Calprop Reports Fourth Quarter and Yearend Results; Calprop Reports $15.1 Million Loss in 2003.MARINA Marina “a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness DEL REY Del Rey may refer to:
See: Over-the-counter. OTC See over-the-counter market (OTC). :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, 2003, today reported that it has incurred net losses from operations for both periods. "For both the three and twelve month periods ended December 31, 2003, 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 one active project 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; Calprop currently has no active projects in 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 has closed its 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 division. On March 31, 2004, 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 11 units, representing $2,877,000, down 56.5% from 21 units, $6,620,000, as of March 28, 2003. The three and twelve month results were disappointing and reflect a strategy to eliminate non performing assets Non Performing Asset Any asset that is not effectively producing income. Notes: For example, an overdue loan would be considered non-performing. See also: Asset, Charge Off, Non-Performing Loan in markets that are suffering long term slow downs which include both the Denver Metropolitan and Silicon Valley markets, while cutting overhead and reducing the company's debt," said Victor Zaccaglin, Calprop's chairman and chief executive officer. For the fourth quarter, Calprop's revenues were $2.2 million, a decrease of $3.4 million or 61.7% from $5.6 million of revenues in the fourth quarter a year ago. Losses from development operations were ($880,590) for the fourth quarter, down $223,125 compared to losses of ($657,465) in the same quarter in the prior year. The net losses for the fourth quarter of 2003 was ($1,521,331) or ($0.15) per share on 10,238,781 weighted average shares and common stock equivalents, compared with net losses of ($1,689,108) or ($0.16) per share on 10,291,795 weighted average shares and common stock equivalents, in the same quarter a year ago. The increase in results were due primarily to the effects of an increase of $219,566 in interest and miscellaneous income, $86,869 in reduced general and administrative expenses and a decrease of $89,311 in losses from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. 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 $19.9 million, down 78.3% from $91.6 million in 2002. The losses from development operations were ($5,869,203) for the twelve months ended December 31, 2003, down $640,020 compared to losses of ($5,229,183) for the same period in the prior year. The company reported a net loss of ($15,144,157), or ($1.48) per share on 10,238,781 weighted average shares and common stock equivalents, for the twelve months ended December 31, 2003, compared with net losses of ($7,890,557), or ($0.77) per share on 10,291,795 weighted average shares and common stock equivalents, in the same period in 2002. The decrease in results were primarily driven by the increase of $6,535,343 in the deferred tax valuation allowance to fully offset the deferred tax asset and the increase of $1,711,949 in losses from discontinued operations. "At year end 2003, we had three projects under construction with a total of 39 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 89 lots under development. Additionally, we were engaged in the development of an apartment project available for lease as well. This apartment consisted of 68 units available for lease. This compares with three projects with 64 residences and 91 lots a year earlier. Real estate under development was $13,175,441 as of December 31, 2003, down $10,991,388 or 45.5% compared to $24,166,829 as of December 31, 2002. This decrease reflects the winding down of three projects in 2003 as compared to three active projects in 2002," Zaccaglin stated. At December 31, 2003, 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 ($8,252,933) or ($0.80) per share on 10,238,781 weighted average shares and common stock equivalents compared with $6,878,720 or $0.67 per share on 10,291,795 weighted average shares and common stock equivalents in 2002. Cash balances of $190,770 compared with $3.4 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 $20,848,334, down $12,865,486 or 38.2% compared to $33,713,820 in 2002. "Last year at this time I looked to 2003 to be a rebuilding year. We have purchased two projects that were under contract and remain under contract to acquire one other new property in the southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
1 City (1990 pop. 226,505), seat of Riverside co., S Calif.; inc. 1883. One of the fastest growing U.S. cities in the late 20th cent., it is famous for its orange industry. County. These sales will 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 our balance sheet and stabilize stabilize See peg. the company. The remaining two projects comprise To embrace, cover, or include; to confine within; to consist of. In the law governing patents—grants of an exclusive right or privilege to make, use, or sell an invention or product for a term of years—the term comprise 96 lots and are a sound foundation from which to launch the 2004 prospects. Clearly, 2003 was a housekeeping A set of instructions that are executed at the beginning of a program. It sets all counters and flags to their starting values and generally readies the program for execution. year and 2004 will be a rebuilding year as well," Zaccaglin stated. Calprop Corporation, a California Corporation (OTC:CLPO), 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 and Colorado. For additional information, please contact Mark F. Spiro at mspiro@calprop.com or 310-306-4314, or visit www.calprop.com. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the federal securities laws; all statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, without limitations, statements regarding the Company's financial position and future operating results. Actual future operating results may differ from the results discussed or forecasted in the forward-looking statements set forth in this press release due to factors and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. changes in the economic conditions of the various markets where the Company maintains projects, including, but not limited to, increases in prevailing interest rates, increases in real estate taxes, increases in the cost of materials and labor, and the availability of construction financing and home mortgage financing attractive to home purchasers, as well as other risks, uncertainties and factors detailed from time to time in the Company's SEC reports, which are available at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . The Company assumes no obligation to update the forward-looking statements included in this press release.
