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
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant th...
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
Today traditional IT approaches leverage well-architected compute/networking domains to control what applications can access what data, and how. DevOps includes rapid application development/deployment leveraging concepts like containerization, third-party sourced applications and databases. Such applications need access to production data for its test and iteration cycles. Data Security? That sounds like a roadblock to DevOps vs. protecting the crown jewels to those in IT.
SYS-CON Events announced today that Cedexis will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness.
Many companies start their journey to the cloud in the DevOps environment, where software engineers want self-service access to the custom tools and frameworks they need. Machine learning technology can help IT departments keep up with these demands. In his session at 21st Cloud Expo, Ajay Gulati, Co-Founder, CTO and Board Member at ZeroStack, will discuss the use of machine learning for automating provisioning of DevOps resources, taking the burden off IT teams.
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
Why Federal cloud? What is in Federal Clouds and integrations? This session will identify the process and the FedRAMP initiative. But is it sufficient? What is the remedy for keeping abreast of cutting-edge technology? In his session at 21st Cloud Expo, Rasananda Behera will examine the proposed solutions: Private or public or hybrid cloud Responsible governing bodies How can we accomplish?
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.
With the rise of DevOps, containers are at the brink of becoming a pervasive technology in Enterprise IT to accelerate application delivery for the business. When it comes to adopting containers in the enterprise, security is the highest adoption barrier. Is your organization ready to address the security risks with containers for your DevOps environment? In his session at @DevOpsSummit at 21st Cloud Expo, Chris Van Tuin, Chief Technologist, NA West at Red Hat, will discuss: The top security r...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...