Capital Properties, Inc. Announces First Quarter 2001 Results

Apr 27, 2001, 01:00 ET from Capital Properties, Inc.

    EAST PROVIDENCE, R.I., April 27 /PRNewswire/ --Today, Capital Properties,
 Inc. (Amex:   CPI) reported net income of $56,000 for the quarter ended March
 31, 2001, resulting in a basic earnings per common share of $.02.  For the
 quarter ended March 31, 2000, the Company had reported net income of $94,000,
 resulting in a basic earnings per common share of $.03.
     For the three months ended March 31, 2001, total income increased 16% from
 the 2000 level.
     Leasing revenue increased 8% from the 2000 level due to rentals from
 short-term leases. Expenses applicable to leasing decreased 17% due
 principally to a decrease in professional fees in connection with concluded
 litigation.
     Revenue from petroleum storage facilities increased 65% from the 2000
 level principally resulting in an increase in the minimum monthly fee
 resulting from the new tanks that were placed in service in the fourth quarter
 of 2000 and higher contingent revenues based upon throughput.  Expenses
 applicable to petroleum storage facilities increased 86% from the 2000 level
 principally due to depreciation expense in connection with the construction of
 tanks, a truck rack and related enhancements in 2000 and professional fees
 associated with litigation related to the Wilkesbarre Pier which the Company
 owns.
     The decrease in interest income from the 2000 level results from a lower
 level of temporary cash investments.
     General and administrative expenses increased 9% principally due to higher
 professional fees.
     Capital Properties, Inc.'s business consists of the leasing of certain of
 its real estate interests in downtown Providence, Rhode Island, and locations
 along interstate and primary highways in Rhode Island and Massachusetts for
 outdoor advertising purposes; and the operation of its petroleum storage
 facilities in East Providence, Rhode Island.
 
                               Financial Summary
 
                   Three Months Ended March 31, 2001 and 2000
 
                                                         2001           2000
 
     Total revenue                                 $1,161,000     $1,001,000
     Total expenses                                $1,049,000       $840,000
     Income before income taxes                      $112,000       $161,000
     Net income                                       $56,000        $94,000
     Basic earnings per common share                     $.02           $.03
     Dividends on common stock                           $.03           $.53
 
     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-KSB and 10-QSB.
 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.
 
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SOURCE Capital Properties, Inc.
    EAST PROVIDENCE, R.I., April 27 /PRNewswire/ --Today, Capital Properties,
 Inc. (Amex:   CPI) reported net income of $56,000 for the quarter ended March
 31, 2001, resulting in a basic earnings per common share of $.02.  For the
 quarter ended March 31, 2000, the Company had reported net income of $94,000,
 resulting in a basic earnings per common share of $.03.
     For the three months ended March 31, 2001, total income increased 16% from
 the 2000 level.
     Leasing revenue increased 8% from the 2000 level due to rentals from
 short-term leases. Expenses applicable to leasing decreased 17% due
 principally to a decrease in professional fees in connection with concluded
 litigation.
     Revenue from petroleum storage facilities increased 65% from the 2000
 level principally resulting in an increase in the minimum monthly fee
 resulting from the new tanks that were placed in service in the fourth quarter
 of 2000 and higher contingent revenues based upon throughput.  Expenses
 applicable to petroleum storage facilities increased 86% from the 2000 level
 principally due to depreciation expense in connection with the construction of
 tanks, a truck rack and related enhancements in 2000 and professional fees
 associated with litigation related to the Wilkesbarre Pier which the Company
 owns.
     The decrease in interest income from the 2000 level results from a lower
 level of temporary cash investments.
     General and administrative expenses increased 9% principally due to higher
 professional fees.
     Capital Properties, Inc.'s business consists of the leasing of certain of
 its real estate interests in downtown Providence, Rhode Island, and locations
 along interstate and primary highways in Rhode Island and Massachusetts for
 outdoor advertising purposes; and the operation of its petroleum storage
 facilities in East Providence, Rhode Island.
 
                               Financial Summary
 
                   Three Months Ended March 31, 2001 and 2000
 
                                                         2001           2000
 
     Total revenue                                 $1,161,000     $1,001,000
     Total expenses                                $1,049,000       $840,000
     Income before income taxes                      $112,000       $161,000
     Net income                                       $56,000        $94,000
     Basic earnings per common share                     $.02           $.03
     Dividends on common stock                           $.03           $.53
 
     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-KSB and 10-QSB.
 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.
 
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                http://tbutton.prnewswire.com/prn/11690X37814152
 
 SOURCE  Capital Properties, Inc.