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 | ||||||||
|---|---|---|---|---|---|---|---|---|
| September 30, 2004 |
September 30, 2003 | |||||||
| Rentals, royalties and other income | $ | 2,273,748 | $ | 2,071,894 | ||||
| Land sales | 19,356,335 | 583,041 | ||||||
| Total income | $ | 21,630,083 | $ | 2,654,935 | ||||
| Provision for income tax | $ | 6,788,934 | $ | 633,870 | ||||
| Net income | $ | 13,446,147 | $ | 1,506,993 | ||||
| Net income per sub-share | $6.10 | $.66 | ||||||
| Average sub-shares outstanding during period | 2,205,758 | 2,273,587 | ||||||
| Nine Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| September 30, 2004 |
September 30, 2003 | |||||||
| Rentals, royalties and other income | $ | 6,296,488 | $ | 5,759,523 | ||||
| Land sales | 20,171,626 | 1,294,726 | ||||||
| Total income | $ | 26,468,114 | $ | 7,054,249 | ||||
| Provision for income tax | $ | 7,871,170 | $ | 1,615,891 | ||||
| Net income | $ | 16,081,656 | $ | 3,802,551 | ||||
| Net income per sub-share | $7.26 | $1.66 | ||||||
| Average sub-shares outstanding during period | 2,216,268 | 2,286,303 | ||||||