-----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, R+lppEWfp2yf/Mh35NDmZKsY1AVMZ9Si0NbyWEuMvx32se7+M+qe7uZFGo73pS6Y KmwoqS1iZwJ3bqB2g6d9Ig== 0001005477-01-500399.txt : 20010810 0001005477-01-500399.hdr.sgml : 20010810 ACCESSION NUMBER: 0001005477-01-500399 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010808 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20010809 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: 1934 Act SEC FILE NUMBER: 001-06844 FILM NUMBER: 1701867 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 d01-34076.txt 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) : August 8, 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 August 8, 2001, Calprop Corporation issued a press release announcing its results of operations for the quarter ended June 30, 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 August 8, 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) August 9, 2001 2 EX-99 3 ex99.txt PRESS RELEASE FOR 8am pst RELEASE Wednesday, August 8, 2001 CALPROP REPORTS SECOND QUARTER RESULTS Company Reports Profitable Second Quarter MARINA DEL REY, CA, August 8, 2001 -- Calprop Corporation (OTCBB:CLPO), a California and Colorado home builder, in reporting financial results for the three and six month periods ended June 30, 2001, today reported that it has earned a net profit from operations for the second quarter ended June 30, 2001. "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 decreased 44.4% at 87 units, $31,920,000, as compared with 182 units, $57,440,000 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 $26.8 million, an increase of $16.5 million or 162.0% from $10.2 million of revenues in the second quarter a year ago. Income from development operations was $2,380,158 for the second quarter, up $1,567,016 or 192.7% compared to the prior year's quarter. Net income for the second quarter of 2001 was $1,724,075 or $0.17 per share on 10,447,676 weighted average shares and common stock equivalents for dilutive net income, compared with net income of $194,656 or $0.02 per share on 10,466,778 weighted average shares and common stock equivalents for dilutive net income, in the same quarter a year ago. For the year-to-date period, revenues were $50.4 million, up 183.4% from $17.8 million in 2000. The company reported net income of $3,068,252 or $0.17 per share, for the six months ended June 30, 2001, a $3,446,681 increase from the net loss of $(378,429), or $(0.04) per share, in 2000. The increase in net income is primarily the result of both the increase in number of units closed and the higher profit margins in Parc Metropolitan and Parkland Farms. 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. - tables follow - 3 CALPROP CORPORATION Balance Sheets (Unaudited)
June 30, 2001 December 31, (Unaudited) 2000 ------------ ------------ Assets: Real estate development 88,864,348 98,544,447 ------------ ------------ Total investment in real estate 88,864,348 98,544,447 Other assets: Cash and cash equivalents 3,819,338 2,394,310 Deferred tax asset 6,535,343 6,535,343 Other assets 852,295 863,412 ------------ ------------ Total other assets 11,207,376 9,793,065 ------------ ------------ Total assets 100,071,724 108,337,512 ============ ============ Liabilities and Stockholders' Equity: Trust deeds and notes payable 58,046,577 66,341,488 Related party notes 19,946,568 20,702,243 ------------ ------------ Total trust deeds and notes payable 77,993,145 87,043,731 Accounts payable and accrued liabilities 7,011,559 9,316,681 Warranty reserves 579,928 546,984 ------------ ------------ Total liabilities 85,584,632 96,907,396 Stockholders' equity: Common stock, no par value Authorized - 20,000,000 shares Issued and outstanding - 10,290,535 shares at June 30, 2001 and December 31, 2000 10,290,535 10,290,535 Additional paid-in capital 25,849,961 25,849,961 Deferred compensation (105,525) (105,525) Notes receivable from common stock sale (531,009) (519,733) ------------ ------------ Accumulated deficit (21,016,870) (24,085,122) ------------ ------------ Total stockholders' equity 14,487,092 11,430,116 ============ ============ Total liabilities and stockholders' equity 100,071,724 108,337,512 ============ ============
- more - 4 CALPROP CORPORATION Statements of Operations (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, ---------------------------- ----------------------------- 2001 2000 2001 2000 ----------- ---------- ----------- ----------- Development operations: Real estate sales 26,757,550 10,214,099 50,429,686 17,797,462 Cost of real estate sales 24,377,392 9,400,957 46,003,691 17,307,159 ----------- ---------- ----------- ----------- Income from development operations 2,380,158 813,142 4,425,995 490,303 Other income 37,436 36,822 70,619 74,873 ----------- ---------- ----------- ----------- Other expenses: General and administrative expenses 695,344 618,544 1,430,187 1,254,549 Interest expense -- 36,764 -- 53,526 ----------- ---------- ----------- ----------- Total other expenses 695,344 655,308 1,430,187 1,308,075 ----------- ---------- ----------- ----------- Minority interests (1,825) -- (1,825) (226,393) Income (loss) before benefit of income taxes 1,724,075 194,656 3,068,252 (516,506) ----------- ---------- ----------- ----------- Benefit for income taxes -- -- -- (138,077) ----------- ---------- ----------- ----------- Net income (loss) 1,724,075 194,656 3,068,252 (378,429) =========== ========== =========== =========== Basic net income (loss) per share $0.17 $0.02 $0.30 ($0.04) ===== ===== ===== ====== Diluted net income (loss) per share $0.17 $0.02 $0.29 ($0.04) ===== ===== ===== ====== Weighted average number of common shares and common stock equivalents for dilutive net income 10,447,676 10,466,778 10,483,432 10,291,673 Units single family 76 42 144 75 -- -- --- -- total 76 42 144 75
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