This Form 10-Q consists of 19 sequentially numbered pages.
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 September 30, 2002
Commission file number 0-17189
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CALIFORNIA COASTAL COMMUNITIES, INC. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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02-0426634 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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6 Executive Circle, Suite 250 |
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92614 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (949) 250-7700
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
The number of shares of Common Stock outstanding at October 31, 2002 was 10,058,589.
CALIFORNIA COASTAL COMMUNITIES, INC.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2002
I N D E X
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Part I - |
Financial Information: |
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Item 1 - |
Consolidated Financial Statements |
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Consolidated Balance Sheets
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Consolidated
Statements of Cash Flows - |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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CERTIFICATIONS |
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2
CALIFORNIA COASTAL COMMUNITIES, INC.
(in millions)
(unaudited)
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December 31, 2001 |
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September 30, 2002 |
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ASSETS |
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Cash and cash equivalents |
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$ |
8.7 |
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$ |
7.6 |
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Short-term investments – available for sale |
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7.5 |
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— |
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Restricted cash equivalents |
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1.5 |
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— |
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Real estate held for current development or sale |
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14.0 |
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21.4 |
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Land held for future development |
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147.3 |
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151.3 |
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Other assets |
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1.4 |
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1.4 |
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$ |
180.4 |
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$ |
181.7 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Liabilities: |
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Accounts payable and accrued liabilities |
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$ |
3.1 |
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$ |
3.8 |
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Project debt |
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3.1 |
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6.3 |
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Other liabilities |
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15.2 |
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11.6 |
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Total liabilities |
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21.4 |
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21.7 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock |
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.5 |
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.5 |
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Capital in excess of par value |
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139.8 |
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140.5 |
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Retained earnings |
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18.8 |
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20.4 |
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Accumulated other comprehensive loss |
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(.1 |
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(1.4 |
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Total stockholders’ equity |
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159.0 |
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160.0 |
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$ |
180.4 |
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$ |
181.7 |
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See the accompanying notes to consolidated financial statements.
3
CALIFORNIA COASTAL COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
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Three Months Ended |
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Nine Months Ended |
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2001 |
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2002 |
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2001 |
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2002 |
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Revenues |
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$ |
7.4 |
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$ |
5.2 |
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$ |
32.7 |
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$ |
13.2 |
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Costs of sales |
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5.9 |
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4.6 |
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27.3 |
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11.7 |
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Gross operating profit |
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1.5 |
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.6 |
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5.4 |
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1.5 |
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Selling, general and administrative expenses |
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.6 |
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.2 |
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2.3 |
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2.1 |
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Interest expense |
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.1 |
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.1 |
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.2 |
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.2 |
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Income from unconsolidated joint ventures |
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(1.0 |
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(.2 |
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(2.7 |
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(.8 |
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Other (income) expense, net |
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.1 |
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.3 |
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(.1 |
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(.3 |
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Income before income taxes |
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1.7 |
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.2 |
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5.7 |
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.3 |
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Provision (benefit) for income taxes |
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.7 |
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.2 |
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(.8 |
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(1.3 |
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