November 8, 2016 - 8:44 AM EST
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Capital Properties, Inc. Announces Third Quarter 2016 Results

EAST PROVIDENCE, R.I., Nov. 8, 2016 /PRNewswire/ -- Today, Capital Properties, Inc. (OTCQX: CPTP) reported net income of $529,000 and $1,647,000 for the three and nine months ended September 30, 2016.  Based upon 6,599,912 shares outstanding, the basic income per common share for the same periods was $.08 and $.25, respectively.  For the three and nine months ended September 30, 2015, the Company had reported net income of $576,000 and $1,550,000, respectively.  Based upon 6,599,912 shares outstanding, the basic income per common share for the same periods in 2015 was $.08 and $.23, respectively.

For the three months ended September 30, 2016, leasing revenue decreased $7,000 from 2015 due to the termination of a lease at Steeple Street, offset in part by scheduled increases in rentals under long-term land leases.  For the nine months ended September 30, 2016, leasing revenue increased $97,000 from 2015 due to scheduled increases in rentals under long-term land leases, offset in part by a decrease in 2016 in the percentage rent under the lease with Lamar Outdoor Advertising, LLC.  For the three and nine months ended September 30, 2016, leasing expense decreased $14,000 and $31,000, respectively, from 2015 due to an decrease in repairs and maintenance at the Steeple Street Building and a decrease in insurance premiums, offset in part by an increase in the City of Providence real estate taxes.

For the three and nine months ended September 30, 2016, petroleum storage facility revenue increased $9,000 and $26,000, respectively, from 2015 due to a scheduled cost-of-living rent adjustment under the Agreement with Sprague Operating Resources LLC.  For the three months ended September 30, 2016, petroleum storage facility expense increased $87,000 from 2015 due to increases in repairs and maintenance expense and legal fees incurred in connection with consideration of strategic alternatives for the Terminal, offset in part by a decrease in insurance premiums.  For the nine months ended September 30, 2016, petroleum storage facility expense decreased $51,000 from 2015 due to lower depreciation expense due to certain assets becoming fully depreciated in 2015 and a decrease in insurance premiums, offset in part by legal fees incurred in connection with consideration of strategic alternatives for the Terminal.

For the three and nine months ended September 30, 2016, general and administrative expense increased $39,000 and $113,000, respectively, from 2015 due to an increase in legal fees and costs incurred in connection with the partial redemption of the Dividend Notes.

On June 15, 2016, the Company made a partial redemption payment of $1,179,000 on its dividend notes.  For the three and nine months ended September 30, 2016, the interest expense, dividend notes was $132,000 and $445,000, respectively.  For the three and nine months ended September 30, 2015, the interest expense, dividend notes was $147,000 and $442,000, respectively.  In November 2015, the Company paid the bank loan in full.  The interest expense, bank loan for the three and nine months ended September 30, 2015, was $14,000 and $62,000, respectively.

 

Financial Summary



Three Months Ended
September30


Nine Months Ended
September 30


2016


2015


2016


2015

Revenues:








Leasing

$

1,242,000


$

1,249,000


$

3,860,000


$

3,763,000

Petroleum Storage Facility

892,000


883,000


2,664,000


2,638,000

Total Revenues

2,134,000


2,132,000


6,524,000


6,401,000









Expenses:








Leasing

193,000


207,000


622,000


653,000

Petroleum storage facility

648,000


561,000


1,814,000


1,865,000

General and administrative

294,000


255,000


941,000


828,000

Interest on notes:








Bank loan

--


14,000


--


62,000

Dividend notes

132,000


147,000


445,000


442,000



1,267,000


1,184,000


3,822,000


3,850,000

Income before income taxes

$

867,000


$

948,000


$

2,702,000


$

2,551,000









Net income

$

529,000


$

576,000


$

1,647,000


$

1,550,000









Basic income per common share, based








upon 6,599,912 shares outstanding

$.08


$.08



$.25



$.23

                 

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 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

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/capital-properties-inc-announces-third-quarter-2016-results-300359096.html

SOURCE Capital Properties, Inc.


Source: PR Newswire (November 8, 2016 - 8:44 AM EST)

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