Correcting Calprop third-quarter results; tabular figure for fully diluted net income per share for nine months ended Sept. 30, 1995, should read 15 cents (sted 16 cents).LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--Nov. 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, Tuesday Tuesday: see week. reported continued success in obtaining new financing and the purchase of another project in reporting financial results for the nine months ended Sept. 30, 1995. "The third quarter of 1995 has proven to be 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 improved our results over a year ago. Additionally, we have purchased another project, 97 developed lots in Murrieta, Calif. With these improved results and the new project, we are well on our way to achieving our goals of a profitable 1995 and a profitable 1996 from development operations," said Victor Zaccaglin, chairman and chief executive officer. "We purchased the new project in Murrieta with funds generated from the refinancing Refinancing An extension and/or increase in amount of existing debt. of our model complex in the Cypress Cypress, city, United States Cypress (sī`prəs), city (1990 pop. 42,655), Orange co., S Calif. near Long Beach; inc. 1956. Forest Lawn–Cypress, a branch of the famous cemetery in Glendale, Calif. Cove project in Half Moon Bay, Calif. One of our major strategies has been to convert non-performing assets into performing ones through refinancing or 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. . "Thus far this year, we have been successful in these efforts as evidenced by the $840,000 loan obtained on this model complex as well as the $2.3 million settlement with Caltrans previously reported." For the third quarter, Calprop's revenues were $5.1 million as compared with $5.6 million of revenues in the third quarter a year ago. Income from development operations was $7,700 as compared with $37,774 in the third quarter a year ago. Net loss was $469,438 or 12 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 loss of $476,535, or 12 cents per share, in the same quarter a year ago. The 1994 and 1995 third-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. 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 $12.8 million down from $13.2 million in 1994. The company reported a net income of $1,438,171, or 15 cents per share (fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ), for the nine months ended Sept. 30, 1995, as compared with a net loss of $812,761 or 24 cents per share, in 1994. The 1994 and 1995 nine-month results give effect to a preferred dividend of approximately $346,000 accrued during those periods. 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 lawsuit: see procedure; tort. reported Feb. 1, 1995; and 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 in he amount of $730,000 through cost of real estate sold in the Crispo et al. settlement reported Aug. 14, 1995. "We continue to acquire new projects in an effort to attain our goal of earning a profit from development operations in 1996," 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 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 American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol CPP. -0-
Calprop Corp.
Statements of Operations
(Unaudited)
Three months ended Nine months ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
Development operations: Real estate sales $5,058,756 $5,603,018 $12,800,591 $13,222,776 Cost of real estate sales 5,051,056 5,565,244 11,901,392 13,096,422 Income (loss) from development operations 7,700 37,774 899,199 126,354 Other income 129,541 89,035 2,369,345 677,421 Other expenses: General and administrative expenses 551,235 598,469 1,650,409 1,601,911 Investment property holding costs 48,899 -- 156,393 -- Interest expense 6,545 4,875 23,571 14,625 Total other expenses 606,679 603,344 1,830,373 1,616,536 Income (loss) before (provision)/ benefit for income taxes (469,438) (476,535) 1,438,171 (812,761) (Provision)/ benefit for income taxes -- -- -- -- Net income (loss) ($469,438) ($476,535) $1,438,171 ($812,761) Net income (loss) per share Primary (after giving effect to preferred stock dividend)/a (12 cents) (12 cents) 22 cents (24 cents) Fully diluted -- -- 15 cents -- Weighted average common shares and common stock equivalents Primary 4,819,630 4,762,641 4,905,238 4,762,295 Fully diluted -- -- 9,488,100 -- Units sold: Single-family homes 20 27 62 61 Townhomes 2 5 7 12 Lots 2 0 2 0 Total 24 32 61 73 Note a: Includes effect of preferred dividend of approximately $117,000 accrued during the third quarter ended Sept. 30, 1994 and 1995, and preferred dividends of approximately $349,000 accrued during the nine months ended Sept. 30, 1994 and 1995.
Calprop Corp.
Balance Sheets
(Unaudited)
Sept. 30, 1995 Dec. 31, 1994
ASSETS Real estate development $24,121,850 $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 29,788,224 28,349,989 Other Assets: Cash and cash equivalents 835,267 1,142,834 Prepaid expenses 676,433 292,602 Deferred loan costs -- 458,333 Operating and personal properties net of accumulated depreciation 38,755 50,130 Trust deeds receivable, net 134,118 139,477 Total other assets 1,684,573 2,083,376 Total assets $31,472,797 $30,433,365
LIABILITIES AND STOCKHOLDERS' EQUITY
Trust deeds and notes payable $ 2,488,263 $ 4,774,683
Related party notes 8,525,000 5,207,084
Total trust deeds and notes payable 11,013,263 9,981,767
Community facilities district
special tax bonds 2,336,544 2,381,432
Accounts payable and accrued
liabilities 2,117,068 2,031,868
Warranty reserves 163,992 1,499,408
Accrued dividends payable on
preferred stock 812,239 601,078
Total liabilities 16,443,106 16,495,553
Stockholders' Equity
Convertible preferred stock,
no par value -
Authorized - 6 million shares
Outstanding - 3,571,368 shares at
Sept. 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
Sept. 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 (20,263,870) (21,354,624)
Total stockholders' equity 15,029,691 13,937,812
Total liabilities and stockholders'
equity $31,472,797 $30,433,365
CONTACT: Calprop Corp., Los Angeles Ron Cook, 310/698-6688 |
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