Calprop Reports Third-Quarter Results; Company Secures $3.0 Million In Capital From PICaL.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). BB: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). home builder, Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant stated it 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). of $325,344 and $1,335,220 in reporting the financial results for the three- and nine-month periods ended Sept. 30, 1997. "The third quarter has seen a near doubling of sales revenue, a 39 percent decrease in expenses and future lending commitments of $18.0 million," said Victor Zaccaglin, Calprop's chairman and chief executive officer. For the third quarter, Calprop's revenues were $5.1 million as compared with $2.6 million of revenues in the third quarter a year ago. Income from development operations was $32,071 as compared with losses of $4,411,503 a year ago. The majority of this improvement is the result of the recognition of $4,326,848 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. losses due to land devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. and product retooling in response to changing market conditions recognized in 1996. Net losses were $325,344, or 4 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 9,222,785 weighted average shares and common stock equivalents, compared with a net loss of $5,001,876, or 54 cents per share on 9,228,265 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 $19.3 million, up 45.3 percent from $7.0 million in 1996. The company reported a net loss of $1,335,220, or 14 cents per share, for the nine months ended Sept. 30, 1997, a $5,267,886 increase from the net loss of $6,603,106, or $1.01 per share, in 1996. The 1996 nine-month results give effect to an accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $230,000. The decrease in net losses is primarily the result of the 1997 increase in sales revenue and the reduction of general and administrative expenses coupled with the 1996 recognition of $4.3 million in impairment losses as a result of land devaluation and product retooling due to changes in the market contributed to the decrease as well. Calprop Corp., based in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , builds quality homes in some of the state's most desirable communities in both 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, . The company's common stock is traded on the Over-The-Counter Bulletin Board under the symbol CLPO. -0-
CALPROP CORP.
BALANCE SHEETS
(Unaudited)
Sept. 30, Dec. 31,
1997 1996
Assets:
Real estate development 21,056,258 21,908,164
Investment in land 2,979,658 4,037,187
Total investment in real estate 24,035,916 25,945,351
Other assets:
Cash and cash equivalents 3,465,537 1,224,780
Prepaid expenses 34,723 29,587
Deferred and other assets 338,334 333,660
Total other assets 3,838,594 1,588,027
Total assets 27,874,510 27,533,378
Liabilities & Stockholders' Equity:
Trust deeds and notes payable 5,973,695 5,011,866
Related party notes (Note 5) 12,948,879 12,528,550
Total trust deeds and notes payable 18,922,574 17,540,416
Community facilities district special
tax bonds 2,336,544 2,336,544
Accounts payable and accrued
liabilities 3,343,952 3,025,783
Warranty reserves 236,543 261,401
Total liabilities 24,839,613 23,164,144
Minority Interest (Note 4) 10,883 10,000
Stockholders' Equity:
Common stock, no par value
Authorized -- 20 million shares
Issued and outstanding -- 9,222,785
and 9,224,585 shares at Sept. 30,
1997, and Dec. 31, 1996,
respectively 9,222,785 9,224,585
Additional paid-in capital 25,912,531 25,911,579
Deferred compensation (67,807) (68,655)
Accumulated deficit (32,043,495) (30,708,275)
Total stockholders' equity 3,024,014 4,359,234
Total liabilities and stockholders'
equity 27,874,510 27,533,378
CALPROP CORP.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Sept. 30,
1997 1996
Development operations:
Real estate sales 5,114,792 2,626,505
Cost of real estate sales 5,082,721 2,711,160
32,071 (84,655)
Recognition of impairment of real estate
under development and land held for
investment -- (4,326,848)
Income (loss) from development operations 32,071 (4,411,503)
Other income 27,080 29,334
Other expenses:
General and administrative expenses 222,040 326,253
Interest expense 122,677 217,854
Investment property holding costs 34,638 75,600
Total other expenses 379,355 619,707
Minority interests (Note 4) 5,140 --
Net loss $ (325,344) $(5,001,876)
Net loss per share (Note 3) $ (0.04) $ (0.54)
Weighted average number of common
shares and common stock equivalents
adjusted for stock dividends 9,222,785 9,228,265
Units
single family 20 9
townhomes 4 5
lots 0 0
total 24 14
Nine Months Ended
Sept. 30,
1997 1996
Development operations:
Real estate sales 19,345,274 7,020,876
Cost of real estate sales 19,279,534 7,248,129
65,740 (227,253)
Recognition of impairment of real estate
under development and land held for
investment -- (4,326,848)
Income (loss) from development operations 65,740 (4,554,101)
Other income 62,412 40,406
Other expenses:
General and administrative expenses 1,025,882 1,641,798
Interest expense 250,769 217,854
Investment property holding costs 185,838 229,759
Total other expenses 1,462,489 2,089,411
Minority interests (Note 4) 883 --
Net loss $(1,335,220) $(6,603,106)
Net loss per share (Note 3) $ (0.14) $ (1.01)
Weighted average number of common
shares and common stock equivalents
adjusted for stock dividends 9,223,761 6,716,053
Units
single family 53 19
townhomes 31 17
lots 0 0
total 84 36
CONTACT: Calprop Corp. Mark Spiro, 310/306-4317 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion