EAST PROVIDENCE, R.I.,
May 1, 2015 /PRNewswire/
-- Today, Capital Properties, Inc. (OTCQX: CPTP) reported net
income of $400,000 and $77,000 for the three months ended March 31, 2015 and 2014, respectively.
Based upon 6,599,912 shares outstanding, the basic income per
common share for the three months ended March 31, 2015 and 2014 was $.06 and $.01,
respectively.
For the three months ended March 31,
2015, leasing revenue increased $71,000 from 2014 due to scheduled increases in
rents under both short-term leases and long-term land leases.
Leasing expense remained at the same level as 2014.
For the three months ended March 31,
2015, petroleum storage facility revenue increased
$303,000 from 2013 due to Sprague
Operating Resources LLC leasing the entire Facility. During
the first quarter of 2014, the Company leased a portion of the
storage capacity of the Facility to Atlantic Trading &
Marketing, Inc. Petroleum storage facility expense decreased
$154,000 from 2014 due to a decrease
in repairs and maintenance, insurance and professional fees, offset
in part by an increase in payroll and related costs.
For the three months ended March 31,
2015, general and administrative expense increased
$24,000 due to an increase in payroll
and related costs.
For the three months ended March 31,
2015 and 2014, the interest expense on the bank loan payable
was $25,000 and $47,000, respectively. In June and
December 2014, the Company prepaid
$1,000,000 and $1,300,000, respectively, on its bank loan
payable. For the three months ended March 31, 2015 and 2014, the interest expense on
the dividend notes payable remained at the same level as 2014.
|
Financial
Summary
|
|
Three Months Ended
March 31, 2015 and 2014
|
|
|
2015
|
|
2014
|
|
Revenues:
|
|
|
|
|
Leasing
|
$1,180,000
|
|
$1,109,000
|
|
Petroleum storage facility
|
875,000
|
|
572,000
|
|
Total
revenues
|
2,055,000
|
|
1,681,000
|
|
|
|
|
|
Expenses:
|
|
|
|
|
Leasing
|
225,000
|
|
226,000
|
|
Petroleum storage facility
|
683,000
|
|
837,000
|
|
General
and administrative
|
320,000
|
|
296,000
|
|
Interest
on notes:
|
|
|
|
|
Bank
|
25,000
|
|
47,000
|
|
Dividend
notes
|
148,000
|
|
148,000
|
|
Total expenses
|
1,401,000
|
|
1,554,000
|
|
|
|
|
|
Income before income
taxes
|
$
654,000
|
|
$
127,000
|
|
|
|
|
|
Net income
|
$
400,000
|
|
$
77,000
|
|
|
|
|
|
Basic income per
share, based upon 6,599,912
shares
outstanding
|
$.06
|
|
$.01
|
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," which the Company operates for the
tenant of 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
re/*ports 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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/capital-properties-inc-announces-first-quarter-2015-results-300075885.html
SOURCE Capital Properties, Inc.