EAST PROVIDENCE, R.I.,
March 13, 2015 /PRNewswire/
-- Capital Properties, Inc. (OTCQX: CPTP) reported net income
of $1,430,000 and $711,000 for the years ended December 31, 2014 and 2013, respectively.
Based upon 6,599,912 shares outstanding, the basic income per
common share for the same periods was $.22 and $.11,
respectively.
Leasing revenues for 2014 increased $198,000 from 2013 due to scheduled increases in
rentals under long-term land leases, increases under short-term
leases and an increase in percentage rent under the Company's lease
with Lamar Outdoor Advertising, LLC. Leasing expense for 2014
increased $25,000 from 2013 due to an
increase in repairs and maintenance offset in part by the decrease
in rent expense resulting from the cancellation in 2013 of a
third-party lease in connection with a billboard
location.
Petroleum storage facility revenues for 2014 increased
$892,000 from 2013. The lease
with Global Companies, LLC ("Global") expired on April 30, 2013. From September 1, 2013 to April
30, 2014, the Company had an interim lease with Atlantic
Trading & Marketing, Inc. for a portion of the storage capacity
at the petroleum storage facility ("the Facility"). Effective
May 1, 2014, the Company entered into
a five-year agreement with Sprague Operating Resources, LLC for the
lease of the entire storage capacity of the Facility. In
June 2013, the Company received
$96,000 from Global for reimbursement
for costs incurred in a prior year in connection with the appraisal
of the Facility in connection with the Global option to purchase
the Facility. Exclusive of this amount, petroleum storage
facility expense decreased $130,000
due to the following: (1) repairs and maintenance decreased
because in 2013 the Company incurred costs of $90,000 to epoxy coat three tank bottoms and
$60,000 for piping modifications, and
no similar repairs were undertaken in 2014; and (2) a decrease in
professional fees.
General and administrative expenses in 2014 decreased
$31,000 from 2013 due to lower costs
for professional fees, offset in part by an increase in medical
claims and an increase in the maximum level allowed under the
Company's medical reimbursement plan.
For the year ended December 31,
2014, bank loan interest expense was $164,000 as compared to $197,000 for the year ended December 31, 2013. In June and December 2014, the Company made principal
prepayments of $1,000,000 and
$1,300,000, respectively, thereby
reducing the interest expense. For the years ended
December 31, 2014 and 2013, the
interest expense on the dividend notes was $589,000 and $596,000, respectively.
Capital
Properties, Inc. Announces 2015 Results
|
|
Financial
Summary
|
Years Ended
December 31, 2014 and 2013
|
|
|
|
|
2014
|
2013
|
Revenues:
|
|
|
Leasing
|
$ 4,696,000
|
$ 4,498,000
|
Petroleum storage facility
|
3,063,000
|
2,171,000
|
|
7,759,000
|
6,669,000
|
|
|
|
Expenses:
|
|
|
Leasing
|
857,000
|
832,000
|
Petroleum storage
facility
|
2,732,000
|
2,766,000
|
General
and
administrative
|
1,073,000
|
1,104,000
|
Interest:
|
|
|
Bank
loan
|
164,000
|
197,000
|
Dividend
notes
|
589,000
|
596,000
|
|
5,415,000
|
5,495,000
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
2,344,000
|
1,174,000
|
|
|
|
Income tax expense
(benefit):
|
|
|
Current
|
1,091,000
|
665,000
|
Deferred
|
(177,000)
|
(202,000)
|
|
914,000
|
463,000
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
1,430,000
|
$
711,000
|
|
|
|
Basic income per
share, based upon 6,599,912 shares outstanding
|
$.22
|
$.11
|
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
petroleum storage terminal and the Wilkesbarre Pier in East Providence, Rhode Island, collectively
referred to as the "Facility."
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 and10-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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/capital-properties-inc-announces-2014-results-300050178.html
SOURCE Capital Properties, Inc.