SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8 - K
Current Report
Pursuant To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) : May 15, 2001
CALPROP CORPORATION
(Exact name of registrant as specified in its charter)
California 1-6844 95-4044835
- ------------------------------- ------------------------ ----------
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
13160 Mindanao Way, Suite 180, Marina Del Rey, California 90292
- --------------------------------------------------------- -------------
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) (310) 306-4314
--------------
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report.)
ITEM 5. OTHER EVENTS.
On May 15, 2001, Calprop Corporation issued a press release announcing its
results of operations for the quarter ended March 31, 2001 and discussing
certain other matters. The press release is filed as an exhibit hereto.
ITEM 7. EXHIBITS.
The following exhibits are filed with this current report on Form 8 - K:
Exhibit No. Description
----------- -----------
99 Press Release dated May 15, 2001 issued by Calprop Corporation
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CALPROP CORPORATION
By: /s/ Mark F. Spiro .
---------------------------------------------
Mark F. Spiro
Vice President/Secretary/Treasurer
(Chief Financial and Accounting Officer)
May 16, 2000
2
FOR IMMEDIATE RELEASE
Tuesday, May 15, 2001
CALPROP REPORTS FIRST QUARTER RESULTS
Company Reports Net Income of $1,344,177 in First Quarter
Marina Del Rey, CA, May 15, 2001 -- Calprop Corporation (OTCBB:CLPO), a
California and Colorado home builder, in reporting financial results for the
three month period ended March 31, 2001, today reported net income from
operations for the three month period ended March 31, 2001.
"For the three month period ended March 31, 2001, Calprop earned net
income of $1,344,177. As a result of continued strong sales in our California
and Colorado markets, our backlog increased to $52,780,000 on 133 units, up
13.9% from $46,350,000 on 148 units a year ago. Presently, Calprop is developing
nine projects as compared to ten projects at this time a year ago. Both the
backlog and projects under development are the basis for continued anticipated
profitability," said Victor Zaccaglin, Calprop's chairman and chief executive
officer.
For the first quarter, Calprop's revenues were $23.7 million, an increase
of $16,088,773 or 212.2% from $7.6 million of revenues in the first quarter a
year ago. Income from development operations was $2,045,837 for the first
quarter compared to a loss of $(322,839) in the same quarter a year ago. Net
income for the first quarter of 2001 was $1,344,177 or $0.13 per share on
10,416,375 weighted average shares and common stock equivalents, compared with a
net loss of $(573,085) or $(0.06) per share on 10,291,673 weighted average
shares and common stock equivalents, in the same quarter a year ago. The
improvement in results were primarily driven by an increase in sales revenue and
improvement in income from development operations.
Calprop Corporation, based in Marina Del Rey, California, builds quality
homes in some of the most desirable communities in both Northern and Southern
California and Colorado. The Company's common stock is traded on the OTCBB under
the symbol CLPO.
For additional information:
contact: Mark F. Spiro, calprop.com
email: mspiro@calprop.com
(Tables Follow)
CALPROP CORPORATION
CONSOLIDATED BALANCE SHEETS
ASSETS
(Unaudited)
March 31, December
2001 31, 2000
(Unaudited)
------------ -------------
Real estate development $ 91,900,512 $ 98,544,447
Other assets:
Cash and cash equivalents 3,516,678 2,394,310
Deferred and other assets 6,535,343 6,535,343
Other assets 874,126 863,412
------------ -------------
Total other assets 10,926,147 9,793,065
------------ -------------
Total assets $102,826,659 $108,337,512
============ =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Trust deeds and notes payable $ 60,966,031 $ 66,341,488
Related party notes 19,634,273 20,702,243
------------ ------------
Total trust deeds and notes payable 80,600,304 87,043,731
Accounts payable and accrued liabilities 8,876,730 9,316,681
Warranty reserves 580,939 546,984
------------ ------------
Total liabilities 90,057,973 96,907,396
------------ ------------
Stockholders' equity:
Common stock, no par value
Authorized - 20,000,000 shares
Issued and outstanding - 10,290,535 shares
at March 31, 2001 and December 31, 2000,
respectively 10,290,535 10,290,535
Additional paid-in capital 25,849,961 25,849,961
Deferred Compensation (105,525) (105,525)
Stock Purchase Loans (525,340) (519,733)
Accumulated deficit (22,740,945) (24,085,122)
------------ ------------
Total stockholders' equity 12,768,686 11,430,116
------------ ------------
Total liabilities and stockholders' equity $102,826,659 $108,337,512
============ ============
- more -
CALPROP CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
----------------------------
2001 2000
----------- ----------
Development operations:
Real estate sales $23,672,136 $7,583,363
Cost of real estate sales 21,626,299 7,906,202
----------- ----------
Income (loss) from development operations 2,045,837 (322,839)
Other income 33,183 38,051
----------- ----------
Other expenses:
General and administrative expenses 734,843 636,005
Interest expense -- 16,762
----------- ----------
Total other expenses 734,843 652,767
----------- ----------
----------- ----------
Minority interests -- (226,393)
----------- ----------
Income (loss) before benefit for income taxes 1,344,177 (711,162)
Benefit for income taxes -- $138,077
----------- ----------
Net income (loss) $ 1,344,177 ($573,085)
=========== ==========
Basic and diluted net loss per share $ 0.13 $(0.06)
======== ======
Weighted average number of common shares and
common stock equivalents adjusted for stock
dividends 10,416,375 10,291,673
Units
Single family homes 29 33
Townhomes 39 --
-- --
Total 68 33
# # #