Texas Pacific Land Trust Fourth Quarter Earnings Release (Unaudited)
DALLAS--(BUSINESS WIRE)-- Texas Pacific Land Trust (NYSE:TPL):
TEXAS PACIFIC LAND TRUST REPORT OF OPERATIONS - UNAUDITED Three Months Ended December 31, 2010 December 31, 2009 Rentals, royalties and other income $ 4,662,308 $ 3,642,204 Land sales 803,000 -- Total income $ 5,465,308 $ 3,642,204 Provision for income tax $ 1,292,781 $ 746,736 Net income $ 2,832,533 $ 1,769,342 Net income per sub-share $ .30 $ .18 Average sub-shares outstanding during 9,590,444 9,938,380 period Year Ended December 31, 2010 December 31, 2009 Rentals, royalties and other income $ 17,353,602 $ 12,615,277 Land sales 2,738,070 523,010 Total income $ 20,091,672 $ 13,138,287 Provision for income tax $ 5,115,470 $ 3,130,720 Net income $ 11,308,711 $ 6,914,043 Net income per sub-share $ 1.17 $ .69 Average sub-shares outstanding during 9,679,921 10,018,028 period
This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the Trust's future operations and prospects, the markets for real estate in the areas in which the Trust owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competition, management's intent, beliefs or current expectations with respect to the Trust's future financial performance and other matters. We assume no responsibility to update any such forward-looking statements.
Source: Texas Pacific Land Trust
Released January 31, 2011