Calprop Reports Third Quarter Results; Company Reports $1,193,342 in Losses in the Third 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, today reported that it has incurred net losses for the three month period and for the nine month period ended September September: see month. 30, 2003. "For the three month period and nine month period ended September 30, 2003, Calprop recognized net losses, respectively, as 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 markets continue to show signs of a weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. in
housing sales. We closed 64 units this quarter, leaving our total units
in backlog BacklogThe 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. at 11 units, $4,275,000, down 79.0% from 59 units, $20,400,000 a year ago," said Victor Zaccaglin, Calprop's chairman and chief executive officer. "We are presently building two different projects. Regarding our Denver Metropolitan markets, we have seen a continuing slow down in sales of our homes in our Bayhill project while our Highridge Highridge is a residential estate in Nairobi, located in northern parts of the larger Parklands estate. Administratively, Highridge is a subdivision of the Westlands division of Nairobi. Court project has improved sales. We have three properties 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, that are under contract, 213 units, and one property 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 , 77 units, that we have acquired. Our focus remains to reduce overhead and debt, while investigating the opportunity of selling our projects in order to accelerate the reduction of debt and the increase in shareholder value," Zaccaglin said. For the third quarter, Calprop's revenues were $5.6 million, a decrease of $16,108,558 or 74.3% from $21.7 million of revenues in the third quarter a year ago. Loss from development operations before recognition of 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 was ($27,336) for the third quarter, up $920,470 or 97.1% compared to the loss from operations before recognition of impairment of real estate of ($947,806) in the same quarter in the prior year. Net loss for the third quarter of 2003 was ($1,193,342) or ($0.12) per share on 10,239,105 weighted average shares and common stock equivalents, compared to a net loss of ($4,709,052) or ($0.46) per share on 10,254,005 weighted average shares and common stock equivalents, in the same quarter a year ago. The majority of the variation is the result of the recognition of an impairment of real estate under development in 2002 in the amount of $1,231,948 to the Saddlerock project in Aurora, Colorado The City of Aurora is the third most populous city in the State of Colorado and the 59th most populous city in the United States.[5] The municipality is split between Arapahoe County and Adams County, with a small portion lying in Douglas County. and $1,407,520 to Highridge Court in Thornton, Colorado The City of Thornton is a home rule municipality located in Adams County and Weld County, Colorado, United States. As of 2005, the city is estimated to have a total population of 105,182. . These impairments were incurred due to the slow pace of sales and the resultant This article is about the resultant of polynomials. For the result of adding two or more vectors, see Parallelogram rule. For the technique in organ building, see Resultant (organ). In mathematics, the resultant of two monic polynomials increase in carrying costs Carrying costs Costs that increase with increases in the level of investment in current assets. , most significantly, financing costs. 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 $17.7 million, down 79.4% from $86.0 million in 2002. Loss from development operations was ($4,988,613) for the nine months ended September 30, 2003, down $416,895 or 9.1%, compared to a loss from development operations of ($4,571,718) for the same period in the prior year. The company reported a net loss of ($13,623,590) or ($1.33) per share on 10,238,672 weighted average shares and common stock equivalents, for the nine months ended September 30, 2003, compared with a loss of ($6,201,449) or ($0.61) per share on 10,254,005 weighted average shares and common stock equivalents, in the same period in 2002. The variation in results was driven mainly by the setting up of a reserve of $6,535,343 against the deferred tax asset in 2003. 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 as well as the Colorado Denver Metropolitan area. The company's common stock is traded on the OTCBB under the symbol CLPO.
