Capital Properties posts increase in profit, revenue

CAPITAL PROPERTIES INC. which is leasing its million-barrel petroleum storage facility in East Providence, to Portsmouth, N.H.-based Sprague Operating Resources LLC for $3.5 million per year, reported increases in third quarter revenue and net income. / PILLSBURY ASSOCIATES AERIAL PHOTOGRAPHY/DON PILLSBURY
CAPITAL PROPERTIES INC. which is leasing its million-barrel petroleum storage facility in East Providence, to Portsmouth, N.H.-based Sprague Operating Resources LLC for $3.5 million per year, reported increases in third quarter revenue and net income. / PILLSBURY ASSOCIATES AERIAL PHOTOGRAPHY/DON PILLSBURY

EAST PROVIDENCE – Capital Properties reported Friday third-quarter net income of $448,000, or 7 cents a share, compared to a loss of $65,000, or 1 cent a share, for the same three-month period in 2013.
The company, which owns a substantial portion of the Capital Center area of Providence and also owns a petroleum storage facility in East Providence and an offloading pier in Narragansett Bay, reported total revenues of $2,014,000, an increase of 58 percent compared with revenue of $1,274,000 for the prior year period.
For the three months that ended Sept. 30, leasing revenue increased $19,000 to $1,130,000 from 2013’s $1,111,000 due to scheduled increases in rentals under both short-term and long-term leases. Leasing expenses also increased $19,000, from $197,000 to $216,000 during the same period because of expenses for the Steeple Street building.
Starting May 1, the company entered into a five-year agreement with Sprague Operating Resources LLC, for entire storage of the petroleum facility for $3.5 million annually. Petroleum storage facility revenue increased $721,000 from 2013 due to the Sprague agreement, from $163,000 to $884,000 in the third quarter. Expenses for the facility decreased $165,000 from third quarter 2013 to third quarter 2014, $764,000 to $605,000.
On a year-to-date basis, Capital Properties revenue increased 17 percent during the first nine months of 2014 to $5.7 million, while net income increased 85 percent to $975,000, or 15 cents per share.
The stock (OTCQX:CPTP) was trading at $12.08 early Friday afternoon, up 58 cents.

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