Capital Properties, Inc. Announces First Quarter 2004 Results EAST PROVIDENCE, R.I., April 30 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. reported net income of $1,245,000 for the three months ended March 31, 2004, resulting in a basic income per common share of $.38. For the three months ended March 31, 2003, the Company had reported a net income of $2,000. In the first quarter of 2004, the Company received $1,622,000 from National Railroad Passenger Corporation (Amtrak) for the condemnation of certain of its properties in Providence, Rhode Island in 1999 and 2001. The Company also received $258,000 from the City of Providence for attorneys fees. Exclusive of the $258,000 received for the attorneys fees, for the three months ended March 31, 2004, revenue from leasing increased $76,000 from 2003 due principally to higher option payments received on certain leases which will not commence until construction begins and the commencement on April 1, 2003 of contingent rentals relating to one developed parcel. Expenses applicable to leasing decreased $63,000 from 2003 due principally to a decrease in property taxes. For the three months ended March 31, 2004, revenue from petroleum storage facilities decreased $67,000 from 2003 resulting principally from the March 31, 2003 termination of an agreement with a company for the use of the Wilkesbarre Pier and lower contingent revenues resulting from an Amended Agreement entered into with Global Companies, LLC effective May 1, 2003. The Amended Agreement provides for higher monthly fees and a higher threshold for the calculation of contingent fees. Expenses applicable to petroleum storage facilities decreased $91,000 from 2003 principally due to lower legal fees associated with the ongoing Wilkesbarre Pier litigation and decreased insurance costs and professional fees. For the three months ended March 31, 2004, general and administrative expenses remained approximately at the 2003 level. Financial Summary Three Months Ended March 31, 2004 and 2003 2004 2003 Income: Leasing revenue $786,000 $710,000 Attorneys fees judgment 258,000 -- Petroleum storage facilities 565,000 632,000 Condemnation proceeds 1,622,000 -- Interest 3,000 2,000 Total revenue $3,234,000 $1,344,000 Total expenses $1,180,000 $1,336,000 Income before income taxes $2,054,000 $8,000 Net income $1,245,000 $2,000 Basic income per common share $.38 $ -- 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. CONTACT: Barbara J. Dreyer, Treasurer (401) 435-7171 DATASOURCE: Capital Properties, Inc. CONTACT: Barbara J. Dreyer, Treasurer of Capital Properties, Inc., +1- 401-435-7171

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