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
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...