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, 2005 |
June 30, 2004 |
||||
| Rentals, royalties and other income | $2,770,355 | $2,124,095 | |||
Land sales | 1,294,865 | 476,152 | |||
| Total income | $4,065,220 | $2,600,247 | |||
| Provision for income tax | $1,038,379 | $ 612,085 | |||
| Net income | $2,378,203 | $1,457,736 | |||
| Net income per sub-share | $1.09 | $.65 | |||
Average sub-shares outstanding during period |
2,181,725 | 2,219,625 | |||
| Six Months Ended | |||||
|---|---|---|---|---|---|
| June 30, 2005 |
June 30, 2004 |
||||
| Rentals, royalties and other income | $5,349,616 | $4,022,740 | |||
Land sales | 1,294,865 | 815,291 | |||
| Total income | $6,644,481 | $4,838,031 | |||
| Provision for income tax | $1,618,882 | $1,082,236 | |||
| Net income | $3,730,776 | $2,635,509 | |||
| Net income per sub-share | $1.71 | $1.18 | |||
Average sub-shares outstanding during period | 2,184,337 | 2,226,951 | |||