Calprop Reports Fourth Quarter and Year-End Results; Calprop Reports $7.9 Million Loss in 2002.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 and twelve month periods ended December December: see month. 31, 2002, today reported that it has incurred net losses from operations for both the three and twelve month periods ended December 31, 2002. "For both the three and twelve month periods ended December 31, 2002, Calprop recognized losses Recognized Loss The amount of loss reported for income tax purposes. Notes: You can defer recognizing some losses and then deduct the losses for the following year(s). from operations. Calprop has two active projects in the Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. Metropolitan market which continues to languish; Calprop currently has only one active project in the Silicon Valley in Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern and no active projects in the 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, markets. As a result on March 28, 2003, the 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. was 21 units, representing $6,620,000, down 83.6% from 108 units, $40,400,000, as of March 10, 2002. The three and twelve month results were disappointing and reflect a strategy to use Calprop capital to reduce debt in projects that are in markets that are suffering long term slow downs in both the Denver Metropolitan and Silicon Valley markets," said Victor Zaccaglin, Calprop's chairman and chief executive officer. For the fourth quarter, Calprop's revenues were $5.6 million, a decrease of $15.7 million or 73.7% from $21.3 million of revenues in the fourth quarter a year ago. Losses from development operations were ($657,465) for the fourth quarter, down $1,983,557 compared to income of $1,326,092 in the same quarter in the prior year. The net losses for the fourth quarter of 2002 was ($1,689,108) or ($0.16) per share on 10,291,795 weighted average shares and common stock equivalents, compared with net income of $1,091,282 or $0.11 per share on 10,410,206 weighted average shares and common stock equivalents, in the same quarter a year ago. The decrease in results were due primarily to the effects of a recognition of $1,832,225 in impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of real estate assets during the quarter. For the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. period, revenues were $91.6 million, up 1.1% from $90.6 million in 2001. The losses from development operations were ($5,229,183) for the twelve months ended December 31, 2002, down $11,154,708 compared to income of $5,925,525 for the same period in the prior year. The company reported a net loss of ($7,890,557), or ($0.77) per share on 10,291,795 weighted average shares and common stock equivalents, for the twelve months ended December 31, 2002, compared with net income of $3,326,106, or $0.32 per share on 10,410,206 weighted average shares and common stock equivalents, in the same period in 2001. The decrease in results were primarily driven by a recognition of $4,471,693 in impairment of real estate assets during the year. "At year end 2002, we had three projects with a total of 64 single-family sin·gle-fam·i·ly adj. Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. residences and 91 lots under development. Additionally, we were engaged in the development of apartments and townhomes available for lease as well. These two projects consisted of 250 units available for lease. This compares with ten projects with 260 residences and 143 lots a year earlier. Real estate under development was $24,166,829 as of December 31, 2002, down $64,622,423 or 72.8% compared to $88,789,252 as of December 31, 2001. This decrease reflects the ongoing development of three projects in 2002 as compared to seven in 2001," Zaccaglin stated. At December 31, 2002, shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $6,878,720 or $0.67 per share on 10,291,795 weighted average shares and common stock equivalents compared with $14,752,796 or $1.42 per share on 10,410,206 weighted average shares and common stock equivalents in 2001. Cash balances of $3.4 million as compared with $2.1 million last year. Total trust deeds A legal document that evidences an agreement of a borrower to transfer legal title to real property to an impartial third party, a trustee, for the benefit of a lender, as security for the borrower's debt. and notes payable was $33,713,820, down $44,496,519 or 56.7% compared to $78,210,339 in 2001. The Company's debt-to-equity ratio debt-to-equity ratio The relationship between long-term funds provided by creditors and funds provided by owners. A firm's debt-to-equity ratio is calculated by dividing long-term debt by owners' equity. Both items are shown on the balance sheet. decreased to 2.9 to 1, down from 3.5 to 1 in the prior year. "Last year at this time I looked to 2002 to acquire new projects to bolster This article is about the pillow called a bolster. For other meanings of the word "bolster", see bolster (disambiguation). A bolster (etymology: Middle English, derived from Old English, and before that the Germanic word bulgstraz 2003 earnings. Presently, we are under contract to acquire four new properties in the southwest Riverside County, California Riverside County is a county located in the southeastern part of the U.S. state of California, stretching from Orange County to the Colorado River, which is the border with Arizona. market and one new property in Rhonert Park in the `wine country' in Northern California. These projects comprise 492 lots and are a sound foundation from which to launch the 2004 and 2005 prospects. Clearly, 2002 was a disappointment and 2003 will be a rebuilding year as well but we are looking forward to 2004 and 2005," Zaccaglin stated. Calprop builds quality homes in some of the most desirable communities in both California and Colorado. The Company's common stock is traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol CLPO.
