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UNITED STATES
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) April 16, 1999
CALIFORNIA COASTAL COMMUNITIES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
0-17189 02-0426634
(Commission File Number) (I.R.S. Employer Identification No.)
6 Executive Circle, Suite 250, Irvine, California 92614
(Address of principal executive offices) (Zip Code)
(949) 250-7700
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address,
if Changed Since Last Report)
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Item 5. OTHER EVENTS
On April 19, 1999, the Registrant issued a press release announcing
that, on April 16, 1999, the California Court of Appeal issued a ruling
adverse to the Registrant which will require the Registrant to seek further
approval from the California Coastal Commission with respect to the Warner
Mesa development project. A copy of the press release is attached hereto and
is incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits:
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Exhibit No. Description
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<S> <C>
99.1 Press Release, issued April 19, 1999
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2.
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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.
CALIFORNIA COASTAL COMMUNITIES, INC.
Date: April 20, 1999 By: /s/ Raymond J. Pacini
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Raymond J. Pacini
Chief Executive Officer
3.
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Contacts: Raymond J. Pacini Lucy Dunn
Chief Executive Officer Executive Vice President
California Coastal Communities, Inc. Hearthside Homes, Inc.
(949) 250-7781 (949) 250-7703
COURT OF APPEAL'S DECISION REQUIRES CALC TO SEEK
FURTHER APPROVAL FROM COASTAL COMMISSION
IRVINE, California--April 19, 1999--California Coastal Communities,
Inc., (NASDAQ:CALC) announced today that on April 16, 1999, in a ruling
adverse to the Company, the California Court of Appeal overturned the August
1997 judgment of the trial court in litigation over removal of six acres of
dying eucalyptus trees within the Company's master-planned community on
Warner Mesa. The appellate court ruled that, under the Coastal Act, the
California Coastal Commission should not have allowed the relocation of this
raptor habitat.
California Coastal Communities' President and CEO, Raymond J. Pacini,
responded: "We are obviously disappointed by the Court of Appeal's decision.
However, our master-planned community on the remaining 200 acres of Warner
Mesa is unimpeded by this court's decision. We will present a modified plan
to the Coastal Commission as soon as possible and our goal is to start
infrastructure construction by the end of this year."
Mr. Pacini also stated, " There is a serious housing shortage in Orange
County and Southern California which is exacerbated by litigation delays such
as this. We have trouble understanding how six acres of dying habitat is
preferable to our plan for
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an enhanced 21-acre replacement habitat. Nevertheless, we will continue to
pursue the Company's constitutional right to reasonably develop this
property."
Lucy Dunn, Executive Vice President of Hearthside Homes, Inc., the land
development and homebuilding subsidiary of California Coastal Communities,
Inc., stated, "Despite the Court's ruling, we believe that the Coastal
Commission and the Company properly balanced environmental concerns with a
responsible development plan. We anticipate the Commission will once again
approve modifications to the plan which satisfy the court, protect the
environment, and allow the Company to reasonably develop its property for a
new community of homes, parks and trails which have been long awaited by the
public."
While the Company expects to complete the Coastal Commission process and
commence infrastructure construction on Warner Mesa by the end of 1999, there
can be no assurance in that regard, or that further litigation or
administrative delay will not result.
The Company is a residential land development and homebuilding company,
which holds a large residential land inventory in Southern California. The
Company's principal subsidiaries are Signal Landmark, which owns the Warner
Mesa property along with other parcels near the Bolsa Chica wetlands; and
Hearthside Homes, Inc., the fifth largest homebuilder in Orange County,
currently building a 1,200 home master-planned community in Aliso Viejo, CA
and 112 homes at the Company's Rancho San Pasqual master-planned golf course
community in Escondido, CA.
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SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995.
Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors, including the timing and outcome of
various real estate development projects and litigation described therein,
which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
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