Exhibit 99.1
TEXAS PACIFIC LAND
TRUST
1700 Pacific Avenue
Suite 1670
Dallas, Texas 75201
__________
TRUSTEES:
Telephone (214) 969-5530
ROY THOMAS
Maurice Meyer III
General Agent
Joe R. Clark
John R. Norris III
DAVID M. PETERSON
Assistant General Agent
TEXAS PACIFIC LAND TRUST
REPORT OF OPERATIONS - - UNAUDITED
| Three Months Ended |
||||||||
|---|---|---|---|---|---|---|---|---|
| December 31, 2003 |
December 31, 2002 | |||||||
| Rentals, royalties and other income | $ | 2,564,615 | $ | 1,662,441 | ||||
| Land sales | 334,465 | 2,342,928 | ||||||
| Total income | $ | 2,899,080 | $ | 4,005,369 | ||||
| Provision for income tax | $ | 649,201 | $ | 1,074,058 | ||||
| Net income | $ | 1,527,600 | $ | 2,276,937 | ||||
| Net income per sub-share | $.68 | $.98 | ||||||
| Average sub-shares outstanding during period | 2,256,427 | 2,325,320 | ||||||
Year Ended |
||||||||
|---|---|---|---|---|---|---|---|---|
| December 31, 2003 |
December 31, 2002 | |||||||
| Rentals, royalties and other income | $ | 8,324,138 | $ | 6,071,314 | ||||
| Land sales | 1,629,191 | 3,050,784 | ||||||
| Total income | $ | 9,953,329 | $ | 9,122,098 | ||||
| Provision for income tax | $ | 2,265,092 | $ | 2,192,834 | ||||
| Net income | $ | 5,330,151 | $ | 4,900,786 | ||||
| Net income per sub-share | $2.34 | $2.09 | ||||||
| Average sub-shares outstanding during period | 2,274,212 | 2,347,467 | ||||||