Barnwell Q2 net loss widens to $1.77M on $1.68M impairment; revenue up 10%

BARNWELL INDUSTRIES INC

2024-Q2 EPS reported -$0.24 revenue$11,929,000

Revenue $5.77M (up 10.2% YoY); net loss $1.77M ($0.18/sh) vs. $1.24M ($0.12/sh) a year ago.
Non-cash impairment of $1.68M on oil/gas properties due to lower rolling-average prices used in ceiling test.
Oil, gas, and NGL production increased 16%, 47%, and 100% YoY, respectively.
G&A expenses fell 33% ($669K) to $1.36M; land segment contributed $500K from lot sales and $953K in distributions.
Contract drilling operating loss grew $424K on operational issues; company exploring strategic alternatives for segment.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.99

BARNWELL INDUSTRIES INC reported second fiscal quarter ended March 31, 2024 results: revenue $5,774,000, net income net loss of $1,772,000, $0.18 per share, EPS $0.18 per share.

Period: second fiscal quarter ended March 31, 2024
Revenue: $5,774,000
Net income: net loss of $1,772,000, $0.18 per share
EPS: $0.18 per share
Result: reported results

Exact text from the filing

Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its second fiscal quarter ended March 31, 2024. For the quarter, the Company had revenue of $5,774,000 and a net loss of $1,772,000, $0.18 per share.

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Source: SEC EDGAR

accession 0001140361-24-025961

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