Capital Properties, Inc. Announces First Quarter 2004 Results

Capital Properties, Inc. Announces First Quarter 2004 Results



EAST PROVIDENCE, R.I., April 30  /PRNewswire-FirstCall/ -- Today, Capital
Properties, Inc.  reported net income of $1,245,000 for the three months ended
March 31, 2004, resulting in a basic income per common share of $.38.  For the
three months ended March 31, 2003, the Company had reported a net income of
$2,000.

In the first quarter of 2004, the Company received $1,622,000 from National
Railroad Passenger Corporation (Amtrak) for the condemnation of certain of its
properties in Providence, Rhode Island in 1999 and 2001.  The Company also
received $258,000 from the City of Providence for attorneys fees.

Exclusive of the $258,000 received for the attorneys fees, for the three months
ended March 31, 2004, revenue from leasing increased $76,000 from 2003 due
principally to higher option payments received on certain leases which will not
commence until construction begins and the commencement on April 1, 2003 of
contingent rentals relating to one developed parcel.  Expenses applicable to
leasing decreased $63,000 from 2003 due principally to a decrease in property
taxes.

For the three months ended March 31, 2004, revenue from petroleum storage
facilities decreased $67,000 from 2003 resulting principally from the March 31,
2003 termination of an agreement with a company for the use of the Wilkesbarre
Pier and lower contingent revenues resulting from an Amended Agreement entered
into with Global Companies, LLC effective May 1, 2003.  The Amended Agreement
provides for higher monthly fees and a higher threshold for the calculation of
contingent fees.  Expenses applicable to petroleum storage facilities decreased
$91,000 from 2003 principally due to lower legal fees associated with the
ongoing Wilkesbarre Pier litigation and decreased insurance costs and
professional fees.

For the three months ended March 31, 2004, general and administrative expenses
remained approximately at the 2003 level.

                            Financial Summary

                Three Months Ended March 31, 2004 and 2003
                                                    2004          2003
  Income:
   Leasing revenue                                $786,000       $710,000
   Attorneys fees judgment                         258,000             --
   Petroleum storage facilities                    565,000        632,000
   Condemnation proceeds                         1,622,000             --
   Interest                                          3,000          2,000
   Total revenue                                $3,234,000     $1,344,000

  Total expenses                                $1,180,000     $1,336,000

  Income before income taxes                    $2,054,000         $8,000

  Net income                                    $1,245,000         $2,000

  Basic income per common share                       $.38           $ --



Certain written statements made in this press release may contain
"forward-looking statements" which represent the Company's expectations or
beliefs concerning future events.  Certain risks, uncertainties and other
important factors are detailed in reports filed by the Company with the
Securities and Exchange Commission, including Forms 8-K, 10-KSB and 10-QSB. The
Company cautions that these statements are further qualified by important
factors that could cause actual results to differ materially from those in the
forward-looking statements.

  CONTACT:
   Barbara J. Dreyer, Treasurer
   [phone]


DATASOURCE: Capital Properties, Inc.



CONTACT:  Barbara J. Dreyer, Treasurer of Capital Properties, Inc., +1-

401-435-7171

Copyright