-----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, TVqiamPmEjdPuR0Ls7QpYYhLPqyC+5/Ag6ylvitnTOc4d6D/YvzSL7zU9DMEzJRh JQKcxXkBn2vejTbdRni8Cw== 0001047469-98-030080.txt : 19980812 0001047469-98-030080.hdr.sgml : 19980812 ACCESSION NUMBER: 0001047469-98-030080 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980803 ITEM INFORMATION: FILED AS OF DATE: 19980810 SROS: NASD 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: 98680666 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 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) AUGUST 3, 1998 CALPROP CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) CALIFORNIA 1-6844 95-4044835 (STATE OR OTHER JURISDICTION (COMMISSION FILE NO.) (IRS EMPLOYER OF INCORPORATION) IDENTIFICATION NO.) 13160 MINDANAO WAY, SUITE 180, MARINA DEL REY, CA 90292 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE) (310) 306-4314 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) NOT APPLICABLE (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT) ITEM 5. OTHER EVENTS Attached hereto as Exhibit 99 is a Press Release announcing Calprop Corporation's financial results for the three and six month periods ended June 30, 1998. SIGNATURE 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 10, 1998 -2- FOR RELEASE Monday, August 3, 1998 CALPROP REPORTS SECOND QUARTER RESULTS Company Reports Profitable Second Quarter ----------------------------------------- MARINA DEL REY, CA, August 3, 1998 - Calprop Corporation (OTCBB:CLPO), a California home builder, in reporting financial results for the three and six month periods ended June 30, 1998, today reported that it has earned a net profit from operations. "As a result of a strong California economy and sound projects, we were able to finally achieve a net profit from operations for the first time since 1989. We are obviously pleased to report this long anticipated event to our shareholders. Furthermore, our total units in backlog increased five fold to 151 units, $31,700,000, from 30 units, $6,200,000, a year ago, reflecting a continuing strong demand for our homes," said Victor Zaccaglin, Calprop's chairman and chief executive officer. "The company is presently building in six locations; three in southern California, two in northern California and one in Colorado. We plan on closing escrow on three new properties within the next ninety days; one in northern California, Parc Metropolitan, 386 units in Milpitas and the other two in Colorado, Saddlerock, 94 lots in Aurora and Templeton Heights, 137 lots in Colorado Springs," Zaccaglin said. For the second quarter, Calprop's revenues were $7.6 million, as compared with $9.1 million of revenues in the second quarter a year ago. Income from development operations was $699,992 as compared to $32,462 a year ago. Net income was $105,667, or $0.01 per share on 10,438,423 weighted average shares and common stock equivalents, compared with a net loss of ($517,150), or ($0.06) per share on 9,223,932 weighted average shares and common stock equivalents, in the same quarter a year ago. For the year-to-date period, revenues were $10.4 million, down 26.6% from $14.2 million in 1997. The company reported a net loss of $388,496, or $(0.04) per share, for the six months ended June 30, 1998, a $621,380 decrease from the net loss of $1,009,876, or ($0.11) per share, in 1997. The decrease in net loss is primarily the result of an increase in the contribution margin to 5.92% from 0.24% and the reduction in investment property holding costs of $151,200 from the same period a year ago. 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 Colorado. The company's common stock is traded on the OTCBB under the symbol CLPO. -3- CALPROP CORPORATION BALANCE SHEETS (UNAUDITED)
JUNE 30, DECEMBER 31, ASSETS 1998 1997 ------ --------------- --------------- Real estate development 34,861,932 26,325,978 Investment in land 2,975,982 2,975,982 --------------- --------------- Total investment in real estate 37,837,914 29,301,960 OTHER ASSETS Cash and cash equivalents 2,978,245 1,100,028 Prepaid expenses 0 23,149 Deferred and other assets 545,830 531,665 --------------- --------------- Total other assets 3,524,075 1,654,842 --------------- --------------- Total assets 41,361,989 30,946,802 ---------- ---------- ---------- ---------- --------------- --------------- LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Trust deeds and notes payable 12,205,350 6,713,809 Related party notes 17,035,925 12,718,829 --------------- --------------- Total trust deeds and notes payable 29,241,275 19,432,638 Community facilities district special tax bonds 2,336,544 2,336,544 Accounts payable and accrued liabilities 4,957,341 3,954,885 Warranty reserves 279,885 288,278 --------------- --------------- Total liabilities 36,815,045 26,012,345 Minority interest 1,872,191 2,187,847 Stockholders' equity Common stock, no par value Authorized - 20,000,000 shares Issued and outstanding - 10,154,785 and 9,304,785 shares at March 31, 1998 and December 31, 1997, respectively 10,154,785 9,304,785 Additional paid-in capital 25,791,358 25,886,906 Deferred compensation (106,595) (106,595) Notes receivable from common stock sale (447,813) --------------- --------------- Accumulated deficit (32,716,982) (32,328,486) --------------- --------------- Total stockholders' equity 2,674,753 2,756,610 --------------- --------------- Total liabilities and stockholders' equity 41,361,989 30,956,802 ---------- ---------- ---------- ---------- --------------- ---------------
-4- CALPROP CORPORATION STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ----------------------------------------------------------------------------- 1998 1997 1998 1997 -------------- -------------- -------------- -------------- Development operations: Real estate sales 7,632,478 9,085,987 10,438,264 14,230,482 Cost of real estate sales 6,932,486 9,053,525 9,820,775 14,196,813 -------------- -------------- -------------- -------------- Income from development operations 699,992 32,462 617,489 33,669 Other income 11,370 27,946 47,351 35,332 -------------- -------------- -------------- -------------- Other expenses: General and administrative expenses 446,521 465,299 832,497 803,842 Interest expense 37,486 40,916 106,053 128,092 Investment property holding costs - 75,600 - 151,200 -------------- -------------- -------------- -------------- Total other expenses 484,007 581,815 938,550 1,083,134 -------------- -------------- -------------- -------------- Minority interests 121,688 (4,257) 114,786 (4,257) -------------- -------------- -------------- -------------- Net income (loss) 105,667 ($517,150) $(388,496) $(1,009,876) -------------- -------------- -------------- -------------- Basic and diluted net income (loss) per share (note 3) $0.01 ($0.06) $(0.04) $(0.11) ----- ----- ------- ------- ----- ----- ------- ------- Weighted average number of common shares and common stock equivalents adjusted for stock dividends 10,438,423 9,223,932 9,846,674 9,224,257 UNITS . single family 35 17 52 33 townhomes 0 20 0 27 - -- - -- total 35 37 52 60
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