Texas Pacific Land Trust Second Quarter Earnings Release (Unaudited)
DALLAS--(BUSINESS WIRE)-- Texas Pacific Land Trust (NYSE:TPL):
TEXAS PACIFIC LAND TRUST REPORT OF OPERATIONS - UNAUDITED Three Months Ended June 30, 2010 June 30, 2009 Rentals, royalties and other income $ 4,912,841 $ 3,736,877 Land sales 1,567,750 523,010 Total income $ 6,480,591 $ 4,259,887 Provision for income tax $ 1,788,493 $ 1,079,902 Net income $ 3,805,534 $ 2,428,849 Net income per sub-share $ .39 $ .24 Average sub-shares outstanding during period 9,767,077 10,092,773 Six Months Ended June 30, 2010 June 30, 2009 Rentals, royalties and other income $ 8,796,919 $ 5,602,954 Land sales 1,935,070 523,010 Total income $ 10,731,989 $ 6,125,964 Provision for income tax $ 2,839,187 $ 1,531,280 Net income $ 6,248,001 $ 3,191,001 Net income per sub-share $ .64 $ .32 Average sub-shares outstanding during period 9,797,930 10,120,410
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 July 30, 2010