Capital Properties, Inc. Announces 2009 Results

EAST PROVIDENCE, R.I., March 15 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (Pink Sheets: CPTP) reported net income of $1,434,000 for the year ended December 31, 2009; for the year ended December 31, 2008, the Company had reported net income of $1,573,000.  Based upon 6,599,912 shares outstanding, the basic income per common share for 2009 was $.22 and for 2008 was $.24.

Leasing revenues for 2009 decreased $72,000 from the 2008 level due to temporary rent relief granted to two tenants.  Leasing expense increased $286,000 from 2008 due to hiring of a new employee, legal fees in connection with two leases, and a bad debt expense.  

Petroleum storage facility revenues decreased as a result of an $84,000 decrease in contingent revenue in 2009 due to lower throughput, offset in part by higher monthly rent resulting from the annual cost-of-living adjustment in May 2008, and payments by the tenant for certain repairs.  Petroleum storage facility expenses increased $138,000 from 2008 due to the hiring of a new employee, repairs on the Wilkesbarre Pier and litigation in connection with the environmental incident in 2002 in which the Company is seeking remediation of the site, or, in the alternative, the cost of remediation.

General and administrative expenses for 2009 decreased $261,000 from the 2008 level due principally to costs of $232,000 incurred by the Company in 2008 in connection with the proposed reverse stock split and the amendment to its Articles of Incorporation, including legal, consulting and printing.  

The Company did not earn any interest income in 2009 because it elected in February 2009 to maintain all of its cash in a non-interest bearing checking account which was fully insured by the Federal Deposit Insurance Corporation through year-end.  Interest income for 2008 was $21,000.

    
    
    
    
                               Financial Summary
                               -----------------
                      Years Ended December 31, 2009 and 2008
                      --------------------------------------
    
                                                       2009          2008
                                                       ----          ----
    Revenues and other income:
      Revenues:
       Leasing                                      $2,908,000    $2,980,000
       Petroleum storage facility                    3,756,000     3,777,000
                                                     ---------     ---------
    
                                                     6,664,000     6,757,000
    
      Other income, interest                                 -        21,000
                                                           ---        ------
          Total revenues and other income            6,664,000     6,778,000
                                                     ---------     ---------
    Expenses:
      Leasing                                          982,000       696,000
      Petroleum storage facility                     2,325,000     2,187,000
      General and administrative                       951,000     1,212,000
                                                       -------     ---------
          Total expenses                             4,258,000     4,095,000
                                                     ---------     ---------
    
    Income before income taxes                      $2,406,000    $2,683,000
                                                    ==========    ==========
    
    Net income                                      $1,434,000    $1,573,000
                                                    ==========    ==========
    
    Basic income per share, based upon 6,599,912
     shares outstanding                                   $.22          $.24
                                                          ====          ====
    
    

Capital Properties, Inc. and its subsidiaries operate in two segments:  (1) Leasing and (2) Petroleum Storage.  The leasing segment consists of the long-term leasing of certain of its real estate interests in downtown Providence, Rhode Island for commercial development, the leasing of a portion of a building and the leasing of locations along interstate and primary highways in Rhode Island and Massachusetts for outdoor advertising purposes.  The petroleum storage segment consists of the operating of its petroleum storage facility in East Providence, Rhode Island.

Certain written statements made in this press release may contain "forward-looking statements" which represent the Company's expectations or beliefs concerning future events.  Certain risks, uncertainties and other important factors are detailed in reports filed by the Company with the Securities and Exchange Commission, including Forms 8-K, 10-K and 10-Q.  The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements.

SOURCE Capital Properties, Inc.