Calprop Reports Third Quarter Results.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 earned a net profit for both the three and nine month periods ended September September: see month. 30, 2000. "For both the three and nine month periods ended September 30, 2000, Calprop recognized a profit 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 continued to provide strong housing sales. We closed 56 units this quarter, leaving 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. at 147 units, $50,720,000, up 117.7% from 98 units, $23,330,000 a year ago," said Victor Zaccaglin, Calprop's chairman and chief executive officer. "We are presently building in ten 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. . Our Parc Metropolitan project in Milpitas began closing units this quarter which are generating considerable profits. In conjunction with this profitability, we continue to experience strong upward pressure on the sales pricing of these homes. Our main goal for 2001 is to maintain our present size while reducing the cost of equity and mezzanine capital Mezzanine capital (or mezzanine debt) is a broad financial term that refers to unsecured, high-yield, subordinated debt or preferred stock that represents a claim on a company's assets that is senior only to that of a company's shareholders. to enhance our 2002 profitability," Zaccaglin said. For the third quarter, Calprop's revenues were $16.5 million, an increase of $794,948 or 5.1% from $15.7 million of revenues in the third quarter a year ago. Income from development operations was $1,760,022 for the third quarter, up $3,649,844 or 193.2% compared to the losses from operations of $1,889,442 in the same quarter in the prior year. Net income for the third quarter of 2000 was $897,640 or $0.09 per share on 10,477,972 weighted average shares and common stock equivalents, compared to $927,006 or $0.09 per share on 10,716,872 weighted average shares and common stock equivalents in the same quarter a year ago. The variation in results was driven by two events in the third quarter of 1999, 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 $2,519,521 to the Summertree Park project in Sacramento, California “Sacramento” redirects here. For other uses, see Sacramento (disambiguation). Sacramento is the capital of the State of California and the county seat of Sacramento County. and the recognition of $3,400,000 in benefit for income taxes. 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 $34.3 million, down 18.1% from $41.9 million in 1999. Income from development operations was $2,250,325 for nine months ended September 30, 2000, up $2,892,105 or 450.6% compared to losses from the development operations of $641,780 the same period in the prior year. The company reported net income of $519,211 or $0.05 per share on 10,475,389 weighted average shares and common stock equivalents for the nine months ended September 30, 2000 compared with $1,330,033 or $0.13 per share on 10,637,075 weighted average shares and common stock equivalents in the same period in 1999. The variation in results was driven by two events in the third quarter of 1999, the reduction in results was primarily driven by the recognition of an impairment of real estate under development in the amount of $2,519,521 to the Summertree Park project in Sacramento, California and the company recognized $3,400,000 in benefit for income taxes. An Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the interview will be taped and replayed daily at 3:00 PM Pacific time during the week of November 17 through 24. Shareholders and other interested parties are invited to listen to the broadcast on Tribe tribe [Lat., tribus: the tripartite division of Romans into Latins, Sabines, and Etruscans], a social group bound by common ancestry and ties of consanguinity and affinity; a common language and territory; and characterized by a political and economic Communication, Inc.'s site, at http://www.epowow.com. To hear the interview, click on the LISTEN UP button on the site during the hours of the re-broadcast. Listeners must have WinAmp Player installed in order to listen to the broadcast. WinAmp Player is available free of charge at: http://www.winamp.com/getwinamp. Should you wish to submit a question to be considered for discussion on the program, submit your question to either of the e-mail addresses See Internet address. e-mail address - electronic mail address listed below. For more information on Calprop Corporation please visit their Web site at www.calprop.com. 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 in the Denver corridor of Colorado. The company's common stock is traded on the OTCBB under the symbol CLPO.OB.
CALPROP CORPORATION
Balance Sheets
(Unaudited)
Sept. 30, 2000 Dec. 31, 2000
(Unaudited)
Assets:
Real estate development 104,798,403 79,070,791
Total investment in real
estate 104,798,403 79,070,791
Other assets:
Cash and cash equivalents 2,040,252 1,405,663
Prepaid expenses 90,231 84,219
Deferred tax asset 6,233,074 6,500,000
Other Assets 802,480 756,970
Total other assets 9,166,037 8,746,852
Total assets 113,964,440 87,817,643
Liabilities and Stockholders'
Equity
Trust deeds and notes payable 73,982,281 48,216,139
Related party notes 22,694,288 24,860,032
Total trust deeds and notes
payable 96,676,569 73,076,171
Accounts payable and accrued
liabilities 8,548,829 6,391,621
Warranty reserves 473,526 358,287
Total liabilites 105,698,924 79,826,079
Minority Interest -- 228,191
Stockholders' equity:
Common stock, no par value
Authorized -- 20,000,000
shares
Issued and outstanding --
10,290,535 and
10,293,735 shares at Sept.
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 (514,002) (496,934)
Accumulated deficit (27,193,851) (27,713,062)
Total stockholders' equity 8,265,516 7,763,373
Total liabilities and
stockholders' equity 113,964,440 87,817,643
CALPROP CORPORATION
Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
2000 1999 2000 1999
Development operations:
Real estate sales 16,525,836 15,730,888 34,323,298 41,895,447
Cost of real estate
sales 14,765,814 15,100,809 32,072,973 40,017,706
Recognition of
impairment of real
estate under
Development -- (2,519,521) -- (2,519,521)
Income (Loss) from
development operations 1,760,022 (1,889,442) 2,250,325 (641,780)
Other income 112,339 24,424 187,212 80,163
Other expenses:
General and administrative
expenses 718,548 572,261 1,973,097 1,566,614
Interest expense (40,008) 8,742 13,518 57,524
Total other expenses 678,540 581,003 1,986,615 1,624,138
Minority interests 10,000 26,973 (216,393) (115,788)
Income (loss) before
provision (benefit)
for income taxes 1,183,821 (2,472,994) 667,315 (2,069,967)
Provision (Benefit)
for income taxes 286,181 (3,400,000) 148,104 (3,400,000)
Net income 897,640 927,006 519,211 1,330,033
Basic and diluted net
income per share $ 0.09 $ 0.09 $ 0.05 $ 0.13
Weighted average
number of common
shares and common
stock equivalents
adjusted for stock
dividends 10,477,972 10,716,872 10,475,389 10,637,075
Units:
Single family 35 67 110 180
Townhomes 21 0 21 0
Total 56 67 131 180
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