CALPROP CORPORATION
Balance Sheets
(Unaudited)
Sept. 30, Dec. 31,
2003 2002
(Unaudited)
----------- -----------
Assets:
Real estate development 13,465,638 24,166,829
Rental property 8,950,000 11,214,659
----------- -----------
Total investment in real estate 22,415,638 35,381,488
Other assets:
Cash and cash equivalents 1,054,905 3,444,541
Deferred tax asset -- 6,535,343
Other assets 718,807 713,574
----------- -----------
Total other assets 1,773,712 10,693,458
----------- -----------
Total assets 24,189,350 46,074,946
=========== ===========
Liabilities and Stockholders' Equity:
Liabilities of assets held for sale 7,769,035 8,291,256
Trust deeds and notes payable 6,387,610 11,784,923
Related party notes 14,258,709 13,987,634
----------- -----------
Total trust deeds and notes payable 20,646,319 25,772,557
Accounts payable and accrued liabilities 1,835,012 2,374,863
Deposit -- 2,000,000
Warranty reserves 694,600 757,550
----------- -----------
Total liabilities 30,944,966 39,196,226
Stockholders' equity:
Common stock, no par value
Authorized - 20,000,000 shares
Issued and outstanding - 10,239,105 and
10,235,305 shares at September 30,
2003 and December 31, 2002, respectively 10,239,105 10,235,305
Additional paid-in capital 25,850,776 25,849,446
Deferred compensation (28,600) (28,600)
Notes receivable from common stock sale (543,734) (527,858)
Accumulated deficit (42,273,163)(28,649,573)
----------- -----------
Total stockholders' equity (6,755,616) 6,878,720
----------- -----------
Total liabilities and stockholders'
equity 24,189,350 46,074,946
=========== ===========
CALPROP CORPORATION
Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Development operations:
Real estate sales 5,569,748 21,678,306 17,734,926 86,028,975
Cost of real
estate sales 5,597,084 22,626,112 18,037,389 86,129,000
----------- ----------- ----------- -----------
(Loss) income from
development operation
before recognition
of impairment of
real estate (27,336) (947,806) (302,463) (100,025)
----------- ----------- ----------- -----------
Recognition of
impairment of
real estate
under development -- (2,639,468) (4,686,150) (4,471,693)
----------- ----------- ----------- -----------
(Loss) income from
development
operations (27,336) (3,587,274) (4,988,613) (4,571,718)
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 174,254 88,646 306,907 339,827
Management fee -- 10,931 -- 218,113
----------- ----------- ----------- -----------
Total other income 174,254 99,577 2,306,907 557,940
----------- ----------- ----------- -----------
Other expenses:
General and
administrative 307,787 777,491 1,257,560 1,851,936
Interest 438,330 113,642 1,015,846 113,642
----------- ----------- ----------- -----------
Total other
expenses 746,117 891,133 2,273,406 1,965,578
----------- ----------- ----------- -----------
Minority interests -- -- 764 235
(Loss) before
income tax
expense (599,199) (4,379,830) (4,955,876) (5,870,338)
Income tax expense -- -- 6,535,343 --
----------- ----------- ----------- -----------
(Loss) from
continuing
operations ($599,199)($4,379,830)($11,491,219)($5,870,338)
----------- ----------- ----------- -----------
Discontinued
operations:
Loss from discontinued
operations (including
impairment of
$841,549 and
$2,183,865) for
the three and nine
months ended
September 30, 2003 (594,143) (329,222) (2,132,371) (331,111)
----------- ----------- ----------- -----------
Loss from
discontinued
operations (594,143) (329,222) (2,132,371) (331,111)
----------- ----------- ----------- -----------
Net loss ($1,193,342)($4,709,052)($13,623,590)($6,201,449)
Basic net income
(loss) per share ($0.12) ($0.46) ($1.33) ($0.61)
=========== =========== =========== ===========
Diluted net income
(loss) per share ($0.12) ($0.46) ($1.33) ($0.61)
=========== =========== =========== ===========
Weighted average
number of common
shares and
common stock
equivalents
for dilutive
net income 10,239,105 10,254,005 10,238,672 10,254,005
Units
single family 12 64 45 233
----------- ----------- ----------- -----------
total 12 64 45 233
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