FORM 10-Q

 

SECURITIES AND EXCHANGE COMMISSION

 

WASHINGTON, D.C. 20549

 

 

QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

For the quarterly period ended June 30, 2002

 

 

Commission file number 0-17189

 

 

CALIFORNIA COASTAL COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:

 

Yes  ý                    No  o

 

Indicate by check mark whether the Registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

 

Yes  ý                    No  o

 

The number of shares of Common Stock outstanding at July 31, 2002 was 10,058,589.

 

 

CALIFORNIA COASTAL COMMUNITIES, INC.

 

FORM 10-Q

 

FOR THE QUARTER ENDED JUNE 30, 2002

 

I N D E X

 

Part I - Financial Information:
	Item 1 -		Consolidated Financial Statements (unaudited)
			Consolidated Balance Sheets - December 31, 2001 and June 30, 2002
			Consolidated Statements of Operations - Three and Six Months Ended June 30, 2001 and 2002
			Consolidated Statements of Cash Flows - Six Months Ended June 30, 2001 and 2002
			Notes to Consolidated Financial Statements
	Item 2 -		Management’s Discussion and Analysis of Financial Condition and Results of Operations
	Item 3 -		Quantitative and Qualitative Disclosures About Market Risk
Part II - Other Information:
		Item 1 - Legal Proceedings
		Item 6 - Exhibits and Reports on Form 8-K
SIGNATURE

 

2

 

CALIFORNIA COASTAL COMMUNITIES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(in millions)

 

(unaudited)

 

 

		December 31,  2001			June 30, 2002
ASSETS
Cash and cash equivalents		$	8.7		$	6.7
Short-term investments – available for sale		7.5			—
Restricted cash equivalents		1.5			—
Real estate held for current development or sale		14.0			18.3
Land held for future development		147.3			150.3
Other assets		1.4			.7
		$	180.4		$	176.0
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued liabilities		$	3.1		$	3.3
Project debt		3.1			.5
Other liabilities		15.2			11.9
Total liabilities		21.4			15.7
Commitments and contingencies
Stockholders’ equity:
Common stock		.5			.5
Capital in excess of par value		139.8			140.8
Retained earnings		18.8			20.4
Accumulated other comprehensive loss		(.1		)	(1.4		)
Total stockholders’ equity		159.0			160.3
		$	180.4		$	176.0

 

See the accompanying notes to consolidated financial statements.

 

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CALIFORNIA COASTAL COMMUNITIES, INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(in millions, except per share amounts)

 

(unaudited)

 

		Three Months Ended June 30,						Six Months Ended June 30,
		2001			2002			2001			2002
Revenues		$	13.3		$	5.1		$	25.3		$	8.0
Costs of sales		11.4			4.4			21.4			7.1
Gross operating profit		1.9			.7			3.9			.9
Selling, general and administrative expenses		.9			.9			1.7			1.9
Interest expense		—			—			.1			.1
Income from unconsolidated joint ventures		(1.1		)	—			(1.7		)	(.6		)
Other income, net		—			(.6		)	(.2		)	(.6		)
Income before income taxes		2.1			.4			4.0			.1
Provision (benefit) for income taxes		(2.3		)	(.2		)	(1.5