Capital Properties, Inc. Announces First Quarter 2011 Results
EAST PROVIDENCE, R.I., May 12, 2011 /PRNewswire/ -- Today, Capital Properties, Inc. (OTCQX: CPTP) reported net income of $332,000 for the three months ended March 31, 2011; the net income for the three months ended March 31, 2010 was $364,000. Based upon 6,599,912 shares outstanding, the basic income per common share for the three months ended March 31, 2011 and 2010 was $.05 and $.06, respectively.
For the three months ended March 31, 2011, leasing revenue increased $107,000 from 2010 due to scheduled increases in rentals under long-term land leases. Leasing expense decreased $86,000 from 2010 due to lower legal fees in connection with two leases, a reimbursement by a tenant for legal fees previously expensed and $22,000 in bad debt expense in 2010, offset in part by increased depreciation on the Steeple Street building.
For the three months ended March 31, 2011, petroleum storage facility revenue increased $15,000 principally due to the May 1, 2010 annual cost-of-living adjustment of $82,000 under the lease for the petroleum storage facility. For the three months ended March 31, 2011, petroleum storage facility expense increased $99,000 from 2010 principally due to costs associated with the emptying and inspection of one of the Company's tanks and the estimated cost to epoxy coat the bottom of this tank in 2011.
For the three months ended March 31, 2011, general and administrative expense remained approximately at the 2010 level.
Financial Summary |
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Three Months Ended March 31, 2011 and 2010 |
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2011 |
2010 |
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Revenues: |
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Leasing |
$ |
822,000 |
$ |
715,000 |
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Petroleum storage facility |
951,000 |
936,000 |
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Total revenues |
1,773,000 |
1,651,000 |
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Expenses: |
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Leasing |
250,000 |
336,000 |
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Petroleum storage facility |
628,000 |
529,000 |
|||||||
General and administrative |
256,000 |
266,000 |
|||||||
Interest |
88,000 |
-- |
|||||||
Total expenses |
1,222,000 |
1,131,000 |
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Income before income taxes |
$ |
551,000 |
$ |
520,000 |
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Net income |
$ |
332,000 |
$ |
364,000 |
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Basic income per share, based upon 6,599,912 shares outstanding |
$ |
.05 |
$ |
.06 |
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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.
CONTACT:
Barbara J. Dreyer, Treasurer
(401) 435-7171
SOURCE Capital Properties, Inc.
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