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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Barnwell Industries Inc | AMEX:BRN | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.0791 | -2.74% | 2.8109 | 2.89 | 2.80 | 2.89 | 3,646 | 00:24:43 |
DELAWARE
|
|
72-0496921
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. 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)
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.50 par value
|
BRN
|
NYSE American
|
Large accelerated filer
|
o
|
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
x
|
|
|
|
Emerging growth company
|
o
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
March 31,
2020 |
|
September 30,
2019 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,386,000
|
|
|
$
|
4,613,000
|
|
Accounts and other receivables, net of allowance for doubtful accounts of:
$184,000 at March 31, 2020; $44,000 at September 30, 2019 |
2,536,000
|
|
|
1,884,000
|
|
||
Income taxes receivable
|
514,000
|
|
|
386,000
|
|
||
Other current assets
|
1,597,000
|
|
|
1,821,000
|
|
||
Total current assets
|
8,033,000
|
|
|
8,704,000
|
|
||
Income taxes receivable, net of current portion
|
—
|
|
|
230,000
|
|
||
Asset for retirement benefits
|
1,493,000
|
|
|
—
|
|
||
Investments
|
912,000
|
|
|
980,000
|
|
||
Operating lease right-of-use assets
|
292,000
|
|
|
—
|
|
||
Property and equipment
|
71,203,000
|
|
|
72,522,000
|
|
||
Accumulated depletion, depreciation, and amortization
|
(63,168,000
|
)
|
|
(64,134,000
|
)
|
||
Property and equipment, net
|
8,035,000
|
|
|
8,388,000
|
|
||
Total assets
|
$
|
18,765,000
|
|
|
$
|
18,302,000
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
2,146,000
|
|
|
$
|
1,223,000
|
|
Accrued capital expenditures
|
879,000
|
|
|
287,000
|
|
||
Accrued compensation
|
183,000
|
|
|
205,000
|
|
||
Accrued operating and other expenses
|
974,000
|
|
|
1,079,000
|
|
||
Current portion of operating lease liabilities
|
102,000
|
|
|
—
|
|
||
Current portion of asset retirement obligation
|
556,000
|
|
|
330,000
|
|
||
Other current liabilities
|
1,152,000
|
|
|
1,644,000
|
|
||
Total current liabilities
|
5,992,000
|
|
|
4,768,000
|
|
||
Deferred rent
|
—
|
|
|
193,000
|
|
||
Operating lease liabilities
|
196,000
|
|
|
—
|
|
||
Liability for retirement benefits
|
4,643,000
|
|
|
5,785,000
|
|
||
Asset retirement obligation
|
5,635,000
|
|
|
6,059,000
|
|
||
Deferred income tax liabilities
|
159,000
|
|
|
168,000
|
|
||
Total liabilities
|
16,625,000
|
|
|
16,973,000
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Equity:
|
|
|
|
||||
Common stock, par value $0.50 per share; authorized, 20,000,000 shares:
8,445,060 issued at March 31, 2020 and September 30, 2019 |
4,223,000
|
|
|
4,223,000
|
|
||
Additional paid-in capital
|
1,350,000
|
|
|
1,350,000
|
|
||
(Accumulated deficit) retained earnings
|
(1,069,000
|
)
|
|
859,000
|
|
||
Accumulated other comprehensive loss, net
|
(169,000
|
)
|
|
(2,917,000
|
)
|
||
Treasury stock, at cost: 167,900 shares at March 31, 2020 and September 30, 2019
|
(2,286,000
|
)
|
|
(2,286,000
|
)
|
||
Total stockholders' equity
|
2,049,000
|
|
|
1,229,000
|
|
||
Non-controlling interests
|
91,000
|
|
|
100,000
|
|
||
Total equity
|
2,140,000
|
|
|
1,329,000
|
|
||
Total liabilities and equity
|
$
|
18,765,000
|
|
|
$
|
18,302,000
|
|
|
Three months ended
March 31, |
|
Six months ended
March 31, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
Oil and natural gas
|
$
|
1,910,000
|
|
|
$
|
1,924,000
|
|
|
$
|
4,051,000
|
|
|
$
|
3,156,000
|
|
Contract drilling
|
2,593,000
|
|
|
987,000
|
|
|
5,239,000
|
|
|
2,150,000
|
|
||||
Sale of interest in leasehold land
|
—
|
|
|
—
|
|
|
—
|
|
|
165,000
|
|
||||
Gas processing and other
|
79,000
|
|
|
52,000
|
|
|
142,000
|
|
|
87,000
|
|
||||
|
4,582,000
|
|
|
2,963,000
|
|
|
9,432,000
|
|
|
5,558,000
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Oil and natural gas operating
|
1,285,000
|
|
|
1,249,000
|
|
|
2,498,000
|
|
|
2,586,000
|
|
||||
Contract drilling operating
|
1,771,000
|
|
|
1,231,000
|
|
|
3,585,000
|
|
|
2,547,000
|
|
||||
General and administrative
|
2,031,000
|
|
|
1,461,000
|
|
|
3,527,000
|
|
|
3,009,000
|
|
||||
Depletion, depreciation, and amortization
|
687,000
|
|
|
758,000
|
|
|
1,392,000
|
|
|
1,577,000
|
|
||||
Impairment of assets
|
1,637,000
|
|
|
243,000
|
|
|
1,637,000
|
|
|
2,413,000
|
|
||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
4,000
|
|
||||
Gain on sale of asset
|
(1,336,000
|
)
|
|
—
|
|
|
(1,336,000
|
)
|
|
—
|
|
||||
|
6,075,000
|
|
|
4,942,000
|
|
|
11,303,000
|
|
|
12,136,000
|
|
||||
Loss before equity in loss of affiliates and income taxes
|
(1,493,000
|
)
|
|
(1,979,000
|
)
|
|
(1,871,000
|
)
|
|
(6,578,000
|
)
|
||||
Equity in loss of affiliates
|
(25,000
|
)
|
|
(207,000
|
)
|
|
(68,000
|
)
|
|
(286,000
|
)
|
||||
Loss before income taxes
|
(1,518,000
|
)
|
|
(2,186,000
|
)
|
|
(1,939,000
|
)
|
|
(6,864,000
|
)
|
||||
Income tax benefit
|
—
|
|
|
(35,000
|
)
|
|
(2,000
|
)
|
|
(140,000
|
)
|
||||
Net loss
|
(1,518,000
|
)
|
|
(2,151,000
|
)
|
|
(1,937,000
|
)
|
|
(6,724,000
|
)
|
||||
Less: Net (loss) earnings attributable to non-controlling interests
|
(4,000
|
)
|
|
(26,000
|
)
|
|
(9,000
|
)
|
|
1,000
|
|
||||
Net loss attributable to Barnwell Industries, Inc.
