-----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, IfNNeggPXRtIcGcCOd5dcaNZ2jF1xvsKt1sedXm65pK8VkfVOIT5jY/MT9WSD/I9 cSTvgrI5ti8HZb+A2p9iAg== 0001047469-99-018865.txt : 19990511 0001047469-99-018865.hdr.sgml : 19990511 ACCESSION NUMBER: 0001047469-99-018865 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990503 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990510 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: 99614765 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) : May 3, 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 May 3, 1999, Calprop Corporation issued a press release announcing its results of operations for the quarter ended March 31, 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 May 3, 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) May 3, 1999 2 EX-99 2 EXHIBIT 99 FOR IMMEDIATE RELEASE Monday, May 3, 1999 CALPROP REPORTS FIRST QUARTER RESULTS COMPANY REPORTS $328,193 IN PROFITS FOR FIRST QUARTER ----------------------------------------------------- MARINA DEL REY, CA, MAY 3, 1999 -- Calprop Corporation (OTCBB:CLPO), a California and Colorado home builder, in reporting financial results for the three month period ended March 31, 1999, today reported that it has earned a net profit from operations for the three month period ended March 31, 1999. "For the three month period ended March 31, 1999, Calprop recognized a profit from operations. This is our fourth profitable quarter in succession as the Northern and Southern California and Colorado markets continue to provide robust housing sales. We closed $7.8 million in product this quarter more than doubling our effort of a year ago, $2.8 million. Our backlog continues to increase at 145 units, $32,750,000 , up 9.8% from 144 units, $29,835,000 a year ago. Presently, Calprop is developing ten projects as compared to five projects at this time a year ago. The increase in both backlog and projects under development is the basis for anticipated continued profitability," said Victor Zaccaglin, Calprop's chairman and chief executive officer. For the first quarter, Calprop's revenues were $7.8 million, an increase of $5.0 million or 177.4% from $2.8 million of revenues in the first quarter a year ago. Income from development operations was $736,453 for the first quarter compared to a loss of ($82,503) in the same quarter a year ago. Net income for the first quarter of 1999 was $328,193 or $0.03 per share on 10,582,745 weighted average shares and common stock equivalents, compared with a net loss of ($494,163), or ($0.05) per share on 9,531,639 weighted average shares and common stock equivalents, in the same quarter a year ago. The improved results were primarily driven by an increase in construction gross margin and 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 and Colorado. The Company's common stock is traded on the OTCBB under the symbol CLPO. For additional information: contact: Mark F. Spiro, (310) 306-4314 website: clpo.com email: CLBP22C@prodigy.com (TABLE FOLLOWS) 3 CALPROP CORPORATION CONSOLIDATED BALANCE SHEETS ASSETS (Unaudited)
March 31, December 31, 1999 1998 --------- ------------ Real estate development $ 72,266,868 $ 65,282,197 Other assets: Cash and cash equivalents 1,212,285 1,590,403 Prepaid expenses 75,378 88,775 Deferred and other assets 4,800,000 4,800,000 Other assets 664,836 760,514 ------------- ------------- Total other assets 6,752,499 7,239,692 ------------- ------------- Total assets $ 79,019,367 $ 72,521,889 ------------- ------------- ------------- ------------- LIABILITIES AND STOCKHOLDERS' EQUITY Trust deeds and notes payable $43,723,942 $37,524,507 Related party notes 21,838,291 20,870,286 ------------- ------------- Total trust deeds and notes payable 65,562,233 58,394,793 Accounts payable and accrued liabilities 3,961,171 5,056,010 Warranty reserves 321,028 284,624 ------------- ------------- Total liabilities 69,844,432 63,735,427 ------------- ------------- Minority interest 392,828 326,941 Stockholders' equity: Common stock, no par value Authorized - 20,000,000 shares Issued and outstanding - 10,274,935 and 10,284,135 shares at March 31, 1999 and December 31, 1998, respectively 10,274,935 10,284,135 Additional paid-in capital 25,851,130 25,851,130 Deferred compensation (231,930) (241,130) Stock purchase loans (479,741) (474,134) Accumulated deficit (26,632,287) (26,960,480) ------------- ------------- Total stockholders' equity 8,782,107 8,459,521 ------------- ------------- Total liabilities and stockholders' equity $79,019,367 $72,521,889 ------------- ------------- ------------- -------------
- more - 4 CALPROP CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
THREE MONTHS ENDED MARCH 31, ------------------------------------- 1999 1998 ----------- ----------- Development operations: Real estate sales $7,782,859 $2,805,786 Cost of real estate sales 7,046,406 2,888,289 ----------- ----------- Income (loss) from development operations 736,453 (82,503) Other income 25,203 35,981 ----------- ----------- Other expenses: General and administrative expenses 359,560 385,976 Interest expense 8,016 68,567 ----------- ----------- Total other expenses 367,576 454,543 ----------- ----------- Minority interests 65,887 (6,902) ----------- ----------- Net income (loss) $ 328,193 $(494,163) ----------- ----------- ----------- ----------- Basic and diluted net loss per share $0.03 $(0.05) ----- ------- ----- ------- Weighted average number of common shares and common stock equivalents adjusted for stock dividends 10,582,745 9,531,639 UNITS Single family homes 33 17 Townhomes -- -- --- --- TOTAL 33 17
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