street, Suite 2900
Honolulu, Hawaii 96813
Telephone (808) 531-8400
Fax (808) 531-7181
Website: www.brninc.com
 
  CONTACT:
Alexander C. Kinzler
   
President and Chief Operating Officer
     
   
Russell M. Gifford
   
Executive Vice President and Chief Financial Officer
     
   
Tel: (808) 531-8400
 

BARNWELL INDUSTRIES, INC. REPORTS RESULTS
FOR THE THIRD QUARTER AND NINE MONTHS ENDED JUNE 30, 2014 

 
HONOLULU, HAWAII, August 7, 2014 -- Barnwell Industries, Inc. (NYSE MKT: BRN) today reported net losses of $216,000 ($0.03 per share) and $1,490,000 ($0.18 per share) for the three and nine months ended June 30, 2014, respectively, as compared to net losses of $1,225,000 ($0.15 per share) and $6,915,000 ($0.84 per share) for the three and nine months ended June 30, 2013, respectively.
 
Mr. Morton H. Kinzler, Chairman and Chief Executive Officer of Barnwell, commented, “The decrease in the loss for the three months ended June 30, 2014 as compared to last year’s three months ended June 30, 2013 was due to increases in oil and natural gas prices, the receipt of a $300,000 percentage payment and a $223,000 foreign exchange gain on the repayment of long-term debt.  Additionally, natural gas production increased due to a Dunvegan plant and pipeline maintenance shutdown during a portion of both May and June 2013, whereas there was no shutdown in the current year period.
 
“The loss for the nine months ended June 30, 2014 decreased as compared to the nine months ended June 30, 2013 as last year’s nine months included a $4,506,000 reduction of the carrying value of our oil and natural gas properties as compared to no reduction in carrying value in the current period, lower natural gas operating expenses due to $735,000 in soil contamination remediation costs, primarily at Dunvegan, in the prior year’s period as compared to $45,000 in the current period, and natural gas, oil and natural gas liquids price increases of 39%, 5% and 11% in this current nine months as compared to a year ago.
 
“During the nine months ended June 30, 2014 the Company invested $5,140,000 in real estate development partnerships with interests on the Kona Coast of the Big Island of Hawaii, $2,111,000 in oil and natural gas exploration and development and sold certain oil and natural gas properties totaling $14,177,000, subject to final customary adjustments.

 
 
 
 

Continued From Page One

Barnwell Industries, Inc.
IMMEDIATE RELEASE
August 7, 2014
Page Two
 
 
“Significantly, during the quarter ended June 30, 2014, the Company received $5,620,000 for the sale of oil and natural gas properties and repaid $3,500,000 of our long-term oil and natural gas related debt reducing this debt by a third from $10,500,000 to $7,000,000.  No gains were recognized on these sales in accordance with full cost accounting rules.  Additionally, in July, subsequent to the end of the third quarter, the Company received $2,640,000 for the sale of our interest in Hualalai Resort to an independent third party.
 
“With $10,255,000 in cash and cash equivalents, $11,168,000 in working capital, and $3,900,000 in available credit on our oil and natural gas facility at June 30, 2014, as well as the aforementioned receipt in July of $2,640,000, the Company has significant liquidity to fund future oil and natural gas property acquisitions and other corporate opportunities.”
 
The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts.  These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements.  Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions.  Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved.  Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements.  The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission.  Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

COMPARATIVE OPERATING RESULTS
(Unaudited)
 
   
Three months ended
 
Nine months ended
   
June 30,
 
June 30,
   
2014
 
2013
 
2014
 
2013
                         
Revenues
  $ 6,810,000     $ 5,182,000     $ 21,892,000     $ 18,502,000  
                                 
Net loss
  $ (216,000 )   $ (1,225,000 )   $ (1,490,000 )   $ (6,915,000 )
                                 
Net loss per share – basic
                               
   and diluted
  $  (0.03 )   $ (0.15 )   $ (0.18 )   $ (0.84 )
                                 
Weighted-average shares and
                               
equivalent shares outstanding -
                         
    basic and diluted
  $ 8,277,160       8,277,160     $ 8,277,160     $ 8,277,160  
                                 

 
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