Texas Pacific Land Trust Second Quarter Earnings Release (Unaudited)
DALLAS--(BUSINESS WIRE)-- Texas Pacific Land Trust (NYSE:TPL):
REPORT OF OPERATIONS - UNAUDITED Three Months Ended June 30, 2011 June 30, 2010 Rentals, royalties and other income $ 5,118,487 $ 4,912,841 Land sales 3,680,500 1,567,750 Total income $ 8,798,987 $ 6,480,591 Provision for income tax $ 2,596,622 $ 1,788,493 Net income $ 5,415,929 $ 3,805,534 Net income per sub-share $ .58 $ .39 Average sub-shares outstanding during period 9,432,205 9,767,077 Six Months Ended June 30, 2011 June 30, 2010 Rentals, royalties and other income $ 10,327,095 $ 8,796,919 Land sales 4,192,000 1,935,070 Total income $ 14,519,095 $ 10,731,989 Provision for income tax $ 4,122,546 $ 2,839,187 Net income $ 8,775,498 $ 6,248,001 Net income per sub-share $ .93 $ .64 Average sub-shares outstanding during period 9,460,805 9,797,930
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 28, 2011