Capital Properties, Inc. Announces First Quarter 2010 Results

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Apr 30, 2010, 11:34 ET

EAST PROVIDENCE, R.I., April 30 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (Pink Sheets: CPTP) reported net income of $364,000 for the three months ended March 31, 2010; the net income for the three months ended March 31, 2009 was $366,000. Based upon 6,599,912 shares outstanding, the basic income per common share for both the three months ended March 31, 2010 and 2009 was $.06.

For the three months ended March 31, 2010, leasing revenue remained at the 2009 level and leasing expense increased $133,000 from 2009 due to legal fees in connection with two leases, a bad debt expense with respect to one of the Company's tenants at its Steeple Street property and the hiring of a new employee.

For the three months ended March 31, 2010, petroleum storage facility revenue remained at the 2009 level as the result of no cost-of-living rent adjustment for the contract year which commenced in May 2009. For the three months ended March 31, 2010, petroleum storage facility expense decreased $48,000 from 2009 due to lower levels of repairs and maintenance and a decrease in legal fees.

For the three months ended March 31, 2010, general and administrative expense remained approximately at the 2009 level.

Financial Summary Three Months Ended March 31, 2010 and 2009

	2010	2009
Revenues:
Leasing	$715,000	$714,000
Petroleum storage facility	936,000	936,000
Total revenues	1,651,000	1,650,000

Expenses:
Leasing	336,000	203,000
Petroleum storage facility	529,000	577,000
General and administrative	266,000	259,000
Total expenses	1,131,000	1,039,000

Income before income taxes	$520,000	$611,000

Net income	$364,000	$366,000

Basic income per share, based upon 6,599,912 shares outstanding	$.06	$.06

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.