Capital Properties, Inc. Announces Third Quarter 2009 Results

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EAST PROVIDENCE, R.I., Nov. 10 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (Pink Sheets: CPTP) reported net income of $341,000 and $1,079,000 for the three and nine months ended September 30, 2009. Based upon 6,599,912 shares, the basic income per common share was $.05 and $.16, respectively. For the three and nine months ended September 30, 2008, the Company reported net income of $478,000 and $1,343,000, respectively. Based upon 6,599,912 shares, the basic income per common share in 2008 was $.07 and $.20, respectively.

For the three and nine months ended September 30, 2009, leasing revenue decreased $12,000 and $66,000, respectively, from the 2008 level due to temporary rent relief granted to two tenants. For the three and nine months ended September 30, 2009, leasing expense increased $125,000 and $163,000, respectively, from 2008 due to legal fees in connection with two leases and the hiring of a new part time employee.

For the three months ended September 30, 2009, petroleum storage facility revenue remained at the 2008 level. For the nine months ended September 30, 2009, petroleum storage facility revenue decreased $15,000, respectively, due to a decrease in contingent revenue due to lower throughput offset in part by higher monthly rent resulting from the annual cost-of-living increase adjustment May 1, 2008, and payment by the tenant of certain repairs. For the three and nine months ended September 30, 2009, petroleum storage facility expense increased $25,000 and $189,000 from 2008, due to the hiring of a new employee and legal fees associated with a Wilkesbarre Pier litigation and a litigation against Power Test Realty Partnership. In addition, in the third quarter, the Company incurred $42,000 for repairs at the Wilkesbarre Pier.

For the three months ended September 30, 2009, general and administrative expense increased $31,000 from 2008 due to an increase in professional fees. For the nine months ended September 30, 2009, general and administrative expense decreased $24,000 from 2008 due to a decrease in professional fees.

For the three and nine months ended September 30, 2009, interest income decreased $7,000 and $18,000, respectively, resulting from the Company's electing in February 2009 to maintain all of its cash in a non-interest bearing checking account which is fully insured by the Federal Deposit Insurance Corporation.

                                   Financial Summary

                                    Three Months Ended     Nine Months Ended
                                       September 30          September 30
                                     2009       2008       2009        2008
    Revenues and other income:
      Revenues:
       Leasing                      $714,000  $726,000  $2,188,000  $2,254,000
       Petroleum storage facility    950,000   948,000   2,835,000   2,850,000
                                   1,664,000 1,674,000   5,023,000   5,104,000
      Other income, interest              --     7,000         --       18,000
       Total revenues and other
        income                     1,664,000 1,681,000   5,023,000   5,122,000

    Expenses:
       Leasing                       266,000   141,000     673,000     510,000
       Petroleum storage facility    591,000   566,000   1,815,000   1,626,000
       General and administrative    224,000   193,000     714,000     738,000
                                   1,081,000   900,000   3,202,000   2,874,000
    Income before income taxes      $583,000  $781,000  $1,821,000  $2,248,000

    Net income                      $341,000  $478,000  $1,079,000  $1,343,000

    Basic income per common share,
     based upon 6,599,912 shares
     outstanding                        $.05      $.07        $.16        $.20

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 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.

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