Calprop Reports First Quarter Results; Company Reports Net Income of $1,344,177 in First Quarter.Business Editors MARINA Marina “a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness DEL REY Del Rey may refer to:
Calprop Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CLPO CLPO Consumer Loan Processing Outlet ), a California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. home builder, in reporting financial results for the three-month period ended March 31, 2001, today reported net income from operations for the three-month period ended March 31, 2001. "For the three-month period ended March 31, 2001, Calprop earned net income of $1,344,177. As a result of continued strong sales in our California and Colorado markets, our backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. increased to $52,780,000 on 133 units, up 13.9% from $46,350,000 on 148 units a year ago. Presently, Calprop is developing nine projects as compared to 10 projects at this time a year ago. Both the backlog and projects under development are the basis for continued anticipated profitability," said Victor Zaccaglin, Calprop's chairman and chief executive officer. For the first quarter, Calprop's revenues were $23.7 million, an increase of $16,088,773 or 212.2% from $7.6 million of revenues in the first quarter a year ago. Income from development operations was $2,045,837 for the first quarter compared with a loss of $322,839 in the same quarter a year ago. Net income for the first quarter of 2001 was $1,344,177 or $0.13 per share on 10,416,375 weighted average shares and common stock equivalents, compared with a net loss of $573,085 or $0.06 per share on 10,291,673 weighted average shares and common stock equivalents, in the same quarter a year ago. The improvement in results were primarily driven by an increase in sales revenue and improvement in income from development operations. Calprop Corp., based in Marina Del Rey, builds quality homes in some of the most desirable communities in both Northern and Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and Colorado. The company's common stock is traded on the OTCBB under the symbol CLPO.
CALPROP CORP.
CONSOLIDATED BALANCE SHEETS
ASSETS
(Unaudited)
March 31, 2001 Dec. 31, 2000
(Unaudited)
Real estate development $ 91,900,512 $ 98,544,447
Other assets:
Cash and cash equivalents 3,516,678 2,394,310
Deferred and other assets 6,535,343 6,535,343
Other assets 874,126 863,412
Total other assets 10,926,147 9,793,065
Total assets $ 102,826,659 $ 108,337,512
LIABILITIES AND STOCKHOLDERS' EQUITY
Trust deeds and notes payable $ 60,966,031 $ 66,341,488
Related party notes 19,634,273 20,702,243
Total trust deeds and notes payable 80,600,304 87,043,731
Accounts payable and accrued liabilities 8,876,730 9,316,681
Warranty reserves 580,939 546,984
Total liabilities 90,057,973 96,907,396
Stockholders' equity:
Common stock, no par value
Authorized -- 20,000,000 shares
Issued and outstanding -- 10,290,535
shares at March 31, 2001 and Dec. 31,
2000, respectively 10,290,535 10,290,535
Additional paid-in capital 25,849,961 25,849,961
Deferred Compensation (105,525) (105,525)
Stock Purchase Loans (525,340) (519,733)
Accumulated deficit (22,740,945) (24,085,122)
Total stockholders' equity 12,768,686 11,430,116
Total liabilities and stockholders'
equity $ 102,826,659 $ 108,337,512
CALPROP CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
2001 2000
Development operations:
Real estate sales $ 23,672,136 $ 7,583,363
Cost of real estate sales 21,626,299 7,906,202
Income (loss) from development operations 2,045,837 (322,839)
Other income 33,183 38,051
Other expenses:
General and administrative expenses 734,843 636,005
Interest expense -- 16,762
Total other expenses 734,843 652,767
Minority interests -- (226,393)
Income (loss) before benefit for
income taxes 1,344,177 (711,162)
Benefit for income taxes -- $138,077
Net income (loss) $ 1,344,177 ($573,085)
Basic and diluted net loss per share $ 0.13 $ (0.06)
Weighted average number of common
shares and common stock equivalents
adjusted for stock dividends 10,416,375 10,291,673
Units
Single family homes 29 33
Townhomes 39 --
Total 68 33
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