Calprop Reports Third Quarter Results; Company Reports $927,000 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 a net loss for the three month period and a net profit for the nine month period ended Sept. 30, 2001. "For the three month period and nine month periods ended Sept. 30, 2000, Calprop recognized a net loss and net profit, respectively, as the 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 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 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 46 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 59 units, $20,400,000, down 59.8% from 147 units, $50,720,000 a year ago," said Victor Zaccaglin, Calprop's chairman and chief executive officer. "We continue to build nine different projects including two apartment projects in Milpitas Milpitas (mĭl'pē`təs), city (1990 pop. 50,686), Santa Clara co., W Calif., a suburb of San Jose, southeast of San Francisco; inc. 1954. Manufactures include computers and paint. and San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. . Overall, we have seen a slow down in sales of our units in all our markets except Montserrat Classics in Murrieta, California Murrieta is a city in southwestern Riverside County, California, United States. The population was 44,282 at the 2000 census.Population was estimated to be 97,257 in 2007, [1] making it one of the fastest growing cities in the state. , though sales are maintaining a moderate rate. Given the present recessionary climate, our focus is on both reducing overhead and paying down debt. We believe, in this way, we can position ourselves on a strong footing from which to proceed in Spring 2002," Zaccaglin said. For the third quarter, Calprop's revenues were $18.9 million, an increase of $2,354,164 or 13.8% from $16.7 million of revenues in the third quarter a year ago. Income from development operations was $173,438 for the third quarter, down $1,585,584 or 90.1% compared to the income from operations of $1,760,022 in the same quarter in the prior year. Net losses for the third quarter of 2001 were ($833,428) or ($0.08) per share on 10,285,284 weighted average shares and common stock equivalents, compared to net income of $897,640, or $0.09 per share on 10,477,972 weighted average shares and common stock equivalents, in the same quarter a year ago. The variation is the result of the recognition of an 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 under development in the amount of $2,018,088 to the Creekside at Mockingbird mockingbird: see mimic thrush. mockingbird Any of several New World birds of a family (Mimidae) known for their mimicry of birdsong. The common, or northern, mockingbird (Mimus polyglottos) can imitate the songs of 20 or more species within 10 Canyon project in Riverside County, Calif. This impairment was 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 $69.3 million, up 101.9% from $34.3 million in 2000. Income from development operations was $4,599,433 for the nine months ended Sept. 30, 2001, up $2,349,108 or 104.4%, compared to income from development operations of $2,250,325 the same period in the prior year. The company reported net income of $2,234,824 or $0.22 per share on 10,441,222 weighted average shares and common stock equivalents, for the nine months ended Sept. 30, 2001, compared with $519,211 or $0.05 per share on 10,475,389 weighted average shares and common stock equivalents, in the same period in 2000. The variation in results were driven by two events, the recognition of an impairment of real estate under development in the amount of $2,018,088 to the Creekside at Mockingbird Canyon project in Riverside County, Calif. and the increase in sales revenue. Calprop Corporation, 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 Colorado Denver Metropolitan area. The company's common stock is traded on the OTCBB under the symbol CLPO.
CALPROP CORPORATION
Balance Sheets
(Unaudited)
September 30, December 31,
2001 2000
(Unaudited)
Assets:
Real estate development 88,468,000 98,544,447
------------------
Total investment
in real estate 88,468,000 98,544,447
Other assets:
Cash and cash equivalents 4,216,860 2,394,310
Deferred tax asset 6,535,343 6,535,343
Other assets 899,013 863,412
Total other assets 11,651,216 9,793,065
Total assets 100,119,216 108,337,512
Liabilities and Stockholders' Equity:
Trust deeds and notes payable 55,352,665 66,341,488
Related party notes 23,679,170 20,702,243
Total trust deeds
and notes payable 79,031,835 87,043,731
Accounts payable and accrued
liabilities 6,838,181 9,316,681
Warranty reserves 624,330 546,984
Total liabilities 86,494,346 96,907,396
Stockholders' equity:
Common stock, no par value
Authorized -- 20,000,000 shares
Issued and outstanding --
10,267,635 and
10,290,535 shares,
respectively, at
September 30, 2001
and December 31, 2000 10,267,635 10,290,535
Additional paid-in capital 25,844,571 25,849,961
Deferred compensation (105,525) (105,525)
Notes receivable from
common stock sale (531,513) (519,733)
Accumulated deficit (21,850,298) (24,085,122)
Total stockholders' equity 13,624,870 11,430,116
Total liabilities and
stockholders' equity 100,071,724 108,337,512
CALPROP CORPORATION
Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------------
2001 2000 2001 2000
Development operations:
Real estate sales 18,880,000 16,525,836 69,309,686 34,323,298
Cost of real estate
sales 16,688,474 14,765,814 62,692,165 32,072,973
2,191,526 1,760,022 6,617,521 2,250,325
Recognition of Impairment
of real estate under
development (2,018,088) -- (2,018,088) --
Income from development
operations 173,438 1,760,022 4,599,433 2,250,325
Other income 73,412 112,339 144,031 187,212
Other expenses:
General and
administrative
expenses 874,734 718,548 2,304,921 1,973,097
Interest expense -- (40,008) -- 13,518
Total other expenses 874,734 678,540 2,304,921 1,986,615
Minority interests -- 10,000 (1,825) (216,393)
Income (loss) before
income tax expense (627,884) 1,183,821 2,440,368 667,315
Income tax expense 205,544 286,181 205,544 148,104
Net income (loss) ($833,428) 897,640 2,234,824 519,211
Basic net income
(loss) per share ($0.08) $0.09 $0.22 $0.05
Diluted net income
(loss) per share ($0.08) $0.09 $0.21 $0.05
Weighted average
number of common
shares and common
stock equivalents
for dilutive net
income 10,285,284 10,477,972 10,441,222 10,475,389
Units
single family 46 56 190 131
total 46 56 190 131
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