-----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, QdRR8xJqt2wFc7QRSBKpSWMJWAKw635YXKLjIhhwtcIJQkCi5MN08Xfp9JufAuu6 kIE9JPAivx2YKXhTpmD7IQ== 0001145443-03-000841.txt : 20030623 0001145443-03-000841.hdr.sgml : 20030623 20030623165621 ACCESSION NUMBER: 0001145443-03-000841 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030620 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030623 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: 03753663 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 d12863.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) : June 20, 2003 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 June 20, 2003, Calprop Corporation issued a press release announcing its results of operations for the quarter ended March 31, 2003 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 June 20, 2003 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) June 20, 2003 2 FOR IMMEDIATE RELEASE Friday, June 20, 2003 CALPROP REPORTS FIRST QUARTER RESULTS Company Reports Net Profit of $413,344 in First Quarter ------------------------------------------------------- Marina Del Rey, CA, June 20, 2003 -- Calprop Corporation (OTCBB:CLPO), a California and Colorado home builder, in reporting financial results for the three month period ended March 31, 2003, today reported net profit from operations for the three month period ended March 31, 2003. "For the three month period ended March 31, 2003, Calprop incurred a net profit of $413,344. Our backlog decreased to $5,375,000 on 16 units, down 88.2% from $45,470,000 on 119 units a year ago. Presently, Calprop is developing three projects as compared to nine projects at this time a year ago. The Company is currently in escrow to purchase five new properties, approximately 600 lots in both Northern and Southern California. Three of these projects are anticipated to commence production within the next six months, if not sooner. We plan on closing units in mid-2004 from some of these projects," said Victor Zaccaglin, Calprop's chairman and chief executive officer. For the first quarter, Calprop's revenues were $4.6 million, a decrease of $16,719,991 or 78.5% from $21.3 million of revenues in the first quarter a year ago. Loss from development operations was $530,679 for the first quarter compared to income of $94,774 in the same quarter a year ago. Net profit for the first quarter of 2003 was $413,344 or $0.04 per share on 10,257,333 weighted average shares and common stock equivalents, compared with net loss of $267,446 or ($0.03) per share on 10,254,005 weighted average shares and common stock equivalents, in the same quarter a year ago. "The increase in results was due primarily to a sale of Calprop's interest in a limited liability company that owns Andalucia Luxury Townhomes. Though our revenue has diminished, we responded by generating rental property income and reducing our general and administrative costs," explained Victor Zaccaglin. 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, calprop.com email: mspiro@calprop.com (Tables Follow) 3 CALPROP CORPORATION ------------------- CONSOLIDATED BALANCE SHEETS ---------------------------
ASSETS ------ (Unaudited) March 31, 2003 December 31, 2002 (Unaudited) ----------------- ------------------ Investment in Real Estate: Real estate under development $22,504,195 $24,166,829 Rental property, (net of accumulated depreciation of $195,000 and $121,875, respectively) 11,115,149 11,182,886 ----------------- ------------------- Total investment in real estate 33,619,344 35,349,715 Other Assets: Cash and cash equivalents 1,945,792 3,444,541 Deferred tax assets 6,324,174 6,535,343 Other assets 745,485 745,347 ----------------- ------------------ Total other assets $9,015,451 $10,725,231 ----------------- ------------------ Total assets $42,634,795 $46,074,946 ----------------- ------------------ LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Liabilities: Trust deeds and notes payable $18,269,295 $19,726,186 Related-party notes 13,987,634 13,987,634 ----------------- ------------------ Total trust deeds, notes payable and related-party notes 32,256,929 33,713,820 Accounts payable and accrued liabilities 2,329,337 2,724,856 Deposit -- 2,000,000 Warranty reserves 756,569 757,550 ----------------- ------------------ Total liabilities 35,342,835 39,196,226 ----------------- ------------------ Stockholders' equity: Common stock, no par value Authorized - 20,000,000 shares Issued and outstanding - 10,239,105 and 10,235,305 shares at March 31, 2003 and December 31, 2002, respectively 10,239,105 10,235,305 Additional paid-in capital 25,850,776 25,849,446 Deferred compensation (28,600) (28,600) Stock purchase loans (533,092) (527,858) Accumulated deficit (28,236,229) (28,649,573) ----------------- ------------------ Total stockholders' equity 7,291,960 6,878,720 ----------------- ------------------ ----------------- ------------------ Total liabilities and stockholders' equity $42,634,795 $46,074,946 ----------------- ------------------
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CALPROP CORPORATION ------------------- CONSOLIDATED STATEMENTS OF OPERATIONS ------------------------------------- (Unaudited) Three Months Ended March 31, ---------------------------------- 2003 2002 --------------- ------------ Development operations: Real estate sales $4,572,279 21,292,270 Cost of real estate sales 5,102,958 21,197,496 --------------- ------------- (Loss) income from development operations (530,679) 94,774 Loss from investment in real estate venture -- (75,769) Other income: Rental 253,782 -- Gain on sale of investment in real estate venture 2,000,000 -- Interest and miscellaneous 19,040 62,048 Management fee -- 207,182 --------------- ------------- Total other income 2,272,822 269,230 Other expenses: Rental operating 112,090 -- General and administrative 485,043 555,446 Depreciation 71,137 -- Interest 384,740 -- --------------- ------------- Total other expenses 1,053,010 555,446 Minority interests 764 235 Income (loss) before provision for income taxes 688,369 (267,446) Provision for income taxes 275,025 -- --------------- ------------- Net income (loss) $413,344 ($267,446) --------------- ------------- Basic and diluted net (loss) income per share $0.04 $(0.03) ====== ======= Weighted average number of common shares and common stock equivalents adjusted for stock dividends 10,257,333 10,254,005 Units Single family homes 5 23 Townhomes 6 35 - -- Total 11 58
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