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SEGMENT INFORMATION
 9 Months Ended
Jun. 30, 2014
SEGMENT INFORMATION  
SEGMENT INFORMATION

9.                                    SEGMENT 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.

 

 

 

 

Three months ended

 

 

 

Nine months ended

 

 

 

 

June 30,

 

 

 

June 30,

 

 

 

 

2014

 

 

 

2013

 

 

 

2014

 

 

 

2013

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas

 

 

$

4,619,000

 

 

 

$

4,774,000

 

 

 

$

16,343,000

 

 

 

$

16,019,000

 

Land investment

 

 

258,000

 

 

 

-

 

 

 

378,000

 

 

 

282,000

 

Contract drilling

 

 

1,548,000

 

 

 

248,000

 

 

 

4,475,000

 

 

 

1,668,000

 

Other

 

 

377,000

 

 

 

157,000

 

 

 

678,000

 

 

 

501,000

 

Total before interest income

 

 

6,802,000

 

 

 

5,179,000

 

 

 

21,874,000

 

 

 

18,470,000

 

Interest income

 

 

8,000

 

 

 

3,000

 

 

 

18,000

 

 

 

32,000

 

Total revenues

 

 

$

6,810,000

 

 

 

$

5,182,000

 

 

 

$

21,892,000

 

 

 

$

18,502,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depletion, depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas

 

 

$

1,187,000

 

 

 

$

1,253,000

 

 

 

$

5,043,000

 

 

 

$

5,983,000

 

Contract drilling

 

 

79,000

 

 

 

91,000

 

 

 

235,000

 

 

 

314,000

 

Other

 

 

30,000

 

 

 

28,000

 

 

 

86,000

 

 

 

86,000

 

Total depletion, depreciation, and amortization

 

 

$

1,296,000

 

 

 

$

1,372,000

 

 

 

$

5,364,000

 

 

 

$

6,383,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reduction of carrying value of assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas

 

 

$

-

 

 

 

$

-

 

 

 

$

-

 

 

 

$

4,506,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas

 

 

$

1,321,000

 

 

 

$

1,115,000

 

 

 

$

4,526,000

 

 

 

$

(1,918,000

)

Land investment

 

 

258,000

 

 

 

-

 

 

 

378,000

 

 

 

282,000

 

Contract drilling

 

 

201,000

 

 

 

(210,000

)

 

 

571,000

 

 

 

(274,000

)

Other

 

 

347,000

 

 

 

129,000

 

 

 

592,000

 

 

 

415,000

 

Total operating profit (loss)

 

 

2,127,000

 

 

 

1,034,000

 

 

 

6,067,000

 

 

 

(1,495,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in loss of affiliates:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land investment

 

 

(113,000

)

 

 

-

 

 

 

(376,000

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

(1,844,000

)

 

 

(2,105,000

)

 

 

(6,049,000

)

 

 

(6,354,000

)

Interest expense

 

 

(165,000

)

 

 

(146,000

)

 

 

(520,000

)

 

 

(442,000

)

Interest income

 

 

8,000

 

 

 

3,000

 

 

 

18,000

 

 

 

32,000

 

Income (loss) before income taxes

 

 

$

13,000

 

 

 

$

(1,214,000

)

 

 

$

(860,000

)

 

 

$

(8,259,000

)

 

Assets By Segment:

 

 

 

June 30,

 

 

 

September 30,

 

 

 

2014

 

 

 

2013

 

 

 

 

 

 

 

 

 

Oil and natural gas (1)

 

$

26,244,000

 

 

 

$

40,559,000

 

Land investment (2)

 

7,145,000

 

 

 

2,381,000

 

Contract drilling (2)

 

2,088,000

 

 

 

2,905,000

 

Residential real estate (2)

 

5,448,000

 

 

 

5,448,000

 

Other:

 

 

 

 

 

 

 

Cash and cash equivalents

 

10,255,000

 

 

 

7,828,000

 

Restricted cash

 

1,892,000

 

 

 

-

 

Corporate and other

 

3,284,000

 

 

 

3,593,000

 

 

 

 

 

 

 

 

 

Total

 

$

56,356,000

 

 

 

$

62,714,000

 

__________________________

(1)     Primarily located in the province of Alberta, Canada.

(2)     Located in Hawaii.