|
$
|
(1,514,000
|
)
|
|
$
|
(2,125,000
|
)
|
|
$
|
(1,928,000
|
)
|
|
$
|
(6,725,000
|
)
|
Basic and diluted net loss per common share attributable to Barnwell Industries, Inc. stockholders
|
$
|
(0.18
|
)
|
|
$
|
(0.26
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.81
|
)
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||
Basic and diluted
|
8,277,160
|
|
|
8,277,160
|
|
|
8,277,160
|
|
|
8,277,160
|
|
|
Three months ended
March 31, |
|
Six months ended
March 31, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net loss
|
$
|
(1,518,000
|
)
|
|
$
|
(2,151,000
|
)
|
|
$
|
(1,937,000
|
)
|
|
$
|
(6,724,000
|
)
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation adjustments, net of taxes of $0
|
84,000
|
|
|
130,000
|
|
|
89,000
|
|
|
(283,000
|
)
|
||||
Retirement plans:
|
|
|
|
|
|
|
|
||||||||
Amortization of accumulated other comprehensive loss into net periodic benefit cost, net of taxes of $0
|
20,000
|
|
|
16,000
|
|
|
80,000
|
|
|
33,000
|
|
||||
Net actuarial gains arising during the period, net of taxes of $0
|
—
|
|
|
—
|
|
|
880,000
|
|
|
—
|
|
||||
Curtailment gain, net of taxes of $0
|
—
|
|
|
—
|
|
|
1,699,000
|
|
|
—
|
|
||||
Total other comprehensive (loss) income
|
104,000
|
|
|
146,000
|
|
|
2,748,000
|
|
|
(250,000
|
)
|
||||
Total comprehensive (loss) income
|
(1,414,000
|
)
|
|
(2,005,000
|
)
|
|
811,000
|
|
|
(6,974,000
|
)
|
||||
Less: Comprehensive (loss) income attributable to non-controlling interests
|
(4,000
|
)
|
|
(26,000
|
)
|
|
(9,000
|
)
|
|
1,000
|
|
||||
Comprehensive (loss) income attributable to Barnwell Industries, Inc.
|
$
|
(1,410,000
|
)
|
|
$
|
(1,979,000
|
)
|
|
$
|
820,000
|
|
|
$
|
(6,975,000
|
)
|
|
Shares
Outstanding
|
|
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings (Accumulated Deficit)
|
|
Accumulated
Other Comprehensive Loss |
|
Treasury
Stock
|
|
Non-controlling
Interests
|
|
Total
Equity
|
|||||||||||||||
Balance at September 30, 2018
|
8,277,160
|
|
|
$
|
4,223,000
|
|
|
$
|
1,350,000
|
|
|
$
|
13,253,000
|
|
|
$
|
(514,000
|
)
|
|
$
|
(2,286,000
|
)
|
|
$
|
213,000
|
|
|
$
|
16,239,000
|
|
Cumulative impact from the adoption of ASU No. 2014-09
|
—
|
|
|
—
|
|
|
—
|
|
|
20,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,000
|
|
|||||||
Distributions to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(110,000
|
)
|
|
(110,000
|
)
|
|||||||
Net (loss) earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,725,000
|
)
|
|
—
|
|
|
—
|
|
|
1,000
|
|
|
(6,724,000
|
)
|
|||||||
Foreign currency translation adjustments, net of taxes of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(283,000
|
)
|
|
—
|
|
|
—
|
|
|
(283,000
|
)
|
|||||||
Retirement plans - amortization of accumulated other comprehensive loss into net periodic benefit cost, net of taxes of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,000
|
|
|
—
|
|
|
—
|
|
|
33,000
|
|
|||||||
Balance at March 31, 2019
|
8,277,160
|
|
|
$
|
4,223,000
|
|
|
$
|
1,350,000
|
|
|
$
|
6,548,000
|
|
|
$
|
(764,000
|
)
|
|
$
|
(2,286,000
|
)
|
|
$
|
104,000
|
|
|
$
|
9,175,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at September 30, 2019
|
8,277,160
|
|
|
$
|
4,223,000
|
|
|
$
|
1,350,000
|
|
|
$
|
859,000
|
|
|
$
|
(2,917,000
|
)
|
|
$
|
(2,286,000
|
)
|
|
$
|
100,000
|
|
|
$
|
1,329,000
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,928,000
|
)
|
|
—
|
|
|
—
|
|
|
(9,000
|
)
|
|
(1,937,000
|
)
|
|||||||
Foreign currency translation adjustments, net of taxes of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89,000
|
|
|
—
|
|
|
—
|
|
|
89,000
|
|
|||||||
Retirement plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Amortization of accumulated other comprehensive loss into net periodic benefit cost, net of taxes of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,000
|
|
|
—
|
|
|
—
|
|
|
80,000
|
|
|||||||
Net actuarial gains arising during the period, net of taxes of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
880,000
|
|
|
—
|
|
|
—
|
|
|
880,000
|
|
|||||||
Curtailment gain, net of taxes of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,699,000
|
|
|
—
|
|
|
—
|
|
|
1,699,000
|
|
|||||||
Balance at March 31, 2020
|
8,277,160
|
|
|
$
|
4,223,000
|
|
|
$
|
1,350,000
|
|
|
$
|
(1,069,000
|
)
|
|
$
|
(169,000
|
)
|
|
$
|
(2,286,000
|
)
|
|
$
|
91,000
|
|
|
$
|
2,140,000
|
|
|
Six months ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net loss
|
$
|
(1,937,000
|
)
|
|
$
|
(6,724,000
|
)
|
Adjustments to reconcile net loss to net cash
|
|
|
|
