-----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, GhWfDb3Zdx+Mjj8Ax1rWejwIh99gVU/BIeKdePN+V49e+1Hno3Xk2zn9JFxFC8l3 P1bVT+T4Zun9k8dlRTcRnA== 0001005477-01-502075.txt : 20020411 0001005477-01-502075.hdr.sgml : 20020411 ACCESSION NUMBER: 0001005477-01-502075 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011114 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20011119 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: 1795293 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 d01-35254.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, 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 14, 2001, Calprop Corporation issued a press release announcing its results of operations for the quarter ended September 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 November 14, 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) November 19, 2001 2 EX-99 3 ex-99.txt PRESS RELEASE IMMEDIATE RELEASE Wednesday, November 14, 2001 CALPROP REPORTS THIRD QUARTER RESULTS Company Reports $927,000 in Losses in the Third Quarter MARINA DEL REY, CA, November 14, 2001 -- Calprop Corporation (OTCBB:CLPO), a California and Colorado home builder, today reported that it has incurred a net loss for the three month period and a net profit for the nine month period ended September 30, 2001. "For the three month period and nine month periods ended September 30, 2001, Calprop recognized a net loss and net profit, respectively, as the Northern and Southern California and Denver Metropolitan markets show signs of a weakening in housing sales. We closed 46 units this quarter, leaving our total units in backlog at 59 units, $20,400,000, down 59.8% from 147 units, $50,720,000 a year ago," said Victor Zaccaglin, Calprop's chairman and chief executive officer. "We continue to build nine different projects including two apartment projects in Milpitas and San Diego, California. Overall, we have seen a slow down in sales of our units in all our markets except Montserrat Classics in Murrieta, California, though sales are maintaining a moderate rate. Given the present recessionary climate, our focus is on both reducing overhead and paying down debt. We believe, in this way, we can position ourselves on a strong footing from which to proceed in Spring 2002," Zaccaglin said. For the third quarter, Calprop's revenues were $18.9 million, an increase of $2,354,164 or 13.8% from $16.7 million of revenues in the third quarter a year ago. Income from development operations was $173,438 for the third quarter, down $1,585,584 or 90.1% compared to the income from operations of $1,760,022 in the same quarter in the prior year. Net losses for the third quarter of 2001 were ($833,428) or ($0.08) per share on 10,285,284 weighted average shares and common stock equivalents, compared to net income of $897,640, or $0.09 per share on 10,477,972 weighted average shares and common stock equivalents, in the same quarter a year ago. The variation is the result of the recognition of an impairment of real estate under development in the amount of $2,018,088 to the Creekside at Mockingbird Canyon project in Riverside County, California. This impairment was incurred due to the slow pace of sales and the resultant increase in carrying costs, most significantly, financing costs. For the year-to-date period, revenues were $69.3 million, up 101.9% from $34.3 million in 2000. Income from development operations was $4,599,433 for the nine months ended September 30, 2001, up $2,349,108 or 104.4%, compared to income from development operations of $2,250,325 the same period in the prior year. The company reported net income of $2,234,824 or $0.22 per share on 10,441,222 weighted average shares and common stock equivalents, for the nine months ended September 30, 2001, compared with $519,211 or $0.05 per share on 10,475,389 weighted average shares and common stock equivalents, in the same period in 2000. The variation in results were driven by two events, the recognition of an impairment of real estate under development in the amount of $2,018,088 to the Creekside at Mockingbird Canyon project in Riverside County, California and the increase in sales revenue. 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 3 the Colorado Denver Metropolitan area. The company's common stock is traded on the OTCBB under the symbol CLPO. - tables follow - 4 CALPROP CORPORATION Balance Sheets (Unaudited)
September 30, 2001 December 31, (Unaudited) 2000 ------------ ------------ Assets: Real estate development 88,468,000 98,544,447 ------------ ------------ Total investment in real estate 88,468,000 98,544,447 Other assets: Cash and cash equivalents 4,216,860 2,394,310 Deferred tax asset 6,535,343 6,535,343 Other assets 899,013 863,412 ------------ ------------ Total other assets 11,651,216 9,793,065 ------------ ------------ Total assets 100,119,216 108,337,512 ============ ============ Liabilities and Stockholders' Equity: Trust deeds and notes payable 55,352,665 66,341,488 Related party notes 23,679,170 20,702,243 ------------ ------------ Total trust deeds and notes payable 79,031,835 87,043,731 Accounts payable and accrued liabilities 6,838,181 9,316,681 Warranty reserves 624,330 546,984 ------------ ------------ Total liabilities 86,494,346 96,907,396 Stockholders' equity: Common stock, no par value Authorized - 20,000,000 shares Issued and outstanding - 10,267,635 and 10,290,535 shares, respectively, at September 30, 2001 and December 31, 2000 10,267,635 10,290,535 Additional paid-in capital 25,844,571 25,849,961 Deferred compensation (105,525) (105,525) Notes receivable from common stock sale (531,513) (519,733) ------------ ------------ Accumulated deficit (21,850,298) (24,085,122) ------------ ------------ Total stockholders' equity 13,624,870 11,430,116 ------------ ------------ ============ ============ Total liabilities and stockholders' equity 100,071,724 108,337,512 ============ ============
- more - 5 CALPROP CORPORATION Statements of Operations (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, --------------------------- -------------------------- 2001 2000 2001 2000 ------------ ----------- ----------- ----------- Development operations: Real estate sales 18,880,000 16,525,836 69,309,686 34,323,298 Cost of real estate sales 16,688,474 14,765,814 62,692,165 32,072,973 ------------ ----------- ----------- ----------- 2,191,526 1,760,022 6,617,521 2,250,325 ------------ ----------- ----------- ----------- Recognition of Impairment of real estate under development (2,018,088) -- (2,018,088) -- ------------ ----------- ----------- ----------- Income from development operations 173,438 1,760,022 4,599,433 2,250,325 Other income 73,412 112,339 144,031 187,212 ------------ ----------- ----------- ----------- Other expenses: General and administrative expenses 874,734 718,548 2,304,921 1,973,097 Interest expense -- (40,008) -- 13,518 ------------ ----------- ----------- ----------- Total other expenses 874,734 678,540 2,304,921 1,986,615 ------------ ----------- ----------- ----------- Minority interests -- 10,000 (1,825) (216,393) Income (loss) before income tax expense (627,884) 1,183,821 2,440,368 667,315 Income tax expense 205,544 286,181 205,544 148,104 ------------ ----------- ----------- ----------- Net income (loss) ($ 833,428) 897,640 2,234,824 519,211 ============ =========== =========== =========== Basic net income (loss) per share ($ 0.08) $ 0.09 $ 0.22 $ 0.05 ============ =========== =========== =========== Diluted net income (loss) per share ($ 0.08) $ 0.09 $ 0.21 $ 0.05 ============ =========== =========== =========== Weighted average number of common shares and common stock equivalents for dilutive net income 10,285,284 10,477,972 10,441,222 10,475,389 Units single family 46 56 190 131 ------------ ----------- ----------- ----------- total 46 56 190 131
# # # 6 -----END PRIVACY-ENHANCED MESSAGE-----