FOR 8am pst RELEASE
Wednesday, August 8, 2001
CALPROP REPORTS SECOND QUARTER RESULTS
Company Reports Profitable Second Quarter
MARINA DEL REY, CA, August 8, 2001 -- Calprop Corporation (OTCBB:CLPO), a
California and Colorado home builder, in reporting financial results for the
three and six month periods ended June 30, 2001, today reported that it has
earned a net profit from operations for the second quarter ended June 30, 2001.
"As a result of a strong California and Colorado economies and sound
projects, we achieved a net profit from operations. Additionally, our total
units in backlog has decreased 44.4% at 87 units, $31,920,000, as compared with
182 units, $57,440,000 as of a year ago, reflecting a continuing strong demand
for our homes. Furthermore, we continue to experience substantial sales price
increases in our Parc Metropolitan project in the Silicon Valley," said Victor
Zaccaglin, Calprop's chairman and chief executive officer.
"The company is presently building in seven locations; three in southern
California, two in northern California and two in the Colorado Denver Metro
area. We are pleased with our commencing construction on the 181 unit luxury
apartment project in San Diego, California," Zaccaglin said.
For the second quarter, Calprop's revenues were $26.8 million, an increase
of $16.5 million or 162.0% from $10.2 million of revenues in the second quarter
a year ago. Income from development operations was $2,380,158 for the second
quarter, up $1,567,016 or 192.7% compared to the prior year's quarter. Net
income for the second quarter of 2001 was $1,724,075 or $0.17 per share on
10,447,676 weighted average shares and common stock equivalents for dilutive net
income, compared with net income of $194,656 or $0.02 per share on 10,466,778
weighted average shares and common stock equivalents for dilutive net income, in
the same quarter a year ago.
For the year-to-date period, revenues were $50.4 million, up 183.4% from
$17.8 million in 2000. The company reported net income of $3,068,252 or $0.17
per share, for the six months ended June 30, 2001, a $3,446,681 increase from
the net loss of $(378,429), or $(0.04) per share, in 2000. The increase in net
income is primarily the result of both the increase in number of units closed
and the higher profit margins in Parc Metropolitan and Parkland Farms.
Calprop Corporation, based in Marina Del Rey, California, builds quality
homes in some of the most desirable communities in both Northern and Southern
California as well as the Colorado Denver Metropolitan area. The company's
common stock is traded on the OTCBB under the symbol CLPO.
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CALPROP CORPORATION
Balance Sheets
(Unaudited)
June 30, 2001 December 31,
(Unaudited) 2000
------------ ------------
Assets:
Real estate development 88,864,348 98,544,447
------------ ------------
Total investment in real estate 88,864,348 98,544,447
Other assets:
Cash and cash equivalents 3,819,338 2,394,310
Deferred tax asset 6,535,343 6,535,343
Other assets 852,295 863,412
------------ ------------
Total other assets 11,207,376 9,793,065
------------ ------------
Total assets 100,071,724 108,337,512
============ ============
Liabilities and Stockholders' Equity:
Trust deeds and notes payable 58,046,577 66,341,488
Related party notes 19,946,568 20,702,243
------------ ------------
Total trust deeds and notes payable 77,993,145 87,043,731
Accounts payable and accrued liabilities 7,011,559 9,316,681
Warranty reserves 579,928 546,984
------------ ------------
Total liabilities 85,584,632 96,907,396
Stockholders' equity:
Common stock, no par value
Authorized - 20,000,000 shares
Issued and outstanding - 10,290,535 shares
at June 30, 2001 and December 31, 2000 10,290,535 10,290,535
Additional paid-in capital 25,849,961 25,849,961
Deferred compensation (105,525) (105,525)
Notes receivable from common stock sale (531,009) (519,733)
------------ ------------
Accumulated deficit (21,016,870) (24,085,122)
------------ ------------
Total stockholders' equity 14,487,092 11,430,116
============ ============
Total liabilities and stockholders' equity 100,071,724 108,337,512
============ ============
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CALPROP CORPORATION
Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- -----------------------------
2001 2000 2001 2000
----------- ---------- ----------- -----------
Development operations:
Real estate sales 26,757,550 10,214,099 50,429,686 17,797,462
Cost of real estate sales 24,377,392 9,400,957 46,003,691 17,307,159
----------- ---------- ----------- -----------
Income from development operations 2,380,158 813,142 4,425,995 490,303
Other income 37,436 36,822 70,619 74,873
----------- ---------- ----------- -----------
Other expenses:
General and administrative expenses 695,344 618,544 1,430,187 1,254,549
Interest expense -- 36,764 -- 53,526
----------- ---------- ----------- -----------
Total other expenses 695,344 655,308 1,430,187 1,308,075
----------- ---------- ----------- -----------
Minority interests (1,825) -- (1,825) (226,393)
Income (loss) before benefit of income taxes 1,724,075 194,656 3,068,252 (516,506)
----------- ---------- ----------- -----------
Benefit for income taxes -- -- -- (138,077)
----------- ---------- ----------- -----------
Net income (loss) 1,724,075 194,656 3,068,252 (378,429)
=========== ========== =========== ===========
Basic net income (loss) per share $0.17 $0.02 $0.30 ($0.04)
===== ===== ===== ======
Diluted net income (loss) per share $0.17 $0.02 $0.29 ($0.04)
===== ===== ===== ======
Weighted average number of common
shares and common stock equivalents
for dilutive net income 10,447,676 10,466,778 10,483,432 10,291,673
Units
single family 76 42 144 75
-- -- --- --
total 76 42 144 75
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