CALPROP CORPORATION
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------------- --------------------------
2003 2002 2003 2002
------------ ------------ ------------- ------------
Development
operations:
Real estate
sales 2,158,013 5,612,645 19,892,939 91,641,650
Cost of real
estate sales 2,678,603 6,270,110 20,715,992 92,399,110
------------ ------------ ------------- ------------
(Loss) from
development
operations before
recognition of
impairment of
real estate (520,590) (657,465) (823,053) (757,490)
Recognition of
impairment of
real estate under
development (360,000) -- (5,046,150) (4,471,693)
------------ ------------ ------------- ------------
(Loss) from
development
operations (880,590) (657,465) (5,869,203) (5,229,183)
Income from
investment in
real estate
venture -- -- -- 109,253
Other income
Gain on sale of
investment in
real estate
venture -- -- 2,000,000 --
Interest and
miscellaneous 313,499 93,933 620,406 433,760
Management fee -- 4,844 -- 222,957
------------ ------------ ------------- ------------
Total other income 313,499 98,777 2,620,406 656,717
Other expenses:
General and
administrative
expenses 454,026 527,071 1,711,586 2,379,007
Interest expense 293,331 307,155 1,309,177 420,797
------------ ------------ ------------- ------------
Total other
expenses 747,357 834,226 3,020,763 2,799,804
Minority interests -- -- -- 235
------------ ------------ ------------- ------------
(Loss) from
continuing
operations before
provision for
income taxes (1,314,448) (1,392,914) (6,269,560) (7,263,252)
Provision for
income taxes -- -- 6,535,343 --
------------ ------------ ------------- ------------
(Loss) from
continuing
operations (1,314,448) (1,392,914) (12,804,903) (7,263,252)
Discontinued
Operations:
(Loss) from
discontinued
operations
(including
impairment for
$2,268,948 for
the year ended
December 31,
2003) (206,883) (296,194) (2,339,254) (627,305)
------------ ------------ ------------- ------------
(Loss) from
discontinued
operations (206,883) (296,194) (2,339,254) (627,305)
------------ ------------ ------------- ------------
Net (Loss) ($1,521,331) ($1,689,108) ($15,144,157) ($7,890,557)
(Loss) from
continuing
operations per
common share-
basic ($0.13) ($0.14) ($1.25) ($0.71)
(Loss) from
continuing
operations per
common share-
diluted ($0.13) ($0.14) ($1.25) ($0.71)
(Loss) from
discontinued
operations per
common share-
basic ($0.02) ($0.03) ($0.23) ($0.06)
(Loss) from
discontinued
operations per
common share-
diluted ($0.02) ($0.03) ($0.23) ($0.06)
Diluted income
(loss) per share ($0.15) ($0.16) ($1.48) ($0.77)
Weighted average
shares of common
stock 10,238,781 10,291,795 10,238,781 10,291,795
Units Sold:
Single-Family
Homes 9 10 38 148
Townhomes 0 4 16 100
Land 50 0 50 0
------------ ------------ ------------- ------------
Total 59 14 104 248
CALPROP CORPORATION
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2003 AND 2002
Assets
2003 2002
------------ ------------
REAL ESTATE UNDER DEVELOPMENT $13,175,441 $24,166,829
Rental property, (net of accumulated
depreciation of $121,875) 8,864,917 11,182,886
------------ ------------
Total investment in real estate 22,040,358 35,349,715
OTHER ASSETS:
Cash and cash equivalents 190,770 3,444,541
Deferred and other assets -- 6,535,343
Other assets 1,292,744 745,347
------------ ------------
Total other assets 1,483,514 10,725,231
------------ ------------
Total assets $23,523,872 $46,074,946
============ ============
Liabilities and Stockholders' Equity
------------ ------------
TRUST DEEDS AND NOTES PAYABLE $4,365,703 $19,726,186
RELATED PARTY NOTES 16,482,631 13,987,634
------------ ------------
Total trust deeds and notes payable 20,848,334 33,713,820
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 7,720,608 2,724,856
DEPOSIT 2,521,487 2,000,000
WARRANTY RESERVES 686,376 757,550
------------ ------------
Total liabilities 31,776,805 39,196,226
MINORITY INTEREST -- --
COMMITMENTS AND CONTINGENCIES -- --
STOCKHOLDERS' EQUITY:
Common stock, no par value; $1 stated
value, 20,000,000 shares authorized;
10,235,305 and 10,254,005 shares
issued and outstanding at
December 31, 2002 and 2001,
respectively 10,239,105 10,235,305
Additional paid-in capital 25,850,776 25,849,446
Deferred Compensation -- (28,600)
Stock Purchase Loans (549,084) (527,858)
Accumulated deficit (43,793,730) (28,649,573)
------------ ------------
Total Equity (8,252,933) 6,878,720
------------ ------------
Total Stockholders' Equity
and Liabilities $23,523,872 $46,074,946
============ ============
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