Capital Properties, Inc. Announces First Quarter 2004 Results
30 Abril 2004 - 4:53PM
PR Newswire (US)
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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