|
|
||
used in operating activities:
|
|
|
|
|
|
||
Equity in loss of affiliates
|
68,000
|
|
|
286,000
|
|
||
Depletion, depreciation, and amortization
|
1,392,000
|
|
|
1,577,000
|
|
||
Gain on sale of asset
|
(1,336,000
|
)
|
|
—
|
|
||
Impairment of assets
|
1,637,000
|
|
|
2,413,000
|
|
||
Retirement benefits expense
|
26,000
|
|
|
109,000
|
|
||
Income tax receivable, noncurrent
|
—
|
|
|
(31,000
|
)
|
||
Non-cash rent expense
|
50,000
|
|
|
43,000
|
|
||
Accretion of asset retirement obligation
|
276,000
|
|
|
300,000
|
|
||
Deferred income tax benefit
|
(9,000
|
)
|
|
(106,000
|
)
|
||
Asset retirement obligation payments
|
(420,000
|
)
|
|
(288,000
|
)
|
||
Share-based compensation benefit
|
—
|
|
|
(23,000
|
)
|
||
Retirement plan contributions and payments
|
(4,000
|
)
|
|
(119,000
|
)
|
||
Bad debt expense
|
150,000
|
|
|
—
|
|
||
Sale of interest in leasehold land, net of fees paid
|
—
|
|
|
(124,000
|
)
|
||
(Decrease) increase from changes in current assets and liabilities
|
(145,000
|
)
|
|
1,866,000
|
|
||
Net cash used in operating activities
|
(252,000
|
)
|
|
(821,000
|
)
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Proceeds from the maturity of certificates of deposit
|
—
|
|
|
741,000
|
|
||
Distribution from equity investees in excess of earnings
|
—
|
|
|
352,000
|
|
||
Net proceeds from sale of interest in leasehold land
|
—
|
|
|
124,000
|
|
||
Proceeds from sale of oil and natural gas assets
|
594,000
|
|
|
1,519,000
|
|
||
Proceeds from the sale of asset
|
1,100,000
|
|
|
—
|
|
||
Payments to acquire oil and natural gas properties
|
—
|
|
|
(355,000
|
)
|
||
Capital expenditures - oil and natural gas
|
(2,448,000
|
)
|
|
(168,000
|
)
|
||
Capital expenditures - all other
|
(203,000
|
)
|
|
(488,000
|
)
|
||
Issuance of note receivable
|
—
|
|
|
(300,000
|
)
|
||
Net cash (used in) provided by investing activities
|
(957,000
|
)
|
|
1,425,000
|
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Distributions to non-controlling interests
|
—
|
|
|
(110,000
|
)
|
||
Net cash used in financing activities
|
—
|
|
|
(110,000
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(18,000
|
)
|
|
(32,000
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(1,227,000
|
)
|
|
462,000
|
|
||
Cash and cash equivalents at beginning of period
|
4,613,000
|
|
|
5,965,000
|
|
||
Cash and cash equivalents at end of period
|
$
|
3,386,000
|
|
|
$
|
6,427,000
|
|
|
Three months ended March 31, 2020
|
|||||||||
|
Net Loss
(Numerator) |
|
Shares
(Denominator)
|
|
Per-Share
Amount
|
|||||
Basic net loss per share
|
$
|
(1,514,000
|
)
|
|
8,277,160
|
|
|
$
|
(0.18
|
)
|
Effect of dilutive securities -
|
|
|
|
|
|
|
|
|
||
common stock options
|
—
|
|
|
—
|
|
|
|
|
||
Diluted net loss per share
|
$
|
(1,514,000
|
)
|
|
8,277,160
|
|
|
$
|
(0.18
|
)
|
|
Six months ended March 31, 2020
|
|||||||||
|
Net Loss
(Numerator) |
|
Shares
(Denominator) |
|
Per-Share
Amount |
|||||
Basic net loss per share
|
$
|
(1,928,000
|
)
|
|
8,277,160
|
|
|
$
|
(0.23
|
)
|
Effect of dilutive securities -
|
|
|
|
|
|
|
|
|
||
common stock options
|
—
|
|
|
—
|
|
|
|
|
||
Diluted net loss per share
|
$
|
(1,928,000
|
)
|
|
8,277,160
|
|
|
$
|
(0.23
|
)
|
|
Three months ended March 31, 2019
|
|||||||||
|
Net Loss
(Numerator) |
|
Shares
(Denominator)
|
|
Per-Share
Amount
|
|||||
Basic net loss per share
|
$
|
(2,125,000
|
)
|
|
8,277,160
|
|
|
$
|
(0.26
|
)
|
Effect of dilutive securities -
|
|
|
|
|
|
|
|
|
||
common stock options
|
—
|
|
|
—
|
|
|
|
|
||
Diluted net loss per share
|
$
|
(2,125,000
|
)
|
|
8,277,160
|
|
|
$
|
(0.26
|
)
|
|
Six months ended March 31, 2019
|
|||||||||
|
Net Loss
(Numerator) |
|
Shares
(Denominator)
|
|
Per-Share
Amount
|
|||||
Basic net loss per share
|
$
|
(6,725,000
|
)
|
|
8,277,160
|
|
|
$
|
(0.81
|
)
|
Effect of dilutive securities -
|
|
|
|
|
|
|
|
|
||
common stock options
|
—
|
|
|
—
|
|
|
|
|
||
Diluted net loss per share
|
$
|
(6,725,000
|
)
|
|
8,277,160
|
|
|
$
|
(0.81
|
)
|
|
March 31,
2020 |
|
September 30,
2019 |
||||
Investment in Kukio Resort Land Development Partnerships
|
$
|
862,000
|
|
|
$
|
930,000
|
|
Investment in leasehold land interest – Lot 4C
|
50,000
|
|
|
50,000
|
|
||
Total non-current investments
|
$
|
912,000
|
|
|
$
|
980,000
|
|
|
Three months ended
March 31, |
|
Six months ended
March 31, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Sale of interest in leasehold land:
|
|
|
|
|
|
|
|
|
|||||||
Revenues - sale of interest in leasehold land
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
