Capital Properties, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a modest increase in revenue and profitability compared to the previous fiscal period. The company generated revenue of $1,372,000 in Q3 2024, up from $1,313,000 in Q3 2023. For the nine months ended September 30, 2024, total revenue reached $4,208,000, compared to $4,056,000 for the same period in 2023.
Income from continuing operations before income taxes for Q3 2024 was $756,000, slightly higher than $754,000 in Q3 2023. For the nine-month period, this figure increased to $2,413,000 from $2,390,000 year-over-year. Net income for Q3 2024 was $522,000, a decrease from $534,000 in Q3 2023, while net income for the nine months ended September 30, 2024, was $1,438,000, down from $1,706,000 in the prior year.
The company’s cash and cash equivalents improved to $973,000 as of September 30, 2024, compared to $652,000 at the end of 2023. Investments also saw a slight increase, totaling $1,294,000, up from $1,244,000. Retained earnings rose to $6,795,000 from $6,743,000 at the end of 2023.
Leasing revenue for the nine months ended September 30, 2024, increased by $152,000 compared to the same period in 2023, driven by contributions from Metropark and scheduled rent increases. However, leasing revenue from Lamar declined by $23,000. Operating expenses for the nine months increased by $86,000, attributed to higher professional fees, insurance costs, and repairs and maintenance. General and administrative expenses also rose by $43,000 due to increased payroll costs.
The company continues to manage its liabilities, with a reported $149,000 related to ongoing litigation as of September 30, 2024, an increase from $104,000 at the end of 2023. Additionally, the company has a financing agreement with BankRI for a revolving line of credit with a maximum capacity of $2,000,000, though no advances have been made under this line.
Capital Properties declared a quarterly dividend of $0.07 per share, with a record date of November 15, 2024, and a payment date of November 25, 2024. The company remains focused on long-term leasing operations in the Capital Center area of Providence, Rhode Island, and anticipates future developments primarily consisting of long-term ground leases.
About CAPITAL PROPERTIES INC /RI/
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.