Capital Properties 1Q profit rises 18.4%

EAST PROVIDENCE – For the quarter ended March 31, Capital Properties Inc. (Amex: CPI) reported an 18.4-percent increase in net income, compared with the first quarter of 2006, to $380,000 or 12 cents per common share.
Total revenue increased 13.3 percent to $1.67 million from the year-ago quarter’s $1.47 million.
Petroleum-storage revenue increased 20.8 percent to $975,000 while segment expenses rose 24.7 percent to $555,000. The company cited income and expenses from a new 175,000-barrel tank that went into service in August and legal fees from Capital’s lawsuit seeking to recover maintenance expenses for the Wilkesbarre Pier.
Leasing revenue increased 4.3 percent to $659,000; the company credited a change in the way it records income from its lease to Lamar. Segment expenses fell 19.2 percent to $138,000 as a tenant took over payment of property taxes on its parcel as of Jan. 1.
Capital Properties Inc. (Amex: CPI) and its subsidiaries operate in two segments: leasing of commercial real estate in downtown Providence and of outdoor advertising sites along highways in Rhode Island and Massachusetts; and petroleum storage at the Capital facility in East Providence.