Business
Barnwell Industries, Inc. Reports Results for Its Third Quarter Ended June 30, 2025 Together With the Receipt of $2,300,000 of Cash for U.S. Oil and Natural Gas Properties Sale
HONOLULU, HI / ACCESS Newswire / August 13, 2025 / Barnwell Industries, Inc. (NYSE American:BRN) today reported financial results for its third quarter ended June 30, 2025. For the quarter, the Company had revenue from continuing operations of $3,192,000 ...
About this update from Barnwell Industries, Inc.
[{"type":"text","content":"HONOLULU, HI / ACCESS Newswire / August 13, 2025 / Barnwell Industries, Inc. (NYSE American:BRN) today reported financial results for its third quarter ended June 30, 2025. For the quarter, the Company had revenue from continuing operations of $3,192,000 and a net loss from continuing operations of $1,550,000 or $0.15 per share. In the prior year quarter ended June 30, 2024, the Company reported quarterly revenue from continuing operations of $4,506,000 and a net loss from continuing operations of $1,018,000 or $0.10 per share.","length":533,"tagName":"p"},{"type":"text","content":"The net loss from continuing operations for the three months ended June 30, 2025, was primarily due to an increase of $565,000, 43%, in general and administrative expenses due to $657,000 in non-recurring fees and costs incurred, net of $348,000 of estimated accrued insurance recoveries receivable, related to a shareholder consent solicitation, various legal actions between Ned L. Sherwood ("Sherwood") and certain of his affiliates (collectively, the "Sherwood Group") and the Company and certain of its directors, and a proxy contest brought by the Sherwood Group in the current year period as compared to the same period in the prior year.","length":665,"tagName":"p"},{"type":"text","content":"Oil and Natural Gas Operating Results","length":37,"tagName":"p"},{"type":"text","content":"Oil and natural gas operating results decreased $299,000 for the three months ended June 30, 2025 as compared to prior year, primarily attributable to a $1,299,000 decrease in oil and natural gas revenues in the current year period as compared to the same period in the prior year, partially offset by a $399,000 decrease in the ceiling test impairment which was $599,000 in the prior year period compared to a ceiling test impairment of $200,000 in the current year period, and a $449,000 decrease in oil and natural gas depletion in the current year period as compared to the same period in the prior year. The decrease in depletion was due to a decrease in the depletion rate largely due to ceiling test impairments incurred in the prior year period.","length":753,"tagName":"p"},{"type":"text","content":"Foreign Currency Gain","length":21,"tagName":"p"},{"type":"text","content":"The net loss from continuing operations for the three months ended June 30, 2025 in...