Article: Barnwell earnings soar 480%

face=+Bold; Barnwell Industries Inc.face=-Bold; , getting a boost from a $2.125 million option payment related to its Big Island development partnership, said today that fiscal 2003 first-quarter earnings soared 480 percent.

The Honolulu-based company, which also generated higher profits from its oil and gas operations in Alberta, Canada, said net income in the quarter ending Dec. 31, 2002, was $870,000, or 64 cents a share, compared with $150,000, or 11 cents a share, a year ago.

Revenues increased 49.1 percent to $6 million from $4 million a year earlier.

Barnwell, which has a 77.6 percent stake in Kaupulehu Developments, said it recognized net earnings of $600,000 from the second of 10 ...

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