165,000
|
|
Fees - included in general and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,000
|
)
|
||||
Sale of interest in leasehold land, net of fees paid
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
145,000
|
|
|
Pension Plan
|
|
SERP
|
|
Postretirement Medical
|
||||||||||||||||||
|
Three months ended March 31,
|
||||||||||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||
Service cost
|
$
|
—
|
|
|
$
|
50,000
|
|
|
$
|
—
|
|
|
$
|
9,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
72,000
|
|
|
94,000
|
|
|
15,000
|
|
|
21,000
|
|
|
20,000
|
|
|
25,000
|
|
||||||
Expected return on plan assets
|
(172,000
|
)
|
|
(160,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service cost (credit)
|
—
|
|
|
2,000
|
|
|
—
|
|
|
(1,000
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization of net actuarial loss
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
20,000
|
|
|
13,000
|
|
||||||
Net periodic benefit (income) cost
|
$
|
(100,000
|
)
|
|
$
|
(13,000
|
)
|
|
$
|
15,000
|
|
|
$
|
30,000
|
|
|
$
|
40,000
|
|
|
$
|
38,000
|
|
|
Pension Plan
|
|
SERP
|
|
Postretirement Medical
|
||||||||||||||||||
|
Six months ended March 31,
|
||||||||||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||
Service cost
|
$
|
50,000
|
|
|
$
|
100,000
|
|
|
$
|
3,000
|
|
|
$
|
18,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
155,000
|
|
|
187,000
|
|
|
33,000
|
|
|
42,000
|
|
|
40,000
|
|
|
50,000
|
|
||||||
Expected return on plan assets
|
(335,000
|
)
|
|
(321,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service cost (credit)
|
1,000
|
|
|
3,000
|
|
|
(1,000
|
)
|
|
(2,000
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization of net actuarial loss
|
35,000
|
|
|
4,000
|
|
|
5,000
|
|
|
2,000
|
|
|
40,000
|
|
|
26,000
|
|
||||||
Curtailment cost (income)
|
53,000
|
|
|
—
|
|
|
(53,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit (income) cost
|
$
|
(41,000
|
)
|
|
$
|
(27,000
|
)
|
|
$
|
(13,000
|
)
|
|
$
|
60,000
|
|
|
$
|
80,000
|
|
|
$
|
76,000
|
|
|
Three months ended
March 31, |
|
Six months ended
March 31, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
United States
|
$
|
701,000
|
|
|
$
|
(1,298,000
|
)
|
|
$
|
554,000
|
|
|
$
|
(2,422,000
|
)
|
Canada
|
(2,215,000
|
)
|
|
(862,000
|
)
|
|
(2,484,000
|
)
|
|
(4,443,000
|
)
|
||||
|
$
|
(1,514,000
|
)
|
|
$
|
(2,160,000
|
)
|
|
$
|
(1,930,000
|
)
|
|
$
|
(6,865,000
|
)
|
|
Three months ended
March 31, |
|
Six months ended
March 31, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Current
|
$
|
—
|
|
|
$
|
(1,000
|
)
|
|
$
|
7,000
|
|
|
$
|
(34,000
|
)
|
Deferred
|
—
|
|
|
(34,000
|
)
|
|
(9,000
|
)
|
|
(106,000
|
)
|
||||
|
$
|
—
|
|
|
$
|
(35,000
|
)
|
|
$
|
(2,000
|
)
|
|
$
|
(140,000
|
)
|
|
|
Three months ended March 31, 2020
|
||||||||||||||||||
|
|
Oil and natural gas
|
|
Contract drilling
|
|
Land investment
|
|
Other
|
|
Total
|
||||||||||
Revenue streams:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Oil
|
$
|
1,478,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,478,000
|
|
|
Natural gas
|
307,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
307,000
|
|
|||||
|
Natural gas liquids
|
125,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
125,000
|
|
|||||
|
Drilling and pump
|
—
|
|
|
2,593,000
|
|
|
—
|
|
|
—
|
|
|
2,593,000
|
|
|||||
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
70,000
|
|
|
70,000
|
|
|||||
|
Total revenues before interest income
|
$
|
1,910,000
|
|
|
$
|
2,593,000
|
|
|
$
|
—
|
|
|
$
|
70,000
|
|
|
$
|
4,573,000
|
|
Geographical regions:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
United States
|
$
|
—
|
|
|
$
|
2,593,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,593,000
|
|
|
Canada
|
1,910,000
|
|
|
—
|
|
|
—
|
|
|
70,000
|
|
|
1,980,000
|
|
|||||
|
Total revenues before interest income
|
$
|
1,910,000
|
|
|
$
|
2,593,000
|
|
|
$
|
—
|
|
|
$
|
70,000
|
|
|
$
|
4,573,000
|
|
Timing of revenue recognition:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Goods transferred at a point in time
|
$
|
1,910,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
70,000
|
|
|
$
|
1,980,000
|
|
|
Services transferred over time
|
—
|
|
|
2,593,000
|
|
|
—
|
|
|
—
|
|
|
2,593,000
|
|
|||||
|
Total revenues before interest income
|
$
|
1,910,000
|
|
|
$
|
2,593,000
|
|
|
$
|
—
|
|
|
$
|
70,000
|
|
|
$
|
4,573,000
|
|
|
|
Three months ended March 31, 2019
|
||||||||||||||||||
|
|
Oil and natural gas
|
|
Contract drilling
|
|
Land investment
