EAST PROVIDENCE, R.I., Nov. 3, 2011 /PRNewswire/ -- Today, Capital Properties, Inc. (OTCQX: CPTP) reported net income of $139,000 and $1,278,000 for the three and nine months ended September 30, 2011. Based upon 6,599,912 shares outstanding, the basic income per common share for the same periods was $.02 and $.19, respectively. For the three and nine months ended September 30, 2010, the Company had reported net income of $267,000 and $1,057,000, respectively. Based upon 6,599,912 shares outstanding, the basic income per common share for the same periods were $.04 and $.16, respectively.
For the three months and nine months ended September 30, 2011, leasing revenue increased $159,000 and $538,000, respectively, from 2010 due to scheduled increases in rentals under long-term land leases. For the three months ended September 30, 2011, leasing expense increased $68,000 from 2010 principally due to an increase in professional fees and an increase in operating costs and depreciation associated with the Steeple Street Building, offset in part by a decrease in payroll due to the termination of one employee in 2010. For the nine months ended September 30, 2011, leasing expense remained at the 2010 level.
For the three months ended September 30, 2011, petroleum storage facility revenue remained at the 2010 level. For the nine months ended September 30, 2011, petroleum storage facility revenue increased $511,000 from 2010 principally due to Global's reimbursement of certain costs associated with the cleanup, inspection and repair of a tank totaling $458,000 which were recorded in 2010. For the three and nine months ended September 30, 2011, petroleum storage facility expense increased $217,000 and $279,000, respectively, from 2010 principally due to costs of $355,000 recorded in connection with a pipeline rupture in August 2011 and costs of $132,000 recorded in connection with an ultra low sulfur diesel incident in March 2011. In 2010, costs of $210,000 had been recorded in connection with a leak in a tank in August 2010. The Company intends to pursue the responsible party for the damages it incurred in connection with the pipeline rupture and has made claim under its insurance policy with respect to the claim made against the Company with respect to the ultra low sulfur diesel incident.
For the three and nine months ended September 30, 2011, general and administrative expense increased $17,000 and $15,000, respectively, from 2010 principally due to an increase in payroll and related costs offset in part by a decrease in professional fees.
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.
Three Months Ended
Nine Months Ended
Revenues and other income:
Petroleum storage facility:
Reimbursement of tank repairs
Total revenues and other income
Petroleum storage facility:
General and administrative
Income before income taxes
Basic income per common share, based
upon 6,599,912 shares outstanding
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.
Barbara J. Dreyer, Treasurer
SOURCE Capital Properties, Inc.
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