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, 2004

 

Commission file number 0-17189

 

CALIFORNIA COASTAL COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

 

 

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

 

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 July 30, 2004 was 10,105,212.

 

 

CALIFORNIA COASTAL COMMUNITIES, INC.

 

FORM 10-Q

 

FOR THE QUARTER ENDED JUNE 30, 2004

 

I N D E X

 

Part I -	Financial Information:
	Item 1 -	Consolidated Financial Statements
		Consolidated Balance Sheets - June 30, 2004 and December 31, 2003 (unaudited)
		Consolidated Statements of Operations - Three and Six Months Ended June 30, 2004 and 2003 (unaudited)
		Consolidated Statements of Cash Flows - Six Months Ended June 30, 2004 and 2003 (unaudited)
		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
	Item 4 -	Evaluation of Disclosure Controls and Procedures
Part II -	Other Information:
	Item 1 - Legal Proceedings
	Item 4 - Submission of Matters to a Vote of Security Holders
	Item 6 - Exhibits and Reports on Form 8-K
SIGNATURE

 

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PART I.  FINANCIAL INFORMATION

 

ITEM 1 – FINANCIAL STATEMENTS

 

CALIFORNIA COASTAL COMMUNITIES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(unaudited)

 

(in millions)

 

		June 30,  2004			December 31, 2003
ASSETS
Cash and cash equivalents		$	4.4		$	14.7
Real estate held for current development or sale		66.3			27.5
Land held for future development		155.0			153.6
Other assets		2.0			2.3
		$	227.7		$	198.1
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued liabilities		$	5.1		$	6.3
Project debt		41.4			10.4
Other liabilities		9.7			12.9
Total liabilities		56.2			29.6
Minority interest		3.9			3.9
Commitments and contingencies
Stockholders’ equity:
Common Stock–$.05 par value; 13,500,000 shares authorized; 10,075,212 shares issued and outstanding		.5			.5
Excess Stock–$.05 par value; 13,500,000 shares authorized; no shares outstanding		—			—
Capital in excess of par value		145.6			143.1
Retained earnings		23.9			23.4
Accumulated other comprehensive loss		(2.4		)	(2.4		)
Total stockholders’ equity		167.6			164.6
		$	227.7		$	198.1

 

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,
		2004			2003			2004			2003
Revenues		$	3.2		$	9.2		$	8.8		$	13.1
Costs of sales		2.1			7.6			6.4			10.9
Gross operating profit		1.1			1.6			2.4			2.2
Selling, general and administrative expenses		.8			.9			1.7			1.7
Interest expense		—			—			.1			.1
Income from unconsolidated joint ventures		(.1		)	(.2		)	(.2		)	(.3		)
Other expense, net		.1			.6			.1			.7