Capital Properties, Inc. Announces Second Quarter 2011 Results
EAST PROVIDENCE, R.I., July 29, 2011 /PRNewswire/ -- Today, Capital Properties, Inc. (OTCQX: CPTP) reported net income of $807,000 and $1,139,000 for the three and six months ended June 30, 2011. Based upon 6,599,912 shares outstanding, the basic income per common share for the same periods was $.12 and $.17. For the three and six months ended June 30, 2010, the Company had reported net income of $426,000 and $790,000, respectively. Based upon 6,599,912 shares outstanding, the basic income per common share for the same periods were $.06 and $.12, respectively.
For the three months and six months ended June 30, 2011, leasing revenue increased $272,000 and $379,000, respectively, from 2010 due to scheduled increases in rentals under long-term land leases. Exclusive of the reversal of an allowance for doubtful accounts of $62,000 in 2010, for the three months ended June 30, 2011, leasing expense decreased $41,000 from 2010 due to lower legal fees and the termination of one employee in 2010, which decrease was offset in part by higher real property taxes and depreciation. For the six months ended June 30, 2011, leasing expense decreased $65,000 from 2010 due to lower legal fees and the termination of one employee in 2010, which decrease was offset in part by higher real property taxes and the reversal of an allowance for doubtful accounts in 2010.
For the three months and six months ended June 30, 2011, petroleum storage facility revenue increased $503,000 and $518,000, respectively, from 2010 principally due to the reimbursement by the petroleum storage facility tenant of certain costs associated with the cleanup, inspection and repair of a tank totaling $458,000, which costs were recorded in 2010. For the three months ended June 30, 2011, petroleum storage facility expense decreased $37,000 from 2010 principally due to lower legal fees and lower levels of repairs and maintenance, offset in part by $50,000 to epoxy coat a tank. For the six months ended June 30, 2011, petroleum storage facility expense increased $62,000 from 2010 principally due to higher levels of repairs and maintenance, including the $50,000 to epoxy coat a tank.
For the three and six months ended June 30, 2011, general and administrative expense remained approximately at the 2010 level.
In June 2011, the Company prepaid $1,000,000 on its note payable. Any future prepayments will depend on the Company's level of available cash.
Financial Summary |
|||||
Three Months Ended |
Six Months Ended |
||||
June 30 |
June 30 |
||||
2011 |
2010 |
2011 |
2010 |
||
Revenues and other income: |
|||||
Revenues: |
|||||
Leasing |
$1,047,000 |
$775,000 |
$1,869,000 |
$1,490,000 |
|
Petroleum storage facility: |
|||||
Contractual |
961,000 |
953,000 |
1,912,000 |
1,889,000 |
|
Reimbursement of tank repairs |
495,000 |
-- |
495,000 |
-- |
|
Total revenues and other income |
2,503,000 |
1,728,000 |
4,276,000 |
3,379,000 |
|
Expenses: |
|||||
Leasing |
249,000 |
228,000 |
499,000 |
564,000 |
|
Petroleum storage facility: |
|||||
Operating |
556,000 |
602,000 |
1,106,000 |
1,131,000 |
|
Tank repairs |
9,000 |
-- |
87,000 |
-- |
|
General and administrative |
234,000 |
226,000 |
490,000 |
492,000 |
|
Interest |
85,000 |
64,000 |
173,000 |
64,000 |
|
1,133,000 |
1,120,000 |
2,355,000 |
2,251000 |
||
Income before income taxes |
$1,370,000 |
$608,000 |
$1,921,000 |
$1,128,000 |
|
Net income |
$807,000 |
$426,000 |
$1,139,000 |
$790,000 |
|
Basic income per common share, based |
|||||
upon 6,599,912 shares outstanding |
$.12 |
$.06 |
$.17 |
$.12 |
|
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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