-----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, FgAiljNzJZuOL0NKSVJNtwIs2kG8ksO4Yn1vpwez4CsBqlwEEOAy3OIVZBq4elIz vxLH/cn/cH0bTf6+wWucqA== /in/edgar/work/0001005477-00-008072/0001005477-00-008072.txt : 20001120 0001005477-00-008072.hdr.sgml : 20001120 ACCESSION NUMBER: 0001005477-00-008072 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001114 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20001117 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: 772669 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) : November 14, 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 November 15, 2000, Calprop Corporation issued a press release announcing its results of operations for the quarter ended September 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 - ----------- ----------- 99.1 Press Release dated November 14, 2000 issued by Calprop Corporation 2 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 November 14, 2000 By: /s/ Mark F. Spiro ----------------------------------------- Mark F. Spiro Vice President/Secretary/Treasurer (Chief Financial and Accounting Officer) 3 EX-99.1 2 0002.txt CALPROP PRESS RELEASE DATED NOV. 14, 2000 IMMEDIATE RELEASE Tuesday, November 14, 2000 CALPROP REPORTS THIRD QUARTER RESULTS Company Reports $898,000 in Profits in the Third Quarter and Internet Web Broadcast of Third Quarter Results MARINA DEL REY, CA, November 14, 2000 -- Calprop Corporation (OTCBB:CLPO), a California and Colorado home builder, today reported that it has earned a net profit for both the three and nine month periods ended September 30, 2000. "For both the three and nine month periods ended September 30, 2000, Calprop recognized a profit as the Northern and Southern California and Denver Metropolitan markets continue to provide strong housing sales. We closed 56 units this quarter, leaving our total units in backlog at 147 units, $50,720,000, up 117.7% from 98 units, $23,330,000 a year ago," said Victor Zaccaglin, Calprop's chairman and chief executive officer. "We are presently building in ten different projects including two apartment projects in Milpitas and San Diego, California. Our Parc Metropolitan project in Milpitas, California began closing units this quarter which are generating considerable profits. In conjunction with this profitability, we continue to experience strong upward pressure on the sales pricing of these homes. Our main goal for 2001 is to maintain our present size while reducing the cost of equity and mezzanine capital to enhance our 2002 profitability," Zaccaglin said. For the third quarter, Calprop's revenues were $16.5 million, an increase of $794,948 or 5.1% from $15.7 million of revenues in the third quarter a year ago. Income from development operations was $1,760,022 for the third quarter, up $3,649,844 or 193.2% compared to the losses from operations of $1,889,442 in the same quarter in the prior year. Net income for the third quarter of 2000 was $897,640 or $0.09 per share on 10,477,972 weighted average shares and common stock equivalents, compared to $927,006, or $0.09 per share on 10,716,872 weighted average shares and common stock equivalents, in the same quarter a year ago. The variation in results were driven by two events in the third quarter of 1999, the recognition of an impairment of real estate under development in the amount of $2,519,521 to the Summertree Park project in Sacramento, California and the recognition of $3,400,000 in benefit for income taxes. For the year-to-date period, revenues were $34.3 million, down 18.1% from $41.9 million in 1999. Income from development operations was $2,250,325 for the nine months ended September 30, 2000, up $2,892,105 or 450.6% compared to losses from development operations of $641,780 the same period in the prior year. The company reported net income of $519,211 or $0.05 per share on 10,475,389 weighted average shares and common stock equivalents, for the nine months ended September 30, 2000, compared with $1,330,033, or $0.13 per share on 10,637,075 weighted average shares and common stock equivalents, in the same period in 1999. The variation in results were driven by two events in the third quarter of 1999, the reduction in results was primarily driven by the recognition of an impairment of real estate