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SEGMENT AND GEOGRAPHIC INFORMATION | 12 Months Ended
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Sep. 30, 2012
SEGMENT AND GEOGRAPHIC INFORMATION |
SEGMENT AND GEOGRAPHIC INFORMATION |
12. SEGMENT AND GEOGRAPHIC INFORMATION Barnwell operates the following segments: 1) exploring for, developing, producing and selling oil and natural gas in Canada (oil and natural gas); 2) investing in land interests in Hawaii (land investment); 3) drilling wells and installing and repairing water pumping systems in Hawaii (contract drilling); and 4) developing homes for sale in Hawaii (residential real estate). The following table presents certain financial information related to Barnwell’s reporting segments. All revenues reported are from external customers with no intersegment sales or transfers.
|  | Year ended September 30, |
|  | 2012 |  |  |  | 2011 |
Revenues: |  |  |  |  |  |  |
Oil and natural gas |  | $ | 24,610,000 |  |  |  | $ | 30,228,000 |
Land investment |  | 482,000 |  |  |  | 3,742,000 |
Contract drilling |  | 2,340,000 |  |  |  | 3,855,000 |
Residential real estate |  | 5,975,000 |  |  |  | - |
Other |  | 633,000 |  |  |  | 596,000 |
Total before interest income |  | 34,040,000 |  |  |  | 38,421,000 |
Interest income |  | 22,000 |  |  |  | 39,000 |
Total revenues |  | $ | 34,062,000 |  |  |  | $ | 38,460,000 |
Depletion, depreciation, and amortization: |  |  |  |  |  |  |
Oil and natural gas |  | $ | 10,367,000 |  |  |  | $ | 9,469,000 |
Contract drilling |  | 509,000 |  |  |  | 560,000 |
Other |  | 114,000 |  |  |  | 98,000 |
Total depletion, depreciation, and amortization |  | $ | 10,990,000 |  |  |  | $ | 10,127,000 |
Reduction of carrying value of assets: |  |  |  |  |  |  |
Oil and natural gas |  | $ | 2,551,000 |  |  |  | $ | - |
Land investment |  | 488,000 |  |  |  | 689,000 |
Residential real estate |  | 1,854,000 |  |  |  | 418,000 |
Other |  | 1,754,000 |  |  |  | 121,000 |
Total reduction of carrying value of assets |  | $ | 6,647,000 |  |  |  | $ | 1,228,000 |
Operating (loss) profit |  |  |  |  |  |  |
(before general and administrative expenses): |  |  |  |  |  |  |
Oil and natural gas |  | $ | 1,247,000 |  |  |  | $ | 9,355,000 |
Land investment |  | (6,000 | ) |  |  | 3,053,000 |
Contract drilling |  | (1,160,000 | ) |  |  | (587,000 | )
Residential real estate |  | (1,869,000 | ) |  |  | (418,000 | )
Other |  | (1,235,000 | ) |  |  | 377,000 |
Total operating (loss) profit |  | (3,023,000 | ) |  |  | 11,780,000 |
General and administrative expenses |  | (8,268,000 | ) |  |  | (9,025,000 | )
Interest expense |  | (790,000 | ) |  |  | (1,088,000 | )
Interest income |  | 22,000 |  |  |  | 39,000 |
(Loss) earnings before income taxes |  | $ | (12,059,000 | ) |  |  | $ | 1,706,000 |
Capital Expenditures:
|  | Year ended September 30, |
|  | 2012 |  |  |  | 2011 |
Oil and natural gas |  | $ | 4,915,000 |  |  |  | $ | 13,299,000 |
Contract drilling |  | 72,000 |  |  |  | 186,000 |
Other |  | 35,000 |  |  |  | 1,919,000 |
Total |  | $ | 5,022,000 |  |  |  | $ | 15,404,000 |
Assets By Segment:
|  | September 30, |
|  | 2012 |  |  |  | 2011 |
Oil and natural gas (1) |  | $ | 46,946,000 |  |  |  | $ | 54,454,000 |
Land investment (2) |  | 2,381,000 |  |  |  | 2,869,000 |
Contract drilling (2) |  | 2,963,000 |  |  |  | 3,660,000 |
Residential real estate (2) |  | 5,309,000 |  |  |  | 12,640,000 |
Other: |  |  |  |  |  |  |
Cash and cash equivalents |  | 8,845,000 |  |  |  | 9,834,000 |
Corporate and other |  | 3,446,000 |  |  |  | 5,315,000 |
Total |  | $ | 69,890,000 |  |  |  | $ | 88,772,000 |
(1) Primarily located in the province of Alberta, Canada. (2) Located in Hawaii. Long-Lived Assets By Geographic Area:
|  | September 30, |
|  | 2012 |  |  |  | 2011 |
United States |  | $ | 7,161,000 |  |  |  | $ | 9,911,000 |
Canada |  | 43,844,000 |  |  |  | 49,331,000 |
Total |  | $ | 51,005,000 |  |  |  | $ | 59,242,000 |
Revenue By Geographic Area:
|  | Year ended September 30, |
|  | 2012 |  |  |  | 2011 |
United States |  | $ | 8,892,000 |  |  |  | $ | 7,640,000 |
Canada |  | 25,148,000 |  |  |  | 30,781,000 |
Total (excluding interest income) |  | $ | 34,040,000 |  |  |  | $ | 38,421,000 |

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