Capital Properties Inc. reported net income of $884,000 for the year ending December 31, 2003, resulting in a basic income per common share of 27 cents. In 2002, the company had reported a net loss of $673,000.
East Providence-based Capital Properties’ business consists of leasing a portion of its real estate interests in downtown Providence and locations along interstates and primary highways in Rhode Island and Massachusetts for outdoor advertising purposes.
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In September 2003, Capital Properties and the city of Providence agreed to an omnibus settlement pursuant to which the city paid the company $1,700,000 in a settlement of all litigation resulting from tax appeals filed as far back as 1995.
