Welcome!

News Feed Item

Capital Properties, Inc. Announces Third Quarter 2012 Results

EAST PROVIDENCE, R.I., Nov. 7, 2012 /PRNewswire/ -- Today, Capital Properties, Inc. (OTCQX: CPTP) reported net income of $514,000 and $1,603,000 for the three and nine months ended September 30, 2012.  Based upon 6,599,912 shares outstanding, the basic income per common share for the same periods was $.07 and $.24.  For the three and nine months ended September 30, 2011, the Company had reported net income of $139,000 and $1,278,000, respectively.  Based upon 6,599,912 shares outstanding, the basic income per common share for the same periods was $.02 and $.19, respectively.

For the three and nine months ended September 30, 2012, leasing revenue increased $53,000 and $287,000, respectively, from 2011 due to scheduled increases in rentals under long-term land leases and increases in rentals and reimbursements for common area costs under short-term leases.  For the three months ended September 30, 2012, leasing expense decreased $66,000 from 2011 due to decreases in professional fees.  For the nine months ended September 30, 2012, leasing expense decreased $25,000 from 2011 due to decreases in expenses for the Steeple Street Building.

For the three months ended September 30, 2012, petroleum storage facility ("Facility") revenues increased $27,000 from 2011 due to scheduled annual cost-of-living adjustments under the lease for the Facility.   At September 30, 2011, the Company recorded costs of $355,000 in connection with a pipeline breach in August 2011 and $132,000 in connection with an ultra low sulfur diesel incident in March 2011.  Exclusive of these amounts, for the three months ended September 30, 2012, Facility expense increased $59,000 from 2011 due to professional fees in connection with the preliminary exercise of the option to purchase the Facility by the tenant, offset in part by lower levels of repairs and maintenance costs.

In June 2011, the tenant of the Facility reimbursed the Company $458,000 for certain costs associated with the cleanup, inspection and repair of a tank (which costs were recorded in 2010) and an additional $37,000 for tank repairs.  Exclusive of these amounts, for the nine months ended September 30, 2012, Facility revenues increased $76,000 from 2011 due to scheduled annual cost-of-living adjustments under the lease for the Facility.

At September 30, 2011, the Company recorded costs of $355,000 in connection with a pipeline breach in August 2011 and $132,000 in connection with an ultra low sulfur diesel incident in March 2011.  In May 2012, the Company was reimbursed $90,000 in costs associated with that pipeline breach, which amount was recorded as a reduction of expense.  Exclusive of these amounts, for the nine months ended September 30, 2012, Facility expense increased $23,000 from 2011 due to increases in payroll and related costs and professional fees in connection with preliminary exercise of the option to purchase the Facility by the tenant, offset in part by lower levels of repairs and maintenance costs.

For the three months ended September 30, 2012, general and administrative expense increased $10,000 from 2011 due to increases in professional fees.  For the nine months ended September 30, 2012, general and administrative expense increased $53,000 from 2011 due to increases in payroll and related costs and professional fees. 

In June 2012, the Company made a principal prepayment of $1,000,000 on its note payable.  In June and December 2011, the Company made principal prepayments of $1,000,000 and $525,000, respectively.   Any future prepayments will depend on the Company's level of available cash.

                                                                                                                         

Financial Summary







Three Months Ended

Nine Months Ended


September 30

September 30


2012

2011

2012

2011

Revenues and other income:





   Revenues:





      Leasing  

$ 1,051,000

$   998,000

$ 3,154,000

$2,867,000

      Petroleum storage facility:





         Contractual     

996,000

969,000

2,957,000

2,881,000

         Reimbursement of tank repairs  

--

--

--

495,000

     Total revenues and other income   

2,047,000

1,967,000

6,111,000

6,243,000






Expenses:





   Leasing       

257,000

323,000

797,000

822,000

   Petroleum storage facility:





      Operating       

662,000

735,000

1,819,000

1,841,000

      Pipeline rupture      

--

355,000

(90,000)

355,000

      Tank repairs     

--

--

--

87,000

   General and administrative      

241,000

231,000

774,000

721,000

   Interest   

42,000

72,000

164,000

245,000


1,202,000

1,716,000

3,464,000

4,071,000

Income before income taxes 

$   845,000

$   251,000

$ 2,647,000

$ 2,172,000






Net income 

$   514,000

$   139,000

$ 1,603,000

$ 1,278,000






Basic income per common share, based upon 6,599,912 shares outstanding     

$.07

$.02

$.24

$.19

 

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 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

SOURCE Capital Properties, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, addressed this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of the ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...