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CALPROP REPORTS FOURTH QUARTER AND YEAR-END RESULTS

 CALPROP REPORTS FOURTH QUARTER AND YEAR-END RESULTS
 LOS ANGELES, March 16 /PRNewswire/ -- Calprop Corp. (AMEX: CPP), a California home builder, today reported a loss for the fourth quarter and year ended Dec. 31, 1991. Victor Zaccaglin, chairman and chief executive officer, said, "1991 was a difficult year for all California home builders as the recession continued to severely depress the market for new homes throughout the state. We continue to focus on protecting our long-term viability by streamlining operations, reducing inventories and decreasing debt. While this has not always been easy, we believe that as the economy recovers, Calprop will be in a stronger position to capitalize on the opportunities presented. The recession will not last forever. In fact, we believe the market began to firm in the first quarter of 1992."
 For the year, revenues were $26.3 million compared with $36.7 million in 1990. Unit sales for the year consisted of 97 residences (80 single family homes, 2 townhomes and 15 paired homes) and 7 lots. This compares with unit sales in 1990 of 149 residences (135 single family homes, 8 townhomes and 6 paired homes) and 2 lots.
 Calprop recognized a full year loss of $12.2 million, or $2.63 per share, compared with a loss of $11.7 million, or $2.52 per share in 1990. Two significant non-cash charges contributed to the loss. The company recognized an $8.8 million charge for the write-down of properties to net realizable value during 1991, compared with a charge of $17.6 million in 1990. In addition, the company wrote off the remaining asset balances for leveraged leases of computer equipment of $1.2 million, as a result of the default of the lessee.
 For the fourth quarter, revenues were $6.6 million, up slightly from $6.1 million in the same quarter of the prior year. Zaccaglin said, "This is the first quarterly increase in sales in a year. We believe it reflects both a modest firming of the market as interest rates have dropped, and the success of repositioning our product mix to respond to market pressures." Unit sales for the quarter consisted of 16 single family homes, 3 paired homes and 2 townhomes. In the fourth quarter of 1990, unit sales were 20 single family homes and 3 paired homes. For the quarter, Calprop reported a net loss of $9.4 million, or $2.04 per share, compared with $11.7 million, or $2.50 per share, in the fourth quarter of the prior year.
 At Dec. 31, 1991, shareholders' equity was $19.4 million, or $4.17 per share, down from $31.7 million, or $6.80 per share, a year earlier. Total debt of $73.0 million was down considerably from $86.5 million a year earlier.
 Calprop is a conservatively managed company, providing architecturally award-winning, quality homes in some of the state's most desirable communities in both Northern and Southern California. The company's common stock is traded on the American Stock Exchange under the symbol CPP.
 -0- 3/16/92
 /CONTACT: Stuart Eigler of Calprop Corp., 310-306-4314; Nick Farina, 312-266-7800 or Lise Needham, 415-986-1591, both of The Financial Relations Board for Calprop Corp./
 (CPP) CO: Calprop Corp. ST: California IN: CST SU: ERN


RF -- SF007 -- 8368 03/16/92 13:47 EST
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Publication:PR Newswire
Date:Mar 16, 1992
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