|
|
Other
|
|
Total
|
||||||||||
Revenue streams:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Oil
|
$
|
1,477,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,477,000
|
|
|
Natural gas
|
336,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
336,000
|
|
|||||
|
Natural gas liquids
|
111,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
111,000
|
|
|||||
|
Drilling and pump
|
—
|
|
|
987,000
|
|
|
—
|
|
|
—
|
|
|
987,000
|
|
|||||
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|
40,000
|
|
|||||
|
Total revenues before interest income
|
$
|
1,924,000
|
|
|
$
|
987,000
|
|
|
$
|
—
|
|
|
$
|
40,000
|
|
|
$
|
2,951,000
|
|
Geographical regions:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
United States
|
$
|
—
|
|
|
$
|
987,000
|
|
|
$
|
—
|
|
|
$
|
1,000
|
|
|
$
|
988,000
|
|
|
Canada
|
1,924,000
|
|
|
—
|
|
|
—
|
|
|
39,000
|
|
|
1,963,000
|
|
|||||
|
Total revenues before interest income
|
$
|
1,924,000
|
|
|
$
|
987,000
|
|
|
$
|
—
|
|
|
$
|
40,000
|
|
|
$
|
2,951,000
|
|
Timing of revenue recognition:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Goods transferred at a point in time
|
$
|
1,924,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
40,000
|
|
|
$
|
1,964,000
|
|
|
Services transferred over time
|
—
|
|
|
987,000
|
|
|
—
|
|
|
—
|
|
|
987,000
|
|
|||||
|
Total revenues before interest income
|
$
|
1,924,000
|
|
|
$
|
987,000
|
|
|
$
|
—
|
|
|
$
|
40,000
|
|
|
$
|
2,951,000
|
|
|
|
Six months ended March 31, 2020
|
||||||||||||||||||
|
|
Oil and natural gas
|
|
Contract drilling
|
|
Land investment
|
|
Other
|
|
Total
|
||||||||||
Revenue streams:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Oil
|
$
|
3,203,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,203,000
|
|
|
Natural gas
|
629,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
629,000
|
|
|||||
|
Natural gas liquids
|
219,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
219,000
|
|
|||||
|
Drilling and pump
|
—
|
|
|
5,239,000
|
|
|
—
|
|
|
—
|
|
|
5,239,000
|
|
|||||
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
126,000
|
|
|
126,000
|
|
|||||
|
Total revenues before interest income
|
$
|
4,051,000
|
|
|
$
|
5,239,000
|
|
|
$
|
—
|
|
|
$
|
126,000
|
|
|
$
|
9,416,000
|
|
Geographical regions:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
United States
|
$
|
—
|
|
|
$
|
5,239,000
|
|
|
$
|
—
|
|
|
$
|
7,000
|
|
|
$
|
5,246,000
|
|
|
Canada
|
4,051,000
|
|
|
—
|
|
|
—
|
|
|
119,000
|
|
|
4,170,000
|
|
|||||
|
Total revenues before interest income
|
$
|
4,051,000
|
|
|
$
|
5,239,000
|
|
|
$
|
—
|
|
|
$
|
126,000
|
|
|
$
|
9,416,000
|
|
Timing of revenue recognition:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Goods transferred at a point in time
|
$
|
4,051,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
126,000
|
|
|
$
|
4,177,000
|
|
|
Services transferred over time
|
—
|
|
|
5,239,000
|
|
|
—
|
|
|
—
|
|
|
5,239,000
|
|
|||||
|
Total revenues before interest income
|
$
|
4,051,000
|
|
|
$
|
5,239,000
|
|
|
$
|
—
|
|
|
$
|
126,000
|
|
|
$
|
9,416,000
|
|
|
|
Six months ended March 31, 2019
|
||||||||||||||||||
|
|
Oil and natural gas
|
|
Contract drilling
|
|
Land investment
|
|
Other
|
|
Total
|
||||||||||
Revenue streams:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Oil
|
$
|
2,373,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,373,000
|
|
|
Natural gas
|
498,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
498,000
|
|
|||||
|
Natural gas liquids
|
285,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
285,000
|
|
|||||
|
Drilling and pump
|
—
|
|
|
2,150,000
|
|
|
—
|
|
|
—
|
|
|
2,150,000
|
|
|||||
|
Contingent residual payments
|
—
|
|
|
—
|
|
|
165,000
|
|
|
—
|
|
|
165,000
|
|
|||||
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
54,000
|
|
|
54,000
|
|
|||||
|
Total revenues before interest income
|
$
|
3,156,000
|
|
|
$
|
2,150,000
|
|
|
$
|
165,000
|
|
|
$
|
54,000
|
|
|
$
|
5,525,000
|
|
Geographical regions:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
United States
|
$
|
—
|
|
|
$
|
2,150,000
|
|
|
$
|
165,000
|
|
|
$
|
1,000
|
|
|
$
|
2,316,000
|
|
|
Canada
|
3,156,000
|
|
|
—
|
|
|
—
|
|
|
53,000
|
|
|
3,209,000
|
|
|||||
|
Total revenues before interest income
|
$
|
3,156,000
|
|
|
$
|
2,150,000
|
|
|
$
|
165,000
|
|
|
$
|
54,000
|
|
|
$
|
5,525,000
|
|
Timing of revenue recognition:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Goods transferred at a point in time
|
$
|
3,156,000
|
|
|
$
|
—
|
|
|
$
|
165,000
