Texas Pacific Land Trust Third Quarter Earnings Release (Unaudited)
DALLAS--(BUSINESS WIRE)-- Texas Pacific Land Trust (NYSE:TPL):
TEXAS PACIFIC LAND TRUST REPORT OF OPERATIONS - UNAUDITED Three Months Ended September 30, 2009 September 30, 2008 Rentals, royalties and other income $ 3,370,119 $ 5,849,778 Land sales -- 184,400 Total income $ 3,370,119 $ 6,034,178 Provision for income tax $ 852,704 $ 1,566,566 Net income $ 1,953,700 $ 3,593,514 Net income per sub-share $ .19 $ .35 Average sub-shares outstanding during 10,019,767 10,367,017 period Nine Months Ended September 30, 2009 September 30, 2008 Rentals, royalties and other income $ 8,973,073 $ 15,681,963 Land sales 523,010 823,440 Total income $ 9,496,083 $ 16,505,403 Provision for income tax $ 2,383,984 $ 4,345,657 Net income $ 5,144,701 $ 9,741,893 Net income per sub-share $ .51 $ .94 Average sub-shares outstanding during 10,070,246 10,406,889 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, 2009