CALPROP CORPORATION
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2002 2001 2002 2001
Development operations:
Real estate sales 5,612,645 21,304,936 91,641,620 90,614,622
Cost of real
estate sales 6,270,110 19,978,844 92,399,110 82,671,009
(657,465) 1,326,092 (757,490) 7,943,613
Recognition of
impairment of real
estate under
development -- -- (4,471,693) (2,018,088)
Income (loss) from
development
operations (657,465) 1,326,092 (5,229,183) 5,925,525
Loss from investment
in real estate
venture -- (118,764) 109,253 (118,764)
Other income 270,734 585,818 847,921 729,653
Other expenses:
General and
administrative
expenses 798,496 619,874 2,918,464 2,924,795
Interest expense 503,881 115,096 699,849 115,096
Total other expenses 1,302,377 734,970 3,618,313 3,039,891
Minority interests -- 500 235 (1,325)
Income before
provision (benefit)
for income taxes (1,689,108) 1,057,480 (7,890,557) 3,497,848
Provision (Benefit)
for income taxes -- (33,802) -- 171,742
Net income ($1,689,108) $1,091,282 ($7,890,557) $3,326,106
Net income (loss)
allocable to common
stock ($1,689,108) $1,091,282 ($7,890,557) $3,326,109
Diluted income
(loss) per share ($0.16) $0.11 ($0.77) $0.32
Weighted average
shares of common
stock 10,291,795 10,410,206 10,291,795 10,410,206
Units Sold:
Single-Family Homes 10 31 148 109
Townhomes 4 28 99 140
Total 14 59 247 249
CALPROP CORPORATION
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2002 AND 2001
Assets 2002 2001
REAL ESTATE UNDER DEVELOPMENT $24,166,829 $88,789,252
Rental property, (net of accumulated
depreciation of $121,875) 11,182,886 --
Total investment in real estate 35,349,715 88,789,252
OTHER ASSETS:
Cash and cash equivalents 3,444,541 2,079,471
Deferred and other assets 6,535,343 6,535,343
Other assets 745,347 774,882
Receivable from affiliates -- 788,752
Total other assets 10,725,231 10,178,448
Total assets $46,074,946 $98,967,700
Liabilities and Stockholders' Equity
TRUST DEEDS AND NOTES PAYABLE $19,726,186 $51,990,779
RELATED PARTY NOTES 13,987,634 26,219,560
Total trust deeds and notes payable 33,713,820 78,210,339
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 2,724,856 5,334,450
DEPOSIT 2,000,000 --
WARRANTY RESERVES 757,550 670,115
Total liabilities 39,196,226 84,214,904
MINORITY INTEREST -- --
COMMITMENTS AND CONTINGENCIES -- --
STOCKHOLDERS' EQUITY:
Common stock, no par value; $1 stated
value, 20,000,000 shares authorized;
authorized, 10,235,305 and 10,254,005
shares issued and outstanding at
December 31, 2002 and 2001,
respectively 10,235,305 10,254,005
Additional paid-in capital 25,849,446 25,845,986
Deferred Compensation (28,600) (51,000)
Stock Purchase Loans (527,858) (537,179)
Accumulated deficit (28,649,573) (20,759,016)
Total Equity 6,878,720 14,752,796
Total Stockholders' Equity and
Liabilities $46,074,946 $98,967,700
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