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Capital Properties, Inc. Announces 2003 Results EAST PROVIDENCE, R.I., March 19 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. reported net income of $884,000 for the year ended December 31, 2003, resulting in a basic income per common share of $.27. For the year ended December 31, 2002, the Company had reported a net loss of $673,000. Capital Properties, Inc.'s business consists of the leasing of certain of its real estate interests in downtown Providence, Rhode Island, and locationsalong interstate and primary highways in Rhode Island and Massachusetts for outdoor advertising purposes, and the operation of its petroleum storage facilities in East Providence, Rhode Island. As previously reported, in September 2003 the Company andthe City of Providence agreed to an omnibus settlement pursuant to which the City paid the Company $1,700,000 in settlement of all litigation resulting from tax appeals filed by the Company as far back as 1995. Exclusive of this property tax settlement, revenue from leasing for 2003 was $3,190,000, an increase of $412,000 from 2002. This 15% increase was due principally to higher option payments received on leases which have been entered into by the Company with developers but which will not commence until construction begins, renewals of short-term parking leases, and the commencement of contingent rentals relating to one developed parcel. Exclusive of a $92,000 settlement of an electricity issue in the Company's parking garage with National Railroad Passenger Corporation (Amtrak) in 2002, expenses applicable to leasing remained at the 2002 level. An increase in property tax expense was offset in part by a decrease in legal fees. Revenue from petroleum storage facilities for 2003 was $2,021,000, an increase of $164,000 from 2002. This 9% increase resulted principally from higher contingent revenues due to a colder winter and higher monthly fees under an Amended Agreement entered into with Global Companies effective May 1, 2003, offset inpart by the March 31, 2003 termination of the agreement with another company for the use of the Wilkesbarre Pier. Exclusive of the $100,000 for the verdict against the Company in connection with the Wilkesbarre Pier litigation in 2002, expenses applicable to petroleum storage facilities for 2003 were $2,036,000, down $135,000 from 2002. This 6% decrease was principally due to a decrease in legal fees associated with the litigation offset in part by an increase in repairs and maintenance expense. Exclusive of $94,000 of interest on income tax refunds which the Company received in 2002, interest income remained approximately at the 2002 level ($7,000). General and administrative expenses for 2003 were $1,093,000, an increase of $95,000 from 2002.This 10% increase was due principally to higher professional fees and an increase in payroll and related costs. Financial Summary Years Ended December 31, 2003 and 2002 2003 2002 Total revenue $6,918,000 $4,738,000 Total expenses $5,458,000 $5,685,000 Income (loss) before income taxes $1,460,000 $(947,000) Net income (loss) $884,000 $(673,000) Basic income (loss) per share $ .27 $(.20) 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 (401) 435-7171 DATASOURCE: Capital Properties, Inc. CONTACT: Barbara J. Dreyer, Treasurer of Capital Properties, Inc., +1- 401-435-7171

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