under development in the amount of $2,519,521 to the Summertree Park project in Sacramento, California and the company recognized $3,400,000 in benefit for income taxes. A Internet interview will be taped and replayed daily at 3:00 PM Pacific time during the week of November 17th through the 24th. Shareholders and other interested parties are invited to listen to the broadcast on Tribe Communication, Inc.'s site, at http://www.epowow.com. To hear the interview, click on the LISTEN UP button on the site during the hours of the re-broadcast. Listeners must have WinAmp Player installed in order to listen to the broadcast. WinAmp Player is available free of charge at: http://www.winamp.com/getwinamp. Should you wish to submit a question to be considered for discussion on the program, submit your question to either of the email addresses listed below. For more information on Calprop Corporation please visit their web site at www.calprop.com. CONTACT: Calprop Corporation Mark F. Spiro, 310.306.4314 (CFO and Secretary/Treasurer) Mspiro@calprop.com www.calprop.com 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 in the Denver corridor in Colorado. The company's common stock is traded on the OTCBB under the symbol CLPO.OB. - tables follow - 2 CALPROP CORPORATION Balance Sheets (Unaudited)
September 30, December 31, 2000 1998 (Unaudited) Assets: ------------- ------------ Real estate development 104,798,403 79,070,791 ------------- ------------ Total investment in real estate 104,798,403 79,070,791 Other assets: Cash and cash equivalents 2,040,252 1,405,663 Prepaid expenses 90,231 84,219 Deferred tax asset 6,233,074 6,500,000 Other assets 802,480 756,970 ------------- ------------ Total other assets 9,166,037 8,746,852 ------------- ------------ Total assets 113,964,440 87,817,643 ============= ============ Liabilities and Stockholders' Equity: Trust deeds and notes payable 73,982,281 48,216,139 Related party notes 22,694,288 24,860,032 ------------- ------------ Total trust deeds and notes payable 96,676,569 73,076,171 Accounts payable and accrued liabilities 8,548,829 6,391,621 Warranty reserves 473,526 358,287 ------------- ------------ Total liabilities 105,698,924 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 September 30, 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) Notes receivable from common stock sale (514,002) (496,934) Accumulated deficit (27,193,851) (27,713,062) ------------- ------------ Total stockholders' equity 8,265,516 7,763,373 ------------- ------------ Total liabilities and stockholders' equity 113,964,440 87,817,643 ============= ============
- more - 3 CALPROP CORPORATION Statements of Operations (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, --------------------------- --------------------------- 2000 1999 2000 1999 ---------- ---------- ---------- ---------- Development operations: Real estate sales 16,525,836 15,730,888 34,323,298 41,895,447 Cost of real estate sales 14,765,814 15,100,809 32,072,973 40,017,706 ---------- ---------- ---------- ---------- Recognition of impairment of real estate under -- (2,519,521) -- (2,519,521) Development ---------- ---------- ---------- ---------- Income (Loss) from development operations 1,760,022 (1,889,442) 2,250,325 (641,780) Other income 112,339 24,424 187,212 80,163 Other expenses: General and administrative expenses 718,548 572,261 1,973,097 1,566,614 Interest expense (40,008) 8,742 13,518 57,524 ---------- ---------- ---------- ---------- Total other expenses 678,540 581,003 1,986,615 1,624,138 Minority interests 10,000 26,973 (216,393) (115,788) Income (loss) before provision (benefit) for income taxes 1,183,821 (2,472,994) 667,315 (2,069,967) Provision (Benefit) for income taxes 286,181 (3,400,000) 148,104 (3,400,000) ---------- ---------- ---------- ---------- Net income 897,640 927,006 519,211 1,330,033 ---------- ---------- ---------- ---------- Basic and diluted net income per share $0.09 $0.09 $0.05 $0.13 ========== ========== ========== ========== Weighted average number of common shares and common stock equivalents adjusted for stock dividends 10,477,972 10,716,872 10,475,389 10,637,075 Units single family 35 67 110 180 townhomes 21 0 21 0 -- -- -- -- total 56 67 131 180
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