Calprop Reports Second-Quarter Results; Company Reports Profitable Second 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- and six-month periods ended June June: see month. 30, 2000, today reported that it has earned a net profit from operations for the second quarter ended June 30, 2000. "As a result of strong California and Colorado economies and sound projects, we achieved a net profit from operations," said Victor Zaccaglin, Calprop's chairman and chief executive officer. "Additionally, our total units in 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. have increased 85.3 percent at 182 units, $57,440,000, as compared with 134 units, $31,100,000 as of a year ago, reflecting a continuing strong demand for our homes. Furthermore, we continue to experience substantial sales-price increases in our Parc Metropolitan project in the Silicon Valley. "The company is presently building in seven locations -- three 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, , two 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 two in the Colorado 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. metro area This article is about the music production team. For the article about population centers, see metropolitan area. Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. . We are pleased with our commencing construction on the 181-unit luxury-apartment project in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Calif.," Zaccaglin said. For the second quarter, Calprop's revenues were $10.2 million, a decrease of $8.2 million, or 44.4 percent, from $18.4 million in the second quarter a year ago. Income from development operations was $813,142 for the second quarter, up $301,933, or 59.1 percent, compared with the prior year's quarter. Net income for the second quarter of 2000 was $194,656, or 2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on 10,466,778 weighted average shares and common-stock equivalents, compared with net income of $74,834, or 1 cent per share on 10,602,242 weighted average shares and common-stock equivalents, in the same quarter a year ago. 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 $17.8 million, down 32.0 percent from $26.2 million in 1999. The company reported a net loss of $378,429, or 4 cents per share, for the six months ended June 30, 2000, a $781,456 decrease from net income of $403,027, or 4 cents per share, in 1999. The decrease in net income is primarily the result of both warranty costs of the Cierra Del Lago project of approximately $650,000 recognized in the first quarter of 2000 and a $260,196 increase in general and administrative expenses from the same period a year ago. Calprop, based in Marina Del Rey, builds quality homes in some of the most desirable communities in both Northern and Southern California as well as the Denver metropolitan area. 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 CORP.
Balance Sheets
June 30, Dec. 31,
2000 1999
(Unaudited) (Audited)
Assets:
Real estate development $ 95,873,178 $79,070,791
Total investment in real estate 95,873,178 79,070,791
Other assets:
Cash and cash equivalents 966,611 1,405,663
Prepaid expenses 54,689 84,219
Deferred tax asset 6,500,000 6,500,000
Other assets 1,017,078 756,970
Total other assets 8,537,378 8,746,852
Total assets $104,411,556 $87,817,643
Liabilities and stockholders' equity:
Trust deeds and notes payable $ 66,599,892 $48,216,139
Related party notes 22,355,692 24,860,032
Total trust deeds and notes payable 88,955,584 73,076,171
Accounts payable and accrued liabilities 7,573,385 6,391,621
Warranty reserves 508,981 358,287
Total liabilities 97,037,950 79,826,079
Minority interest -- 228,191
Stockholders' equity:
Common stock, no par value
Authorized -- 20 million shares
Issued and outstanding -- 10,290,535 and
10,293,735 shares at June 30, 2000, and
Dec. 31, 1999, respectively 10,290,535 10,293,735
Additional paid-in capital 25,849,961 25,849,961
Deferred compensation (167,127) (170,327)
Notes receivable from common-stock sale (508,272) (496,934)
Accumulated deficit (28,091,491) (27,713,062)
Total stockholders' equity 7,373,606 7,763,373
Total liabilities and stockholders'
equity $104,411,556 $87,817,643
CALPROP CORP.
Statements of Operations
(Unaudited)
Three months ended Six months ended
June 30, June 30,
2000 1999 2000 1999
Development operations:
Real estate sales $10,214,099 $18,381,700 $17,797,462 $26,164,559
Cost of real estate
sales 9,400,957 17,870,491 17,307,159 24,916,897
Income from development
operations 813,142 511,209 490,303 1,247,662
Other income 36,822 30,536 74,873 55,739
Other expenses:
General and administrative
expenses 618,544 634,793 1,254,549 994,353
Interest expense 36,764 40,766 53,526 48,782
Total other expenses 655,308 675,559 1,308,075 1,043,135
Minority interests -- (208,648) (226,393) (142,761)
Income (loss) before
benefit of income taxes 194,656 74,834 (516,506) 403,027
Benefit for income taxes -- -- 138,077 --
Net income (loss) 194,656 74,834 (378,429) 403,027
Basic and diluted net
income (loss) per
share $ 0.02 $ 0.01 $ (0.04) $ 0.04
Weighted average
number of common
shares and common-
stock equivalents
adjusted for stock
dividends 10,466,778 10,602,242 10,291,673 10,592,513
Units:
Single-family 42 80 75 113
Total 42 80 75 113
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