-----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, UbrnWnpDXAwz3+81AfNv1Dl5RnTpa0qZamtAk3TmR3GoOlR4rCO5A6Pvy8MU0vtB Rx2RLBGojQlmIPrmJWMJcA== /in/edgar/work/20000816/0001005477-00-005919/0001005477-00-005919.txt : 20000922 0001005477-00-005919.hdr.sgml : 20000922 ACCESSION NUMBER: 0001005477-00-005919 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000517 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALPROP CORP CENTRAL INDEX KEY: 0000016496 STANDARD INDUSTRIAL CLASSIFICATION: [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: 704257 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 0001.txt 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 August 15, 2000, Calprop Corporation issued a press release announcing its results of operations for the quarter ended June 30, 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 August 15, 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) August 15, 2000 2 EX-99 2 0002.txt PRESS RELEASE FOR IMMEDIATE RELEASE (revised) Tuesday, August 15, 2000 CALPROP REPORTS SECOND QUARTER RESULTS Company Reports Profitable Second Quarter MARINA DEL REY, CA, August 15, 2000 -- Calprop Corporation (OTCBB:CLPO), a California and Colorado home builder, in reporting financial results for the three and six month periods ended June 30, 2000, today reported that it has earned a net profit from operations for the second quarter ended June 30, 2000. "As a result of a strong California and Colorado economies and sound projects, we achieved a net profit from operations. Additionally, our total units in backlog has increased 85.3% at 182 units, $57,440,000, as compared with 134 units, $31,100,000 as of a year ago, reflecting a continuing strong demand for our homes. Furthermore, we continue to experience substantial sales price increases in our Parc Metropolitan project in the Silicon Valley," said Victor Zaccaglin, Calprop's chairman and chief executive officer. "The company is presently building in seven locations; three in southern California, two in northern California and two in the Colorado Denver Metro area. We are pleased with our commencing construction on the 181 unit luxury apartment project in San Diego, California," Zaccaglin said. For the second quarter, Calprop's revenues were $10.2 million, a decrease of $8.2 million or 44.4% from $18.4 million of revenues in the second quarter a year ago. Income from development operations was $813,142 for the second quarter, up $301,933 or 59.1% compared to the prior year's quarter. Net income for the second quarter of 2000 was $194,656, or $0.02 per share on 10,466,778 weighted average shares and common stock equivalents, compared with net income of $74,834 or $0.01 per share on 10,602,242 weighted average shares and common stock equivalents, in the same quarter a year ago. For the year-to-date period, revenues were $17.8 million, down 32.0% from $26.2 million in 1999. The company reported a net loss of $378,429 or ($0.04) per share, for the six months ended June 30, 2000, a $781,456 decrease from the net income of $403,027, or $0.04 per share, in 1999. The decrease in net income is primarily the result of both warranty costs of the Cierra Del Lago project of approximately $650,000 recognized in the first quarter of 2000 and a $260,196 increase in general and administrative expenses from the same period a year ago. Calprop Corporation, based in Marina Del Rey, California, builds quality homes in some of the most desirable communities in both Northern and Southern California as well as the Colorado Denver Metropolitan area. The company's common stock is traded on the OTCBB under the symbol CLPO. BB. - tables follow - 3 CALPROP CORPORATION Balance Sheets (Unaudited) June 30, December 31, 2000 1999 (Unaudited) ------------ ------------ Assets: Real estate development 95,873,178 79,070,791 ------------ ------------ Total investment in real estate 95,873,178 79,070,791 Other assets: Cash and cash equivalents 966,611 1,405,663 Prepaid expenses 54,689 84,219 Deferred tax asset 6,500,000 6,500,000 Other assets 1,017,078 756,970 ------------ ------------ Total other assets 8,537,378 8,746,852 ------------ ------------ Total assets 104,411,556 87,817,643 ============ ============ Liabilities and Stockholders' Equity: Trust deeds and notes payable 66,599,892 48,216,139 Related party notes 22,355,692 24,860,032 ------------ ------------ Total trust deeds and notes payable 88,955,584 73,076,171 Accounts payable and accrued liabilities 7,573,385 6,391,621 Warranty reserves 508,981 358,287 ------------ ------------ Total liabilities 97,037,950 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 June 30, 2000 and 10,290,535 10,293,735 December 31, 1999, respectively Additional paid-in capital 25,849,961 25,849,961 Deferred compensation (167,127) (170,327) Notes receivable from common stock sale (508,272) (496,934) ------------ ------------ Accumulated deficit (28,091,491) (27,713,062) ------------ ------------ Total stockholders' equity 7,373,606 7,763,373 ============ ============ Total liabilities and stockholders' equity 104,411,556 87,817,643 ============ ============ - more - 4 CALPROP CORPORATION Statements of Operations (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, --------------------------- ---------------------------- 2000 1999 2000 1999 ------------ ------------ ------------ ------------ Development operations: Real estate sales 10,214,099 18,381,700 17,797,462 26,164,559 Cost of real estate sales 9,400,957 17,870,491 17,307,159 24,916,897 ------------ ------------ ------------ ------------ Income from development operations 813,142 511,209 490,303 1,247,662 Other income 36,822 30,536 74,873 55,739 ------------ ------------ ------------ ------------ Other expenses: General and administrative expenses 618,544 634,793 1,254,549 994,353 Interest expense 36,764 40,766 53,526 48,782 ------------ ------------ ------------ ------------ Total other expenses 655,308 675,559 1,308,075 1,043,135 ------------ ------------ ------------ ------------ Minority interests -- (208,648) (226,393) (142,761) Income (loss) before benefit of income taxes 194,656 74,834 (516,506) 403,027 ------------ ------------ ------------ ------------ Benefit for income taxes -- -- 138,077 -- ------------ ------------ ------------ ------------ Net income (loss) 194,656 74,834 ($ 378,429) 403,027 ============ ============ ============ ============ Basic and diluted net income (loss) per $ 0.02 $ 0.01 ($ 0.04) $ 0.04 ============ ============ ============ ============ share Weighted average number of common shares and common stock equivalents adjusted for stock dividends 10,466,778 10,602,242 10,291,673 10,592,513 Units single family 42 80 75 113 ------------ ------------ ------------ ------------ total 42 80 75 113
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