Capital Properties reports increases in profit, sales, in 2015

CAPITAL PROPERTIES INC. reported a 51.3 percent increase in profit and 10 percent increase in revenue in 2015 compared with 2014. / PILLSBURY ASSOCIATES AERIAL PHOTOGRAPHY/DON PILLSBURY
CAPITAL PROPERTIES INC. reported a 51.3 percent increase in profit and 10 percent increase in revenue in 2015 compared with 2014. / PILLSBURY ASSOCIATES AERIAL PHOTOGRAPHY/DON PILLSBURY

EAST PROVIDENCE – Capital Properties Inc. reported a 51.3 percent increase in profit in 2015, to $2.2 million, or 33 cents per share, compared with a profit of $1.4 million, or 22 cents per share, in 2014.
Capital Properties, which owns a large portion of the Capital Center Special Development District in Providence as well as a petroleum storage facility in East Providence, said in a press release this week that profit included $163,000, approximately 2 cents per share, due to a reduction in the company’s deferred tax liability. That occurred because of legislation that reduced the state corporate income tax from 9 percent to 7 percent effective Jan. 1, 2015, the company said.
While the reduction should have been reported in 2014, the company said the understatement of 2014 profit, tax rate and shareholders’ equity was not material.
Sales grew 10 percent last year to $8.5 million compared with $7.8 million in 2014, driven by increases in leasing and petroleum storage facility revenue.
Leasing revenue climbed $320,000 over the year due to scheduled rent increases under long-term land leases and increased rentals under short-term leases. Leasing expense increased $15,000 when compared with 2014 due to more repairs and maintenance at the Steeple Street building.
Petroleum storage facility revenue rose $457,000 due to Sprague Operating Resources LLC leasing the entire terminal for the full year; it leased it for eight months in 2014.
General and administrative costs grew $31,000 in 2015 compared with 2014 as a result of payroll and related expenses.
According to the company’s proxy statement, Robert H. Eder, chairman and president of Capital Properties, received $284,396 in total compensation in 2015, a 7.9 percent increase from 2014. Treasurer Barbara J. Dreyer made $216,022, 4.4 percent more than the previous year, including $15,071 paid directly to her retirement account. Todd D. Turcotte, vice president of Capital Properties, made $204,800, 4.3 percent more than last year, including $14,288 paid directly to his retirement account.

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