Calprop Reports First Quarter Results; Company Reports Net Loss of $287,446 in First Quarter.Business Editors MARINA Marina “a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness DEL REY Del Rey may refer to:
Calprop Corporation (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, 2002, today reported net loss from operations for the three month period ended March 31, 2002. "For the three month period ended March 31, 2002, Calprop incurred a net loss of $287,446. Although remaining robust, 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. decreased to $45,470,000 on 119 units, down 13.8% from $52,780,000 on 133 units a year ago. Presently, Calprop is developing nine projects as compared to the same number of 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 $21.3 million, a decrease of $2,379,866 or 10.1% from $23.7 million of revenues in the first quarter a year ago. Income from development operations was $94,774 for the first quarter compared to income of $2,045,837 in the same quarter a year ago. Net losses for the first quarter of 2002 was $287,446 or ($0.03) per share on 10,254,005 weighted average shares and common stock equivalents, compared with net income of $1,344,177 or $0.13 per share on 10,416,375 weighted average shares and common stock equivalents, in the same quarter a year ago. "The decrease in results was due primarily to a slow down in sales volume and increases in direct construction costs, marketing and sales incentives Noun 1. sales incentive - remuneration offered to a salesperson for exceeding some predetermined sales goal bonus, incentive - an additional payment (or other remuneration) to employees as a means of increasing output , production overhead and interest costs. Both the `9/11' atrocity and the collapse of the `Dot-com' industry had a deleterious deleterious adj. harmful. impact on sales in the last half of 2001 upon our flagship This article is about the lead ship, store, or product of a group. For other uses, see Flagship (disambiguation). A flagship is the ship used by the commanding officer of a group of naval ships. , Parc Metropolitan, located in the Silicon Valley," explained Victor Zaccaglin. Calprop Corporation, based in Marina Del Rey, California Marina del Rey (Spanish for "Navy of the King", or "Seacoast of the King") is a census-designated place seaside community located in an unincorporated area of Los Angeles County, California, United States. The population was 8,176 as of the 2000 census. , 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 CORPORATION
CONSOLIDATED BALANCE SHEETS
ASSETS
(Unaudited)
March 31, 2002 December 31, 2001
(Unaudited)
Real estate development $80,595,843 $88,789,252
Other assets:
Cash and cash equivalents 1,966,257 2,079,471
Deferred tax assets 6,535,343 6,535,343
Other assets 951,014 774,882
Receivable from affiliates 1,046,448 788,752
Total other assets 10,499,062 10,178,448
Total assets $91,094,905 $98,967,700
LIABILITIES AND STOCKHOLDERS' EQUITY
Trust deeds and notes payable $47,585,175 $51,990,779
Related party notes 23,615,458 26,219,560
Total trust deeds and
notes payable 71,200,633 78,210,339
Accounts payable and accrued
liabilities 4,749,540 5,334,450
Warranty reserves 658,242 670,115
Total liabilities 76,608,415 84,214,904
Stockholders' equity:
Common stock, no par value
Authorized -- 20,000,000 shares
Issued and outstanding --
10,254,005 shares at
March 31, 2002 and
December 31, 2001, respectively 10,254,005 10,254,005
Additional paid-in capital 25,845,986 25,845,986
Deferred Compensation (51,000) (51,000)
Stock Purchase Loans (516,039) (537,179)
Accumulated deficit (21,046,462) (20,759,016)
Total stockholders' equity 14,486,490 14,752,796
Total liabilities and
stockholders' equity $91,094,905 $98,967,700
CALPROP CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
2002 2001
Development operations:
Real estate sales $21,292,270 $23,672,136
Cost of real estate sales 21,197,496 21,626,299
Income from development operations 94,774 2,045,837
Loss from investment in real
estate venture (75,769) --
Other income:
Interest and miscellaneous 62,048 33,183
Management fee 207,182 --
Total other income 269,230 33,183
Other expenses:
General and administrative expenses 555,446 734,843
Interest expense -- --
Total other expenses 555,446 734,843
Minority interests 235 --
(Loss) income before provision
for income taxes (267,446) 1,344,177
Provision for income taxes 20,000 --
Net (loss) income ($287,446) $1,344,177
Basic and diluted net (loss)
income per share ($0.03) $0.13
Weighted average number of common
shares and common stock equivalents
adjusted for stock dividends 10,254,005 10,416,375
Units
Single family homes 23 29
Townhomes 35 39
Total 58 68
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion