Capital Properties, Inc. Announces First Quarter 2008 Results
May 02 2008 - 2:00PM
PR Newswire (US)
EAST PROVIDENCE, R.I., May 2 /PRNewswire-FirstCall/ -- Today,
Capital Properties, Inc. (AMEX:CPI) reported net income of $404,000
for the three months ended March 31, 2008, resulting in a basic
income per common share of $.12. For the three months ended March
31, 2007, the Company had reported net income of $380,000, which
resulted in a basic income per common share of $.12. For the three
months ended March 31, 2008, leasing revenue increased $56,000 from
2007 principally due to rent increases under short-term leases,
including rentals from the Steeple Street Building purchased in
November 2007. For the three months ended March 31, 2008, leasing
expense increased $52,000 from 2007, principally due to higher real
property taxes and expenses associated with the Steeple Street
Building. For the three months ended March 31, 2008, petroleum
storage facility revenue decreased $24,000 from 2006, due
principally to lower contingent revenue as a result of lower
throughput, offset in part by higher monthly rent resulting from
the annual cost-of-living adjustment May 1, 2007 and a $25,000
payment by the tenant for the increase in property taxes as
required by the lease. For the three months ended March 31, 2008,
petroleum storage facility expense decreased $40,000 from 2007, due
principally to lower legal and professional engineering fees offset
in part by higher payroll and related costs resulting from the
hiring of a new employee and an increase in real estate taxes,
which increase was reimbursed by the tenant. For the three months
ended March 31, 2008, general and administrative expense decreased
$44,000 from 2007 due principally to a decrease in payroll and
related costs due to the non-replacement of a retired employee
offset in part by higher professional fees incurred in complying
with Section 404(a) of the Sarbanes-Oxley Act of 2002. For the
three months ended March 31, 2008, interest income decreased
$24,000 due to lower levels of cash available for investment
resulting in part from the purchase of the Steeple Street Building
and lower interest rates. Financial Summary Three Months Ended
March 31, 2008 and 2007 2008 2007 Revenues and other income:
Revenues: Leasing $715,000 $659,000 Petroleum storage facility
951,000 975,000 1,666,000 1,634,000 Other income, interest 7,000
31,000 Total revenues and other income 1,673,000 1,665,000
Expenses: Leasing 190,000 138,000 Petroleum storage facility
515,000 555,000 General and administrative 291,000 335,000 Total
expenses 996,000 1,028,000 Income before income taxes $677,000
$637,000 Net income $404,000 $380,000 Basic income per share $.12
$.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 the Steeple
Street Building acquired in November 2007 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 DATASOURCE:
Capital Properties, Inc. CONTACT: Barbara J. Dreyer, Treasurer of
Capital Properties, Inc., +1-401-435-7171
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