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Barnwell Industries Inc has a market cap of $25.4 million; its shares were traded at around $3.07 with and P/S ratio of 0.8. Barnwell Industries Inc had an annual average earning growth of 6.1% over the past 10 years.BRN is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations: quarterly averages during the three years ended June 30, 2010, have ranged from a low of $2.70 per thousand cubic feet (the average price for the quarter ended September 30, 2009) to a high of $9.70 per thousand cubic feet (the average price for the quarter ended June 30, 2008). Oil prices for Barnwell, based on quarterly averages for the period discussed above, ranged from a low of $35.20 per barrel (the average price for the quarter ended March 31, 2009) to a high of $117.22 per barrel (the average price for the quarter ended June 30, 2008). Declines in oil and natural gas prices could have a material adverse effect on our financial condition, results of operations, liquidity and cash flows.
Net earnings attributable to Barnwell for the three months ended June 30, 2010 totaled $314,000, a $3,549,000 increase from a net loss of $3,235,000 for the three months ended June 30, 2009. This increase was largely attributable to the following items:
· The current quarter includes a $306,000 share-based compensation benefit as compared to a $46,000 share-based compensation expense in the comparable prior year period; and
Net earnings attributable to Barnwell for the nine months ended June 30, 2010 totaled $3,756,000, a $23,564,000 increase from a net loss of $19,808,000 for the nine months ended June 30, 2009. This increase was largely attributable to the following items:
The average exchange rate of the Canadian dollar to the U.S. dollar increased 13% and 16% in the three and nine months ended June 30, 2010, respectively, as compared to the same periods in the prior year, and the exchange rate of the Canadian dollar to the U.S. dollar decreased 4% and increased 1% at June 30, 2010 as compared to March 31, 2010 and September 30, 2009, respectively. Accordingly, the assets, liabilities, stockholders’ equity and revenues and expenses of Barnwell’s subsidiaries operating in Canada have been adjusted to reflect the change in the exchange rates. Barnwell’s Canadian dollar assets are greater than its Canadian dollar liabilities; therefore, increases or decreases in the value of the Canadian dollar to the U.S. dollar generate other comprehensive income or losses, respectively. Other comprehensive income and losses are not included in net earnings. The other comprehensive loss due to foreign currency translation adjustments, net of taxes, for the three months ended June 30, 2010 was $1,709,000, a $4,559,000 decrease from the $2,850,000 other comprehensive income due to foreign currency translation adjustments, net of taxes, for the same period in the prior year. The other comprehensive income due to foreign currency translation adjustments, net of taxes, for the nine months ended June 30, 2010 was $321,000, a $4,128,000 increase from the $3,807,000 other comprehensive loss due to foreign currency translation adjustments, net of taxes, for the same period in the prior year. There were no taxes on other comprehensive income due to foreign currency translation adjustments in the three and nine months ended June 30, 2010 due to a full valuation allowance on the related deferred tax asset.
The increase in proceeds from the sale of development rights during the nine months ended June 30, 2010 as compared to the same period in the prior year is due to the timing of receipt of proceeds of scheduled development rights options. The entire $2,656,000 development rights option due in December 2009 was received during the nine months ended June 30, 2010, whereas only $886,000 was received in the same period of the prior year as $1,770,000 of the $2,656,000 development rights option due in December 2008 was received ahead of schedule in May 2008.
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