-----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, TbrrUI879zE5PfeIOsdqOMMP5eDPZRRC8ZlTTwzyenERbFdXJ6E5Y5WObjAEodkZ Z8SmosfQbMs6tR1iRf/5Hg== 0001005477-99-005429.txt : 19991118 0001005477-99-005429.hdr.sgml : 19991118 ACCESSION NUMBER: 0001005477-99-005429 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991116 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALPROP CORP CENTRAL INDEX KEY: 0000016496 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 954044835 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-06844 FILM NUMBER: 99759648 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 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 16, 1999 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 16, 1999, Calprop Corporation issued a press release announcing its results of operations for the quarter ended September 30, 1999 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 16, 1999 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 16, 1999 2 EX-99 2 PRESS RELEASE IMMEDIATE RELEASE Tuesday, November 16, 1999 CALPROP REPORTS THIRD QUARTER RESULTS Company Reports $927,000 in Profits in the Third Quarter MARINA DEL REY, CA, November 16, 1999 -- 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, 1999. "For both the three and nine month periods ended September 30, 1999, Calprop recognized a profit for the sixth quarter in succession as the Northern and Southern California and Denver Metropolitan markets continue to provide strong housing sales. Though we closed 67 units this quarter, our total units in backlog remain high at 98 units, $23,330,000, down 21.8% from 138 units, $29,835,000 a year ago," said Victor Zaccaglin, Calprop's chairman and chief executive officer. "We are presently building in ten different projects which does not include two apartment projects in Milpitas and San Diego, California, that we plan on starting construction later this year. We just acquired a 105 lot subdivision in Murrietta, California in which we intend to build our highly successful Montserrat product. All this construction has led to the determination of the Company's ability to earn $20,500,000 in aggregate taxable income in future years and is the impetus for recognizing the $3,400,000 in benefit for income taxes this quarter," Zaccaglin said. For the third quarter, Calprop's revenues were $15.7 million, an increase of $3.7 million or 30.9% from $12.0 million of revenues in the third quarter a year ago. Losses from development operations were $1,889,442 for the third quarter, down $3,012,126 or 268.3% compared to the income from operations of $1,122,684 in the same quarter in the prior year. Net income for the third quarter of 1999 was $927,006 or $0.09 per share on 10,716,872 weighted average shares and common stock equivalents, compared to $2,896,652, or $0.27 per share on 10,607,036 weighted average shares and common stock equivalents, in the same quarter a year ago. The variation in results were 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. Additionally, the company recognized $3,400,000 in benefit for income taxes. For the year-to-date period, revenues were $41.9 million, up 86.5% from $22.5 million in 1998. Losses from development operations was $641,780 for the nine months ended September 30, 1999, down $2,381,953 or 136.9% compared to income from development operations of $1,740,173 the same period in the prior year. The company reported net income of $1,330,033 or $0.13 per share on 10,637,075 weighted average shares and common stock equivalents, for the nine months ended September 30, 1999, compared with $2,508,156, or $0.24 per share on 10,310,044 weighted average shares and common stock equivalents, in the same period in 1998. 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. Additionally, the company recognized $3,400,000 in benefit for income taxes. 3 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. - tables follow - CALPROP CORPORATION Balance Sheets (Unaudited) September 30, December 31, 1999 1998 ----------- ----------- Assets: Real estate development 64,696,125 65,282,197 ----------- ----------- Total investment in real estate 64,696,125 65,282,197 Other assets: Cash and cash equivalents 1,251,653 1,590,403 Prepaid expenses 98,974 88,775 Deferred tax asset 8,200,000 4,800,000 Other assets 2,113,083 760,514 ----------- ----------- Total other assets 11,663,710 7,239,692 ----------- ----------- Total assets 76,359,835 72,521,889 =========== =========== ----------- ----------- Liabilities and Stockholders' Equity: Trust deeds and notes payable 40,718,116 37,524,507 Related party notes 19,927,920 20,870,286 ----------- ----------- Total trust deeds and notes payable 60,646,036 58,394,793 Accounts payable and accrued liabilities 5,464,437 5,056,010 Warranty reserves 353,673 284,624 ----------- ----------- Total liabilities 66,464,146 63,735,427 Minority interest 118,516 326,941 Stockholders' equity: Common stock, no par value Authorized - 20,000,000 shares Issued and outstanding - 10,279,935 and 10,284,135 shares at September 30, 1999 and December 31, 1998, respectively 10,279,935 10,284,135 Additional paid-in capital 25,850,818 25,851,130 Deferred compensation (231,930) (241,130) Notes receivable from common stock sale (491,203) (474,134) Accumulated deficit (25,630,447) (26,960,480) ----------- ----------- Total stockholders' equity 9,777,173 8,459,521 ----------- ----------- Total liabilities and stockholders' equity 76,359,835 72,521,889 =========== =========== - more - 4 CALPROP CORPORATION Statements of Operations (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, -------------------------- -------------------------- 1999 1998 1999 1998 ----------- ----------- ----------- ----------- Development operations: Real estate sales 15,730,888 12,020,548 41,895,447 22,458,812 Cost of real estate sales 15,100,809 10,897,864 40,017,706 20,718,639 ----------- ----------- ----------- ----------- 630,079 1,122,684 1,877,741 1,740,173 Recognition of impairment of real estate under Development (2,519,521) -- (2,519,521) -- ----------- ----------- ----------- ----------- (Loss) income from development operations (1,889,442) 1,122,684 (641,780) 1,740,173 Other income 24,424 12,181 80,163 59,532 Other expenses: General and administrative expenses 572,261 453,301 1,566,614 1,285,798 Interest expense 8,742 23,260 57,524 129,313 ----------- ----------- ----------- ----------- Total other expenses 581,003 476,561 1,624,138 1,415,111 Minority interests 26,973 91,652 (115,788) 206,438 (Loss) income before benefit for income taxes (2,472,994) 566,652 (2,069,967) 178,156 Benefit for income taxes (3,400,000) (2,330,000) (3,400,000) (2,330,000) ----------- ----------- ----------- ----------- Net income 927,006 2,896,652 1,330,033 2,508,156 ----------- ----------- ----------- ----------- Basic and diluted net income per share $0.09 $0.27 $0.13 $0.24 ===== ===== ===== ===== Weighted average number of common shares and common stock equivalents adjusted for stock dividends 10,716,872 10,607,036 10,637,075 10,310,044 Units single family 67 60 180 112 townhomes 0 0 0 0 - - - - total 67 60 180 112
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