Exhibit 99.1
TEXAS PACIFIC LAND
TRUST
1700 Pacific Avenue
Suite 1670
Dallas, Texas 75201
__________
|
TRUSTEES: Maurice Meyer III Joe R. Clark John R. Norris III |
Telephone (214) 969-5530 |
ROY THOMAS General Agent DAVID M. PETERSON Assistant General Agent |
TEXAS PACIFIC LAND TRUST
REPORT OF OPERATIONS - - UNAUDITED
| Three Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| June 30, 2004 |
June 30, 2003 |
|||||||
| Rentals, royalties and other income | $ | 2,124,095 | $ | 1,934,117 | ||||
| Land sales | 476,152 | 650,000 | ||||||
| Total income | $ | 2,600,247 | $ | 2,584,117 | ||||
| Provision for income tax | $ | 612,085 | $ | 621,558 | ||||
| Net income | $ | 1,457,736 | $ | 1,419,138 | ||||
| Net income per sub-share | $.65 | $ | $.62 | |||||
| Average sub-shares outstanding during period | 2,219,625 | 2,292,804 | ||||||
| Six Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| June 30, 2004 |
June 30, 2003 |
|||||||
| Rentals, royalties and other income | $ | 4,022,740 | $ | 3,687,629 | ||||
| Land sales | 815,291 | 711,685 | ||||||
| Total income | $ | 4,838,031 | $ | 4,399,314 | ||||
| Provision for income tax | $ | 1,082,236 | $ | 982,021 | ||||
| Net income | $ | 2,635,509 | $ | 2,295,558 | ||||
| Net income per sub-share | $1.18 | $1.00 | ||||||
| Average sub-shares outstanding during period | 2,226,951 | 2,299,549 | ||||||