Honolulu-based Barnwell Industries Inc. has emerged from several years of financial hardship, posting a positive $8.5 million earnings swing in its fiscal third quarter.

The company, which is engaged in land development on Hawaii island as well as water well drilling and Canadian oil and natural gas production, said it earned $5 million in the three months ended June 30 compared with a $3.5 million loss in the same period last year.

Revenue during the recent quarter rose 28% to $5.1 million from $4 million a year earlier.

Big jumps in oil and natural gas prices were largely responsible for Barnwell’s improved finances, though the company also benefited from higher proceeds from Hawaii land sales and savings from terminating its post- retirement medical plan.

Barnwell announced that there is no longer substantial doubt as to its near-term ability to stay in business, which had previously been a concern.

The company in recent years had been selling assets and cutting expenses in an effort to stay viable amid energy production industry challenges.

Earlier this year, Barnwell announced plans to sell its corporate office condominium in the Alakea Corporate Tower downtown. This $2 million deal is expected to close by the end of September.

Barnwell said it had $9.5 million in cash and $8.3 million in working capital at the end of June.

The company also said it has been selling shares of stock to raise capital, including $1.9 million worth of stock sold for $3.17 per share in the three months ended June 30 and another $1.9 million in July for $3.31 a share.

Shares of Barnwell stock, which are traded on the NYSE American Stock Exchange, closed at $2.34 on Wednesday.

THIRD-QUARTER NET

$5 million

YEAR-EARLIER LOSS

$3.5 million