Barnwell Industries reports Q1 EPS (13c) vs. (16c) last year

Reports Q1 revenue $2.7M vs. $1.3M last year. The company said, “While Barnwell’s immediate priority remains disciplined execution within its core oil and gas operations, the Board has formally tasked its CFO Philip Patman, Jr. with leading an ongoing evaluation of strategic alternatives and value-creation opportunities across a broader set of industries. This review is not limited to the energy sector and reflects the Board’s view that Barnwell’s experienced, multidisciplinary management team and directors are well positioned to assess and execute income and cashflow accretive initiatives where appropriate. Barnwell’s debt-free balance sheet and positive working capital position, longstanding public company platform, U.S. net operating loss carryforwards, and high-quality Canadian oil and gas assets together provide a flexible and durable foundation from which to pursue these efforts.”