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CALPROP REPORTS FIRST QUARTER RESULTS

 LOS ANGELES, May 14 /PRNewswire/ -- Calprop Corp. (AMEX: CPP), a California home builder, today reported financial results for the first quarter ended March 31, 1993. "Despite higher revenue, a write-down of our Victorville property resulted in a loss for the quarter," Victor Zaccaglin, chairman and chief executive officer.
 For the quarter, revenues were $8.0 million, compared to $5.5 million in the first quarter of 1992, due to the forced sale of the Oceanside project to Caltrans, which is being taken under eminent domain, ($2.8 million) and increased home sales. Calprop sold 18 homes and 137 lots (Oceanside) during the first quarter of 1993, compared with unit sales of 15 homes and 37 lots in the same quarter a year ago.
 Calprop recognized a net loss of $2.1 million, or 46 cents per share for the quarter compared with a net loss of $466,000, or 10 cents per share, in the first quarter of 1992. A $1.7-million non-cash charge for a write-down of the Victorville property during the first quarter 1993 accounted for the majority of the loss. There were no such write-downs recognized in the first quarter of 1992.
 "The Victorville area has been hard hit by the economic downturn," Zaccaglin explained. "The decline in property values has been exacerbated by the quantity of property in the area offered for sale by the Resolution Trust Corp. and the banks. As a result, when we put our Victorville lots on the market earlier this year, we did not receive an acceptable offer. We have iosreased the allowance on this project to reflect the lower value indicated."
 As previously announced, in order to provide additional liquidity, Calprop is currently preparing an offering of preferred stock to existing shareholders of cumulative convertible preferred stock. Two principal shareholders have committed to purchase their pro rata portion, approximately $2.8 million, which will provide sufficient capital to complete Calprop's current projects, which in turn should provide sufficient cash flow to start new projects in 1994. At March 31, 1992, shareholders' equity was $12.1 million, or $2.51 per share.
 Calprop builds quality homes in some of the state's most desirable communities in both Northern and Southern California. The company's common stock is traded on the American Stock Exchange under the symbol CPP.
 -0- 5/14/93
 /CONTACT: Stuart Eigler of Calprop, 310-306-4314; or Lise Needham, 415-986-1591, or Nick Farina, 312-266-7800, both of the Financial Relations Board, for Calprop/
 (CPP)


CO: Calprop Corp. ST: California IN: CST SU: ERN

GT -- SF003 -- 8496 05/14/93 09:15 EDT
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Date:May 14, 1993
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