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SEGMENT INFORMATION
 6 Months Ended
Mar. 31, 2012
SEGMENT INFORMATION  
SEGMENT INFORMATION

9.                                    SEGMENT INFORMATION

 

Barnwell operates four 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.

 

 

Three months ended

 

Six months ended

 

March 31,

 

March 31,

 

2012

 

2011

 

2012

 

2011

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas

 

$

6,408,000

 

 

 

$

8,389,000

 

 

 

$

14,197,000

 

 

 

$

14,987,000

 

Land investment

 

353,000

 

 

 

-

 

 

 

353,000

 

 

 

3,061,000

 

Contract drilling

 

281,000

 

 

 

812,000

 

 

 

706,000

 

 

 

2,381,000

 

Other

 

121,000

 

 

 

74,000

 

 

 

397,000

 

 

 

157,000

 

Total before interest income

 

7,163,000

 

 

 

9,275,000

 

 

 

15,653,000

 

 

 

20,586,000

 

Interest income

 

3,000

 

 

 

6,000

 

 

 

15,000

 

 

 

14,000

 

Total revenues

 

$

7,166,000

 

 

 

$

9,281,000

 

 

 

$

15,668,000

 

 

 

$

20,600,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depletion, depreciation, and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas

 

$

2,649,000

 

 

 

$

2,278,000

 

 

 

$

5,402,000

 

 

 

$

4,541,000

 

Contract drilling

 

128,000

 

 

 

140,000

 

 

 

257,000

 

 

 

285,000

 

Other

 

29,000

 

 

 

25,000

 

 

 

56,000

 

 

 

47,000

 

Total depletion, depreciation, and amortization

 

$

2,806,000

 

 

 

$

2,443,000

 

 

 

$

5,715,000

 

 

 

$

4,873,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reduction of carrying value of assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land investment

 

$

-

 

 

 

$

190,000

 

 

 

$

-

 

 

 

$

190,000

 

Residential real estate

 

1,854,000

 

 

 

-

 

 

 

1,854,000

 

 

 

-

 

Other

 

-

 

 

 

121,000

 

 

 

-

 

 

 

121,000

 

Total reduction of carrying value of assets

 

$

1,854,000

 

 

 

$

311,000

 

 

 

$

1,854,000

 

 

 

$

311,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) profit (before general and administrative expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas

 

$

967,000

 

 

 

$

3,350,000

 

 

 

$

3,262,000

 

 

 

$

4,966,000

 

Land investment

 

353,000

 

 

 

(190,000

)

 

 

353,000

 

 

 

2,871,000

 

Contract drilling

 

(307,000

)

 

 

(172,000

)

 

 

(648,000

)

 

 

(115,000

)

Residential real estate

 

(1,854,000

)

 

 

-

 

 

 

(1,854,000

)

 

 

-

 

Other

 

92,000

 

 

 

(72,000

)

 

 

341,000

 

 

 

(11,000

)

Total operating (loss) profit

 

(749,000

)

 

 

2,916,000

 

 

 

1,454,000

 

 

 

7,711,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

(2,367,000

)

 

 

(3,819,000

)

 

 

(4,213,000

)

 

 

(6,133,000

)

Interest expense

 

(219,000

)

 

 

(312,000

)

 

 

(438,000

)

 

 

(620,000

)

Interest income

 

3,000

 

 

 

6,000

 

 

 

15,000

 

 

 

14,000

 

(Loss) earnings before income taxes

 

$

(3,332,000

)

 

 

$

(1,209,000

)

 

 

$

(3,182,000

)

 

 

$

972,000