|
|
|
$
|
54,000
|
|
|
$
|
3,375,000
|
|
|
Services transferred over time
|
—
|
|
|
2,150,000
|
|
|
—
|
|
|
—
|
|
|
2,150,000
|
|
|||||
|
Total revenues before interest income
|
$
|
3,156,000
|
|
|
$
|
2,150,000
|
|
|
$
|
165,000
|
|
|
$
|
54,000
|
|
|
$
|
5,525,000
|
|
|
March 31, 2020
|
|
September 30, 2019
|
||||
Accounts receivables from contracts with customers
|
$
|
1,928,000
|
|
|
$
|
1,322,000
|
|
Contract assets
|
509,000
|
|
|
344,000
|
|
||
Contract liabilities
|
1,141,000
|
|
|
1,633,000
|
|
|
Three months ended
March 31, |
|
Six months ended
March 31, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
Oil and natural gas
|
$
|
1,910,000
|
|
|
$
|
1,924,000
|
|
|
$
|
4,051,000
|
|
|
$
|
3,156,000
|
|
Contract drilling
|
2,593,000
|
|
|
987,000
|
|
|
5,239,000
|
|
|
2,150,000
|
|
||||
Land investment
|
—
|
|
|
—
|
|
|
—
|
|
|
165,000
|
|
||||
Other
|
70,000
|
|
|
40,000
|
|
|
126,000
|
|
|
54,000
|
|
||||
Total before interest income
|
4,573,000
|
|
|
2,951,000
|
|
|
9,416,000
|
|
|
5,525,000
|
|
||||
Interest income
|
9,000
|
|
|
12,000
|
|
|
16,000
|
|
|
33,000
|
|
||||
Total revenues
|
$
|
4,582,000
|
|
|
$
|
2,963,000
|
|
|
$
|
9,432,000
|
|
|
$
|
5,558,000
|
|
Depletion, depreciation, and amortization:
|
|
|
|
|
|
|
|
|
|
||||||
Oil and natural gas
|
$
|
584,000
|
|
|
$
|
684,000
|
|
|
$
|
1,190,000
|
|
|
$
|
1,433,000
|
|
Contract drilling
|
91,000
|
|
|
60,000
|
|
|
176,000
|
|
|
117,000
|
|
||||
Other
|
12,000
|
|
|
14,000
|
|
|
26,000
|
|
|
27,000
|
|
||||
Total depletion, depreciation, and amortization
|
$
|
687,000
|
|
|
$
|
758,000
|
|
|
$
|
1,392,000
|
|
|
$
|
1,577,000
|
|
Impairment:
|
|
|
|
|
|
|
|
||||||||
Oil and natural gas
|
$
|
1,637,000
|
|
|
$
|
243,000
|
|
|
$
|
1,637,000
|
|
|
$
|
2,413,000
|
|
Total impairment
|
$
|
1,637,000
|
|
|
$
|
243,000
|
|
|
$
|
1,637,000
|
|
|
$
|
2,413,000
|
|
Operating profit (loss) (before general and administrative expenses):
|
|
|
|
|
|
|
|
|
|
||||||
Oil and natural gas
|
$
|
(1,596,000
|
)
|
|
$
|
(252,000
|
)
|
|
$
|
(1,274,000
|
)
|
|
$
|
(3,276,000
|
)
|
Contract drilling
|
731,000
|
|
|
(304,000
|
)
|
|
1,478,000
|
|
|
(514,000
|
)
|
||||
Land investment
|
—
|
|
|
—
|
|
|
—
|
|
|
165,000
|
|
||||
Other
|
58,000
|
|
|
26,000
|
|
|
100,000
|
|
|
27,000
|
|
||||
Gain on sale of asset
|
1,336,000
|
|
|
—
|
|
|
1,336,000
|
|
|
—
|
|
||||
Total operating profit (loss)
|
529,000
|
|
|
(530,000
|
)
|
|
1,640,000
|
|
|
(3,598,000
|
)
|
||||
Equity in loss of affiliates:
|
|
|
|
|
|
|
|
|
|
||||||
Land investment
|
(25,000
|
)
|
|
(207,000
|
)
|
|
(68,000
|
)
|
|
(286,000
|
)
|
||||
General and administrative expenses
|
(2,031,000
|
)
|
|
(1,461,000
|
)
|
|
(3,527,000
|
)
|
|
(3,009,000
|
)
|
||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,000
|
)
|
||||
Interest income
|
9,000
|
|
|
12,000
|
|
|
16,000
|
|
|
33,000
|
|
||||
Loss before income taxes
|
$
|
(1,518,000
|
)
|
|
$
|
(2,186,000
|
)
|
|
$
|
(1,939,000
|
)
|
|
$
|
(6,864,000
|
)
|
|
Three months ended
March 31, |
|
Six months ended
March 31, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Foreign currency translation:
|
|
|
|
|
|
|
|
|
|
||||||
Beginning accumulated foreign currency translation
|
$
|
696,000
|
|
|
$
|
512,000
|
|
|
$
|
691,000
|
|
|
$
|
925,000
|
|
Change in cumulative translation adjustment before reclassifications
|
84,000
|
|
|
130,000
|
|
|
89,000
|
|
|
(283,000
|
)
|
||||
Income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net current period other comprehensive income (loss)
|
84,000
|
|
|
130,000
|
|
|
89,000
|
|
|
(283,000
|
)
|
||||
Ending accumulated foreign currency translation
|
780,000
|
|
|
642,000
|
|
|
780,000
|
|
|
642,000
|
|
||||
Retirement plans:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beginning accumulated retirement plans benefit cost
|
(969,000
|
)
|
|
(1,422,000
|
)
|
|
(3,608,000
|
)
|
|
(1,439,000
|
)
|
||||
Amortization of net actuarial loss and prior service cost
|
20,000
|
|
|
16,000
|
|
|
80,000
|
|
|
33,000
|
|
||||
Net actuarial gains arising during the period
|
—
|
|
|
—
|
|
|
2,579,000
|
|
|
—
|
|
||||
Income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net current period other comprehensive income
|
20,000
|
|
|
16,000
|
|
|
2,659,000
|
|
|
33,000
|
|
||||
Ending accumulated retirement plans benefit cost
|
(949,000
|
)
|
|
(1,406,000
|
)
|
|
(949,000
|
)
|
|
(1,406,000
|
)
|
||||
Accumulated other comprehensive loss, net of taxes
|
$
|
(169,000
|
)
|
|
$
|
(764,000
|
)
|
|
$
|
(169,000
|
)
|
|
$
|
(764,000
|
)
|
|
|
