This Form 10-Q consists of 21 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 March 31, 2004
Commission file number 0-17189
CALIFORNIA COASTAL COMMUNITIES, INC.
(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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Irvine, California |
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92614 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: (949) 250-7700 |
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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 is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes ý No o
The number of shares of Common Stock outstanding at April 30, 2004 was 10,075,212.
CALIFORNIA COASTAL COMMUNITIES, INC.
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2004
INDEX
2
CALIFORNIA COASTAL COMMUNITIES, INC.
(unaudited)
(in millions)
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March 31, 2004 |
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December 31, 2003 |
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ASSETS |
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Cash and cash equivalents |
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$ |
10.2 |
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$ |
14.7 |
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Real estate held for current development or sale |
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31.0 |
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27.5 |
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Land held for future development |
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154.2 |
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153.6 |
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Other assets |
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2.3 |
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2.3 |
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$ |
197.7 |
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$ |
198.1 |
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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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$ |
4.0 |
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$ |
6.3 |
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Project debt |
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12.6 |
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10.4 |
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Other liabilities |
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12.2 |
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12.9 |
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Total liabilities |
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28.8 |
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29.6 |
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Minority interest |
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3.9 |
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3.9 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common Stock—$.05 par value; 11,000,000 shares authorized; 10,075,212 shares issued and outstanding |
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.5 |
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.5 |
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Excess Stock—$.05 par value; 11,000,000 shares authorized; no shares outstanding |
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— |
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— |
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Capital in excess of par value |
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143.2 |
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143.1 |
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Retained earnings |
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23.7 |
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23.4 |
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Accumulated other comprehensive loss |
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(2.4 |
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(2.4 |
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Total stockholders’ equity |
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165.0 |
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164.6 |
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$ |
197.7 |
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$ |
198.1 |
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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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2004 |
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2003 |
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Revenues |
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$ |
5.6 |
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$ |
3.9 |
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Costs of sales |
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4.3 |
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3.3 |
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Gross operating profit |
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1.3 |
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.6 |
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Selling, general and administrative expenses |
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.9 |
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.8 |
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Interest expense |
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.1 |
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.1 |
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Income from unconsolidated joint ventures |
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(.1 |
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(.1 |
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Other expense, net |
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— |
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.1 |
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Income (loss) before income taxes |
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.4 |
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(.3 |
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Provision (benefit) for income taxes |
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.1 |
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(.1 |
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Net income (loss) |
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$ |
.3 |
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$ |
(.2 |
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Earnings (loss) per common share - basic |
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$ |
.03 |
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(.02 |
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Earnings (loss) per common share - diluted |
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$ |
.03 |
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$ |
(.02 |
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See the accompanying notes to consolidated financial statements.
4
CALIFORNIA COASTAL COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
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Three
Months Ended |
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2004 |
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2003 |
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Cash flows from operating activities: |
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Net income (loss) |
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$ |
.3 |
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$ |
(.2 |
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Adjustments to reconcile net income to cash used in operating activities: |
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