Capital Properties profits drop 28% in 2Q

By PBN Staff
Twitter: @ProvBusNews

EAST PROVIDENCE – Capital Properties Inc. reported a 28 percent drop in profits from $807,000, or 12 cents per diluted share, during the second quarter of 2011 to $578,000, or 9 cents per diluted share, during the same period this year.

The company’s revenue decreased 17 percent from $2.5 million to $2.08 million during its second quarter.

For the six months ended June 30, Capital Properties saw a 4 percent loss in net income to $1.09 million, compared to the $1.14 million reported during the six months ended June 30, 2011.

During the second quarter, leasing revenue increased $44,000 from the same period 2011 primarily due to scheduled increases in rentals, according to the company.

Excluding reimbursement costs made in June 2011 by the tenant of a petroleum storage facility, petroleum storage facility revenues increased $24,000 during the quarter, primarily due to scheduled cost-of-living adjustments under the lease.

During the quarter ended June 30, Capital Properties’ general and administrative expenses increased $36,000 due to increases in payroll and related costs.

During June, the company made a principal prepayment of $1 million on its note payable. In June and Dec. 2011, the company made principal prepayments of $1 million and $525,000, respectively.