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CALPROP REPORTS HIGHER SALES IN FIRST QUARTER; MANAGEMENT SEES FIRMING IN CALIFORNIA HOUSING MARKET

 CALPROP REPORTS HIGHER SALES IN FIRST QUARTER;
 MANAGEMENT SEES FIRMING IN CALIFORNIA HOUSING MARKET
 LOS ANGELES, May 18 /PRNewswire/ -- Calprop Corp. (AMEX: CPP), a California home builder, today reported revenues rose more than 88 percent for the first quarter of 1992 to $5.5 million, compared with $2.9 million in the first quarter of 1991. The company reported a net loss of $465,895, or 10 cents for the quarter, compared with a net loss of $468,754, or 10 cents per share, in the same quarter a year ago.
 Victor Zaccaglin, chairman and chief executive officer, said, "During the first quarter we sold 15 homes, townhomes and paired homes, up from 12 last year. Higher unit sales coupled with the previously announced sale of 37 developed lots to Kaufman & Broad resulted in the dramatic improvement in revenues. In addition, we continue to focus on lowering operating expenses. As a result, the pre-tax loss for the quarter shrank to $465,895, down from a pre-tax loss of $710,232 in the same quarter a year ago. However, net income was flat when compared to last year because of a net-operating-loss tax benefit realized in the first quarter of 1991.
 "We saw some price firming during the first quarter. As a result, this was the first quarter in four where we showed a gross profit from real estate sales. In addition, escrows were up over the last several quarters, with 44 open escrows at March 31, 1992. These sales should be realized during the second and third quarter.
 "While the market appears to be strengthening, we still face a difficult environment. Recent events in California, including earthquakes and the Los Angeles riots, may have an effect on demand for housing over the next few months. However, we are cautiously optimistic. Interest rates remain low, and the economy seems to be picking up. Our efforts over the last year to reposition our products, lower our debt levels and improve our operating margins have been successful."
 Calprop is a conservatively managed company, providing architecturally award-winning, 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- 5/18/92
 /CONTACT: Stuart Eigler, VP, secretary and treasurer of Calprop, 310-306-4314; or Nick Farina of FRB Chicago, 312-266-7800, or Lise Needham of FRB San Francisco, 415-986-1591, for Calprop/
 (CPP) CO: Calprop Corp. ST: California IN: SU: ERN


AL-CH -- LA018 -- 1263 05/18/92 11:14 EDT
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Publication:PR Newswire
Date:May 18, 1992
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