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) : June 20, 2003
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
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(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) (310) 306-4314
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Not Applicable
(Former name, former address and former fiscal year, if changed since last
report.)
ITEM 5. OTHER EVENTS.
On June 20, 2003, Calprop Corporation issued a press release announcing its
results of operations for the quarter ended March 31, 2003 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
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99 Press Release dated June 20, 2003 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)
June 20, 2003
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FOR IMMEDIATE RELEASE
Friday, June 20, 2003
CALPROP REPORTS FIRST QUARTER RESULTS
Company Reports Net Profit of $413,344 in First Quarter
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Marina Del Rey, CA, June 20, 2003 -- Calprop Corporation (OTCBB:CLPO), a
California and Colorado home builder, in reporting financial results for the
three month period ended March 31, 2003, today reported net profit from
operations for the three month period ended March 31, 2003.
"For the three month period ended March 31, 2003, Calprop incurred a net
profit of $413,344. Our backlog decreased to $5,375,000 on 16 units, down 88.2%
from $45,470,000 on 119 units a year ago. Presently, Calprop is developing three
projects as compared to nine projects at this time a year ago. The Company is
currently in escrow to purchase five new properties, approximately 600 lots in
both Northern and Southern California. Three of these projects are anticipated
to commence production within the next six months, if not sooner. We plan on
closing units in mid-2004 from some of these projects," said Victor Zaccaglin,
Calprop's chairman and chief executive officer.
For the first quarter, Calprop's revenues were $4.6 million, a decrease of
$16,719,991 or 78.5% from $21.3 million of revenues in the first quarter a year
ago. Loss from development operations was $530,679 for the first quarter
compared to income of $94,774 in the same quarter a year ago. Net profit for the
first quarter of 2003 was $413,344 or $0.04 per share on 10,257,333 weighted
average shares and common stock equivalents, compared with net loss of $267,446
or ($0.03) per share on 10,254,005 weighted average shares and common stock
equivalents, in the same quarter a year ago. "The increase in results was due
primarily to a sale of Calprop's interest in a limited liability company that
owns Andalucia Luxury Townhomes. Though our revenue has diminished, we responded
by generating rental property income and reducing our general and administrative
costs," explained Victor Zaccaglin.
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)
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CALPROP CORPORATION
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CONSOLIDATED BALANCE SHEETS
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ASSETS
------
(Unaudited)
March 31, 2003 December 31, 2002
(Unaudited)
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Investment in Real Estate:
Real estate under development $22,504,195 $24,166,829
Rental property, (net of accumulated depreciation
of $195,000 and $121,875, respectively) 11,115,149 11,182,886
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Total investment in real estate 33,619,344 35,349,715
Other Assets:
Cash and cash equivalents 1,945,792 3,444,541
Deferred tax assets 6,324,174 6,535,343
Other assets 745,485 745,347
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Total other assets $9,015,451 $10,725,231
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Total assets $42,634,795 $46,074,946
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LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities:
Trust deeds and notes payable $18,269,295 $19,726,186
Related-party notes 13,987,634 13,987,634
----------------- ------------------
Total trust deeds, notes payable and related-party notes 32,256,929 33,713,820
Accounts payable and accrued liabilities 2,329,337 2,724,856
Deposit -- 2,000,000
Warranty reserves 756,569 757,550
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Total liabilities 35,342,835 39,196,226
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Stockholders' equity:
Common stock, no par value
Authorized - 20,000,000 shares
Issued and outstanding - 10,239,105 and 10,235,305 shares
at March 31, 2003 and December 31, 2002, respectively 10,239,105 10,235,305
Additional paid-in capital 25,850,776 25,849,446
Deferred compensation (28,600) (28,600)
Stock purchase loans (533,092) (527,858)
Accumulated deficit (28,236,229) (28,649,573)
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Total stockholders' equity 7,291,960 6,878,720
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----------------- ------------------
Total liabilities and stockholders' equity $42,634,795 $46,074,946
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CALPROP CORPORATION
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CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------
(Unaudited)
Three Months Ended
March 31,
----------------------------------
2003 2002
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Development operations:
Real estate sales $4,572,279 21,292,270
Cost of real estate sales 5,102,958 21,197,496
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(Loss) income from development operations (530,679) 94,774
Loss from investment in real estate venture -- (75,769)
Other income:
Rental 253,782 --
Gain on sale of investment in real estate venture 2,000,000 --
Interest and miscellaneous 19,040 62,048
Management fee -- 207,182
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Total other income 2,272,822 269,230
Other expenses:
Rental operating 112,090 --
General and administrative 485,043 555,446
Depreciation 71,137 --
Interest 384,740 --
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Total other expenses 1,053,010 555,446
Minority interests 764 235
Income (loss) before provision for income taxes 688,369 (267,446)
Provision for income taxes 275,025 --
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Net income (loss) $413,344 ($267,446)
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Basic and diluted net (loss) income per share $0.04 $(0.03)
====== =======
Weighted average number of common shares and
common stock equivalents adjusted for stock dividends 10,257,333 10,254,005
Units
Single family homes 5 23
Townhomes 6 35
- --
Total 11 58
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