March 31,
2020 |
||
Assets:
|
|
|||
|
Operating lease right-of-use assets
|
$
|
292,000
|
|
|
Total right-of-use assets
|
$
|
292,000
|
|
Liabilities:
|
|
|||
|
Current portion of operating lease liabilities
|
$
|
102,000
|
|
|
Operating lease liabilities
|
196,000
|
|
|
|
Total lease liabilities
|
$
|
298,000
|
|
|
Three months ended
March 31, 2020 |
|
Six months ended
March 31, 2020 |
||||
Operating lease cost
|
$
|
101,000
|
|
|
$
|
203,000
|
|
Short-term lease cost
|
18,000
|
|
|
35,000
|
|
||
Total lease cost
|
$
|
119,000
|
|
|
$
|
238,000
|
|
|
|
March 31,
2020 |
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|||
|
Operating cash flows for operating leases
|
$
|
128,000
|
|
Operating leases:
|
|
|||
|
Weighted-average remaining lease term (in years)
|
3.8
|
||
|
Weighted-average discount rate
|
5.84%
|
Fiscal year ending:
|
|
||
Remainder of 2020
|
$
|
59,000
|
|
2021
|
118,000
|
|
|
2022
|
59,000
|
|
|
2023
|
30,000
|
|
|
2024
|
30,000
|
|
|
Thereafter through 2026
|
38,000
|
|
|
Total lease payments
|
334,000
|
|
|
Less: amounts representing interest
|
(36,000
|
)
|
|
Present value of lease liabilities
|
$
|
298,000
|
|
|
Six months ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid (received) during the year for:
|
|
|
|
||||
Income taxes refunded, net
|
$
|
(94,000
|
)
|
|
$
|
(2,249,000
|
)
|
•
|
The right to receive percentage of sales payments from KD I resulting from the sale of single-family residential lots by KD I, within Increment I of the approximately 870 acres of the Kaupulehu Lot 4A area located in the North Kona District of the island of Hawaii. Kaupulehu Developments is entitled to receive payments from KD I based on the following percentages of the gross receipts from KD I’s sales at Increment I: 10% of such aggregate gross proceeds greater than $100,000,000 up to $300,000,000; and 14% of such aggregate gross proceeds in excess of $300,000,000. Increment I is an area zoned for approximately 80 single-family lots, of which 19 remained to be sold at March 31, 2020, and a beach club on the portion of the property bordering the Pacific Ocean.
|
•
|
Prior to March 7, 2019, the right to receive percentage of sales payments from KD II resulting from the sale of lots and/or residential units by KD II, within Increment II of Kaupulehu Lot 4A. Increment II is the remaining portion of the approximately 870-acre property and is zoned for single-family and multi-family residential units and a golf course and clubhouse. Kaupulehu Developments was entitled to receive payments from KD II based on a percentage of the gross receipts from KD II’s sales ranging from 8% to 10% of the price of improved or unimproved lots or 2.60% to 3.25% of the price of units constructed on a lot, to be determined in the future depending upon a number of variables, including whether the lots are sold prior to improvement. Kaupulehu Developments was also entitled to receive 50% of any distributions otherwise payable from KD II to it members up to $8,000,000, of which $3,500,000 had been received. Two ocean front parcels approximately two to three acres in size fronting the ocean were developed and sold within Increment II by KD II, and Kaupulehu Developments received percentage of sales payments from those sales. The remaining acreage within Increment II is not yet developed. In February 2019, KD II was granted a 20-year time extension of the allowed zoning for the project that would have otherwise expired in April 2019.
|
•
|
Prior to March 7, 2019, we had an indirect 19.6% non-controlling ownership interest in KD Kukio Resorts, LLLP, KD Maniniowali, LLLP and KDK. As of March 7, 2019, with the admission of Replay as a new development partner of Increment II, we now have an indirect 10.8% non-controlling ownership interest in KD II through KDK. Our indirect interest in the other entities remains unchanged. These entities own certain real estate and development rights interests in the Kukio, Maniniowali and Kaupulehu portions of Kukio Resort, a private residential community on the Kona coast of the island of Hawaii, as well as Kukio Resort’s real estate sales office operations. KDK was the developer of Kaupulehu Lot 4A Increments I and II. The partnerships derive income from the sale of residential parcels as well as from commission on real estate sales by the real estate sales office. KD I has engaged Replay as a consultant to assist with the sales and marketing strategy of Increment I. Replay does not have an ownership interest in KD I.
