-----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, Nt580TnlmawGqHGIK7DPJPRHal5qeZD9oIMlr752kE/lhGnKAwAgjwaiF3Tc7kFY CLtoIUSUtYVxVF5DMtN8AA== 0001005477-01-003394.txt : 20010517 0001005477-01-003394.hdr.sgml : 20010517 ACCESSION NUMBER: 0001005477-01-003394 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010515 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010516 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: 1641726 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 15, 2001 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 15, 2001, Calprop Corporation issued a press release announcing its results of operations for the quarter ended March 31, 2001 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 15, 2001 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 16, 2000 2 FOR IMMEDIATE RELEASE Tuesday, May 15, 2001 CALPROP REPORTS FIRST QUARTER RESULTS Company Reports Net Income of $1,344,177 in First Quarter Marina Del Rey, CA, May 15, 2001 -- Calprop Corporation (OTCBB:CLPO), a California and Colorado home builder, in reporting financial results for the three month period ended March 31, 2001, today reported net income from operations for the three month period ended March 31, 2001. "For the three month period ended March 31, 2001, Calprop earned net income of $1,344,177. As a result of continued strong sales in our California and Colorado markets, our backlog increased to $52,780,000 on 133 units, up 13.9% from $46,350,000 on 148 units a year ago. Presently, Calprop is developing nine projects as compared to ten projects at this time a year ago. Both the backlog and projects under development are the basis for continued anticipated profitability," said Victor Zaccaglin, Calprop's chairman and chief executive officer. For the first quarter, Calprop's revenues were $23.7 million, an increase of $16,088,773 or 212.2% from $7.6 million of revenues in the first quarter a year ago. Income from development operations was $2,045,837 for the first quarter compared to a loss of $(322,839) in the same quarter a year ago. Net income for the first quarter of 2001 was $1,344,177 or $0.13 per share on 10,416,375 weighted average shares and common stock equivalents, compared with a net loss of $(573,085) or $(0.06) per share on 10,291,673 weighted average shares and common stock equivalents, in the same quarter a year ago. The improvement in results were primarily driven by an increase in sales revenue and improvement in income from development operations. 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. For additional information: contact: Mark F. Spiro, calprop.com email: mspiro@calprop.com (Tables Follow) CALPROP CORPORATION CONSOLIDATED BALANCE SHEETS ASSETS (Unaudited) March 31, December 2001 31, 2000 (Unaudited) ------------ ------------- Real estate development $ 91,900,512 $ 98,544,447 Other assets: Cash and cash equivalents 3,516,678 2,394,310 Deferred and other assets 6,535,343 6,535,343 Other assets 874,126 863,412 ------------ ------------- Total other assets 10,926,147 9,793,065 ------------ ------------- Total assets $102,826,659 $108,337,512 ============ ============= LIABILITIES AND STOCKHOLDERS' EQUITY Trust deeds and notes payable $ 60,966,031 $ 66,341,488 Related party notes 19,634,273 20,702,243 ------------ ------------ Total trust deeds and notes payable 80,600,304 87,043,731 Accounts payable and accrued liabilities 8,876,730 9,316,681 Warranty reserves 580,939 546,984 ------------ ------------ Total liabilities 90,057,973 96,907,396 ------------ ------------ Stockholders' equity: Common stock, no par value Authorized - 20,000,000 shares Issued and outstanding - 10,290,535 shares at March 31, 2001 and December 31, 2000, respectively 10,290,535 10,290,535 Additional paid-in capital 25,849,961 25,849,961 Deferred Compensation (105,525) (105,525) Stock Purchase Loans (525,340) (519,733) Accumulated deficit (22,740,945) (24,085,122) ------------ ------------ Total stockholders' equity 12,768,686 11,430,116 ------------ ------------ Total liabilities and stockholders' equity $102,826,659 $108,337,512 ============ ============ - more - CALPROP CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, ---------------------------- 2001 2000 ----------- ---------- Development operations: Real estate sales $23,672,136 $7,583,363 Cost of real estate sales 21,626,299 7,906,202 ----------- ---------- Income (loss) from development operations 2,045,837 (322,839) Other income 33,183 38,051 ----------- ---------- Other expenses: General and administrative expenses 734,843 636,005 Interest expense -- 16,762 ----------- ---------- Total other expenses 734,843 652,767 ----------- ---------- ----------- ---------- Minority interests -- (226,393) ----------- ---------- Income (loss) before benefit for income taxes 1,344,177 (711,162) Benefit for income taxes -- $138,077 ----------- ---------- Net income (loss) $ 1,344,177 ($573,085) =========== ========== Basic and diluted net loss per share $ 0.13 $(0.06) ======== ====== Weighted average number of common shares and common stock equivalents adjusted for stock dividends 10,416,375 10,291,673 Units Single family homes 29 33 Townhomes 39 -- -- -- Total 68 33 # # # -----END PRIVACY-ENHANCED MESSAGE-----