-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hdd0M1tG0rRXesrOJtIrm8fm16BIz+7cFAnzxE5sj+wpckTs9Lw8oecD+A6ELKr6 6MK9F25sa+iKwQVzVbnJwQ== 0001005477-00-004298.txt : 20000524 0001005477-00-004298.hdr.sgml : 20000524 ACCESSION NUMBER: 0001005477-00-004298 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000517 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000523 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALPROP CORP CENTRAL INDEX KEY: 0000016496 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 954044835 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-06844 FILM NUMBER: 641794 BUSINESS ADDRESS: STREET 1: 13160 MINDANAO WAY STREET 2: STE 180 CITY: MARINA DEL REY STATE: CA ZIP: 90292 BUSINESS PHONE: 3103064314 MAIL ADDRESS: STREET 1: 13160 MINDANAO WAY STREET 2: STE 180 CITY: MARINA DEL REY STATE: CA ZIP: 90292 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8 - K Current Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported) : May 17, 2000 CALPROP CORPORATION (Exact name of registrant as specified in its charter) California 1-6844 95-4044835 - ------------------------------- ----------------------- ------------------- (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation or organization) Identification No.) 13160 Mindanao Way, Suite 180, Marina Del Rey, California 90292 - --------------------------------------------------------- --------- (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) (310) 306-4314 -------------- Not Applicable Former name, former address and former fiscal year, if changed since last report.) ITEM 5. OTHER EVENTS. On May 17, 2000, Calprop Corporation issued a press release announcing its results of operations for the quarter ended March 31, 2000 and discussing certain other matters. The press release is filed as an exhibit hereto. ITEM 7. EXHIBITS. The following exhibits are filed with this current report on Form 8 - K: Exhibit No. Description ----------- ----------- 99 Press Release dated May 17, 2000 issued by Calprop Corporation SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CALPROP CORPORATION By: /s/ Mark F. Spiro . ---------------------------------------- Mark F. Spiro Vice President/Secretary/Treasurer (Chief Financial and Accounting Officer) May 17, 2000 2 EX-99 2 PRESS RELEASE FOR IMMEDIATE RELEASE Wednesday, May 17, 2000 CALPROP REPORTS FIRST QUARTER RESULTS Company Reports $573,085 Loss in First Quarter Marina Del Rey, CA, May 17, 2000 -- Calprop Corporation (OTCBB:CLPO), a California and Colorado home builder, in reporting financial results for the three month period ended March 31, 2000, today reported that it has incurred a net loss from operations for the three month period ended March 31, 2000. "For the three month period ended March 31, 2000, Calprop recognized a net loss of $(573,085). As a result of continued robust sales in our Northern California and Colorado markets, our backlog increased to 158 units, $46,350,000, up 41.5% from 145 units, $32,750,000, a year ago. Presently, Calprop is developing ten projects as compared to ten projects at this time a year ago. Both the backlog and projects under development are the basis for anticipated profitability," said Victor Zaccaglin, Calprop's chairman and chief executive officer. For the first quarter, Calprop's revenues were $7.6 million, a decrease of $199,496 or 2.6% from $7.8 million of revenues in the first quarter a year ago. A loss from development operations was $(322,839) for the first quarter compared to income of $736,453 in the same quarter a year ago. A net loss for the first quarter of 2000 was $(573,085) or $(0.06) per share on 10,291,673 weighted average shares and common stock equivalents, compared with a net income of $328,193, or $0.03 per share on 10,582,745 weighted average shares and common stock equivalents, in the same quarter a year ago. The reduction in results were primarily driven by a reduction in construction gross margin, $500,000 in recognized warranty costs, $153,935 loss on the sale of land, and an increase of $276,445 in general and administrative expenses from the same period in the previous year. Calprop Corporation, based in Marina Del Rey, California, builds quality homes in some of the most desirable communities in both Northern and Southern California and Colorado. The Company's common stock is traded on the OTCBB under the symbol CLPO.OB. For additional information: contact: Mark F. Spiro, clpo.com email: markspiro@mindspring.com (Tables Follow) 3 CALPROP CORPORATION CONSOLIDATED BALANCE SHEETS ASSETS (Unaudited) March 31, 2000 December 31, (Unaudited) 1999 ------------ ----------- Real estate development $86,005,858 $79,070,791 Other assets: Cash and cash equivalents 953,862 1,405,663 Prepaid expenses 69,454 84,219 Deferred and other assets 6,500,000 6,500,000 Other assets 798,227 756,970 ----------- ----------- Total other assets 8,321,543 8,746,852 ----------- ----------- Total assets $94,327,401 $87,817,643 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Trust deeds and notes payable $55,106,332 $48,216,139 Related party notes 24,194,797 24,860,032 ----------- ----------- Total trust deeds and notes payable 79,301,129 73,076,171 Accounts payable and accrued liabilities 7,368,062 6,391,621 Warranty reserves 473,591 358,287 ----------- ----------- Total liabilities 87,142,782 79,826,079 ----------- ----------- Minority interest -- 228,191 Stockholders' equity: Common stock, no par value Authorized - 20,000,000 shares Issued and outstanding - 10,290,535 and 10,293,735 shares at March 31, 2000 and December 31, 1999, respectively 10,290,535 10,293,735 Additional paid-in capital 25,849,961 25,849,961 Deferred Compensation (167,127) (170,327) Stock Purchase Loans (502,603) (496,934) Accumulated deficit (28,286,147) (27,713,062) ----------- ----------- Total stockholders' equity 7,184,619 7,763,373 ----------- ----------- Total liabilities and stockholders equity $94,327,401 $87,817,643 =========== =========== - more - 4 CALPROP CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, ----------------------------- 2000 1999 ------------ ------------ Development operations: Real estate sales $ 7,583,363 $ 7,782,859 Cost of real estate sales 7,906,202 7,046,406 ------------ ------------ Income (loss) from development operations (322,839) 736,453 Other income 38,051 25,203 ------------ ------------ Other expenses: General and administrative expenses 636,005 359,560 Interest expense 16,762 8,016 ------------ ------------ Total other expenses 652,767 367,576 ------------ ------------ ------------ ------------ Minority interests (226,393) 65,887 ------------ ------------ (Loss) income before benefit for income taxes (711,162) 328,193 Benefit for income taxes 138,077 -- ------------ ------------ Net (loss) income ($ 573,085) $ 328,193 ============ ============ Basic and diluted net loss per share $(0.06) $0.03 ============ ============ Weighted average number of common shares and common stock equivalents adjusted for stock dividends 10,291,673 10,582,745 Units Single family homes 33 33 Townhomes -- -- ------------ ------------ Total 33 33 # # # 5 -----END PRIVACY-ENHANCED MESSAGE-----