Texas Pacific Land Trust Third Quarter Earnings Release (Unaudited)
Texas Pacific Land Trust (NYSE:TPL):
TEXAS PACIFIC LAND TRUST REPORT OF OPERATIONS - UNAUDITED Three Months Ended September 30, 2010 September 30, 2009 Rentals, royalties and other income $ 3,894,375 $ 3,370,119 Land sales -- -- Total income $ 3,894,375 $ 3,370,119 Provision for income tax $ 983,502 $ 852,704 Net income $ 2,228,177 $ 1,953,700 Net income per sub-share $ .23 $ .19 Average sub-shares outstanding during 9,681,431 10,019,767 period Nine Months Ended September 30, 2010 September 30, 2009 Rentals, royalties and other income $ 12,691,294 $ 8,973,073 Land sales 1,935,070 523,010 Total income $ 14,626,364 $ 9,496,083 Provision for income tax $ 3,822,689 $ 2,383,984 Net income $ 8,476,178 $ 5,144,701 Net income per sub-share $ .87 $ .51 Average sub-shares outstanding during 9,739,570 10,070,246 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 October 28, 2010