Calprop reports increases in second-quarter results; company secures $4.89 million construction loan.LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--Aug. 14, 1995--Calprop Corp. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :CPP cpp - C preprocessor. ), 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, Monday Monday: see week. reported continued success in securing new construction loans and a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. resolution in its recent litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , in reporting improved financial results for the second quarter and six months ended June June: see month. 30, 1995. ``The second quarter of 1995 has proven highly successful for Calprop in a number of areas. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , we earned $104,800 in net income. This was the result of earnings from development operations as well as the recapture recapture n. in income tax, the requirement that the taxpayer pay the amount of tax savings from past years due to accelerated depreciation or deferred capital gains upon sale of property. (See: income tax) RECAPTURE, war. of litigation reserves from the Crispo lawsuit lawsuit: see procedure; tort. settlement,'' said Victor Zaccaglin, chairman and chief executive officer. On April 20, 1995, Calprop reported that it had reached a litigation settlement in which the company was to pay a total amount of $451,333 to settle a $5.5 million lawsuit brought by Crispo et al. against Calprop et al. The company had reserved $1.3 million to account for the anticipated settlement. The litigation arose over a dispute involving eight homes in a Ventura Ventura (vĕnt  `rə), city (1990 pop. 92,575), seat of Ventura co., SW Calif., on the Pacific coast in a farm and oil region; inc. 1866. County, Calif., residential project developed
and constructed by Calprop.
``We have obtained a $4,890,000 construction loan from Imperial Bank for our 120-lot subdivision in Sacramento Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif. Having started the model complex in our Sacramento project, we will begin production units in time to close on these units by the end of the year. We are pursuing additional acquisitions in two of the stronger areas in the 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, market and anticipate securing a second and possible third project this year,'' Zaccaglin continued. Calprop's revenues rose more than 7 percent to $4.3 million from $4 million in the year-ago quarter. Income from development operations reached $757,953, compared with a loss of $49,339 in the second quarter a year ago. The company produced net income of $104,800, or 0 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. , compared with net income of $21,729, or a loss of 2 cents, in the year-ago quarter. The 1994 and 1995 second-quarter earnings-per-share data gave effect to a preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) of approximately $116,000 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. during the periods. Income from development included $733,672 in recaptured litigation reserves during the 1995 quarter. Net earnings for the 1994 second quarter included a gain of approximately $450,000 from the sale of the company's office building. 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 rose to $7.7 million from $7.6 million in 1994. The company generated net income of $1,907,609, or 20 cents per share, for the six-month period ended June 30, 1995, compared with a net loss of $336,227, or 12 cents per share, in 1994. The 1994 six-month results gave effect to a preferred dividend of approximately $230,000 accrued during that period. The increase in net income is primarily the result of successful resolutions to two long-pending lawsuits: an increase in other income due to a $2.1 million settlement in the Caltrans lawsuit reported on Feb. 1, 1995, and the recapture of litigation reserves in the amount of $733,672 through value of real estate sold in the Crispo et al. settlement. ``We continue to improve our operating performance. With this second consecutive profitable quarter and another new lending source, we are poised to resume Calprop's record of profitable growth in 1995,'' concluded Zaccaglin. ` Calprop, 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 most desirable communities in both Northern and Southern California. For more information on Calprop via facsimile at no cost, simply call 800/PRO-INFO and dial client code 147. -0-
CALPROP CORP.
Statements of Operations
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1995 1994 1995 1994
Developmental operations:
Real estate sales $4,263,810 $4,005,231 $7,741,835 $7,619,758
Cost of real estate
sales 3,505,857 4,054,570 6,850,336 7,531,178
Income (loss) from
development operations 757,953 (49,339) 891,499 88,580
Other income 38,099 556,901 2,239,804 588,385
Other expenses:
General and administrative
expenses 576,574 485,833 1,099,174 1,003,442
Investment property
holding costs 107,494 -- 107,494 --
Interest expense 7,184 -- 17,026 9,750
Total other expenses 691,252 485,833 1,223,694 1,013,192
Income (loss) before
(provision)/benefit
for income taxes 104,800 21,729 1,907,609 (336,227)
(Provision)/benefit for
income taxes -- -- -- --
Net income (loss) $ 104,800 $ 21,729 $1,907,609 $ (336,227)
Net income (loss)
per share:
Primary (after giving
effect to preferred-
stock dividend)(a) 0 cents (2 cents) 35 cents (12 cents)
Fully diluted -- -- 20 cents --
Weighted average common
shares and common-
stock equivalents:
Primary 4,816,520 4,762,379 4,815,088 4,782,119
Fully diluted -- -- 9,386,439 --
Units sold:
Single-family homes 16 20 34 34
Townhomes 4 0 5 7
Total 20 20 39 41
(a) Includes effect of preferred dividend of approximately $116,000 accrued during the second quarter ended June 30, 1994 and 1995, and preferred dividends of approximately $232,000 accrued during the six months ended June 30, 1994 and 1995. -0-
CALPROP CORP.
Balance Sheets
(Unaudited)
June 30, Dec. 31,
1995 1994
Assets:
Real estate development $25,462,722 $22,700,482
Investment in land 13,413,520 13,396,653
Allowance for write-down to
net realizable value (7,747,146) (7,747,146)
Net investment in land 5,666,374 5,649,507
Total investment in real estate 31,129,096 28,349,989
Other assets:
Cash and cash equivalents 923,921 1,142,834
Prepaid expenses 18,514 292,602
Deferred loan costs -- 458,333
Operating and personal properties,
net of accumulated depreciation 41,661 50,130
Trust deeds receivable, net 79,110 139,477
Total other assets 1,063,206 2,083,376
Total assets $32,192,302 $30,433,365
Liabilities and stockholders' equity:
Trust deeds and notes payable $ 2,693,032 $ 4,774,683
Related party notes 8,675,000 5,207,084
Total trust deeds and notes payable 11,368,032 9,981,767
Community Facilities District
special tax bonds 2,336,544 2,381,432
Accounts payable and accrued
liabilities 1,997,361 2,031,868
Warranty reserves 179,000 1,499,408
Accrued dividends payable on
preferred stock 695,215 601,078
Total liabilities 16,576,152 16,495,553
Stockholders' equity:
Convertible preferred stock,
no par value
Authorized 6 million shares
outstanding -- 3,571,368 shares
at June 30, 1995, and 3,574,875 shares
at Dec. 31, 1994 4,571,351 4,575,840
Common stock, $1 par value
Authorized 20 million shares
outstanding -- 4,819,630 shares
at June 30, 1995, and
4,813,641 shares at Dec. 31, 1994 4,819,630 4,813,641
Additional paid-in capital 25,902,580 25,902,955
Accumulated deficit (19,677,411) (21,354,624)
Total stockholders' equity 15,616,150 13,937,812
Total liabilities and stockholders'
equity $32,192,302 $30,433,365
CONTACT: Calprop Corp., Los Angeles Mark Spiro, 310/306-4314 or The Financial Relations Board Inc., Los Angeles Daniel Daniel, book of the Bible Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. Saks, 310/442-0599 (general info) Stephanie Mishra, 415/986-1591 (analysts) |
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