|
•
|
Approximately 1,000 acres of vacant leasehold land zoned conservation in the Kaupulehu Lot 4C area located adjacent to the 870-acre Lot 4A described above, which currently has no development potential without both a development agreement with the lessor and zoning reclassification. The lease terminates in December 2025.
|
•
|
A $1,336,000 gain recognized in the current year period from the sale of the Company's leasehold interest in a three-quarter of an acre contract drilling segment maintenance and storage yard in Honolulu, Hawaii;
|
•
|
A $1,035,000 increase in contract drilling segment operating results, before income taxes, primarily resulting from increased activity attributable to a significant well drilling contract;
|
•
|
A $1,344,000 decrease in oil and natural gas segment operating results, before income taxes, primarily attributable to a $1,637,000 ceiling test impairment in the current year period due to the Company’s suspension of the development of proved undeveloped reserves as a result of the current economic uncertainties created by the COVID-19 pandemic, as compared to a ceiling test impairment of $243,000 in the same period of the prior year; and
|
•
|
A $570,000 increase in general and administrative expenses primarily due to increased legal, proxy solicitation, proxy advisory, and public relations costs in the current year period as compared to the same period in the prior year.
|
•
|
A $1,336,000 gain recognized in the current year period from the sale of the Company's leasehold interest in a three-quarter of an acre contract drilling segment maintenance and storage yard in Honolulu, Hawaii;
|
•
|
A $1,992,000 increase in contract drilling segment operating results, before income taxes, primarily resulting from increased activity attributable to a significant well drilling contract;
|
•
|
A $2,002,000 improvement in oil and natural gas segment operating results, before income taxes, due primarily to both higher oil prices and higher oil production in the current year period as compared to the same period in the prior year. Also contributing to the improvement was a decrease in the ceiling test impairment which was $2,413,000 in the prior year period, compared to a ceiling test impairment of $1,637,000 in the current year period; and
|
•
|
A $518,000 increase in general and administrative expenses primarily due to increased legal, proxy solicitation, proxy advisory, and public relations costs in the current year period as compared to the same period in the prior year.
|
|
Average Price Per Unit
|
|||||||||||||
|
Three months ended
|
|
Increase
|
|||||||||||
|
March 31,
|
|
(Decrease)
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Natural Gas (Mcf)*
|
$
|
1.56
|
|
|
$
|
1.88
|
|
|
$
|
(0.32
|
)
|
|
(17
|
%)
|
Oil (Bbls)**
|
$
|
34.23
|
|
|
$
|
44.76
|
|
|
$
|
(10.53
|
)
|
|
(24
|
%)
|
Liquids (Bbls)**
|
$
|
20.83
|
|
|
$
|
27.75
|
|
|
$
|
(6.92
|
)
|
|
(25
|
%)
|
|
Average Price Per Unit
|
|||||||||||||
|
Six months ended
|
|
Increase
|
|||||||||||
|
March 31,
|
|
(Decrease)
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Natural Gas (Mcf)*
|
$
|
1.69
|
|
|
$
|
1.55
|
|
|
$
|
0.14
|
|
|
9
|
%
|
Oil (Bbls)**
|
$
|
40.67
|
|
|
$
|
34.90
|
|
|
$
|
5.77
|
|
|
17
|
%
|
Liquids (Bbls)**
|
$
|
19.87
|
|
|
$
|
31.62
|
|
|
$
|
(11.75
|
)
|
|
(37
|
%)
|
|
Net Production
|
||||||||||
|
Three months ended
|
|
Increase
|
||||||||
|
March 31,
|
|
(Decrease)
|
||||||||
|
2020
|
|
2019
|
|
Units
|
|
%
|
||||
Natural Gas (Mcf)*
|
187,000
|
|
|
171,000
|
|
|
16,000
|
|
|
9
|
%
|
Oil (Bbls)**
|
44,000
|
|
|
33,000
|
|
|
11,000
|
|
|
33
|
%
|
Liquids (Bbls)**
|
6,000
|
|
|
4,000
|
|
|
2,000
|
|
|
50
|
%
|
|
Net Production
|
||||||||||
|
Six months ended
|
|
Increase
|
||||||||
|
March 31,
|
|
(Decrease)
|
||||||||
|
2020
|
|
2019
|
|
Units
|
|
%
|
||||
Natural Gas (Mcf)*
|
355,000
|
|
|
311,000
|
|
|
44,000
|
|
|
14
|
%
|
Oil (Bbls)**
|
79,000
|
|
|
68,000
|
|
|
11,000
|
|
|
16
|
%
|
Liquids (Bbls)**
|
11,000
|
|
|
9,000
|
|
|
2,000
|
|
|
22
|
%
|
|
Three months ended
March 31, |
|
Six months ended
March 31, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Sale of interest in leasehold land:
|
|
|
|
|
|
|
|
|
|||||||
Revenues - sale of interest in leasehold land
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
165,000
|
|
Fees - included in general and administrative expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,000
|
)
|
||||
Sale of interest in leasehold land, net of fees paid
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
145,000
|
|
Exhibit
Number
|
|
Description
|
3.2
|
|
Amended and Restated By-Laws (1)
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer Pursuant To Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer Pursuant To Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32
|
|
Certification Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
BARNWELL INDUSTRIES, INC.
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date:
|
June 29, 2020
|
/s/ Russell M. Gifford
|
|
|
Russell M. Gifford
|
|
|
Chief Financial Officer,
|
|
|
Executive Vice President,
|
|
|
Treasurer and Secretary
|
Exhibit
Number
|
|
Description
|
|
|
|
3.2
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
1 Year Barnwell Industries Chart |
1 Month Barnwell Industries Chart |
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