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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) November 21, 2000
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 November 17, 2000, the Registrant issued a press release (a copy of
which is filed herewith as Exhibit 99.1 and is incorporated herein by
reference) announcing that the California Coastal Commission had approved
modifications to the Bolsa Chica Local Coastal Program that would
substantially reduce the number of developable acres at the Registrant's
Warner Mesa property.
The Registrant is evaluating the carrying value of its Warner Mesa
property as a result of the Coastal Commission's action. Accordingly, the
Registrant expects to report a substantial write-down of the Warner Mesa
property, in accordance with generally accepted accounting principles, when
it files its Annual Report on Form 10-K for the year ending December 31,
2000. As of September 30, 2000, the property had a carrying value of $139.8
million. This evaluation will require an analysis of alternative development
scenarios with respect to product mix and density, and is not expected to be
completed until the Registrant files its Annual Report on Form 10-K in March
2001. While the Coastal Commission's approval would permit up to 1,235 homes
on 65 acres, the Registrant expects that it can maximize value for its
shareholders by building fewer homes.
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 November 17, 2000.
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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: November 21, 2000 By: /s/ Raymond J. Pacini
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Raymond J. Pacini
Chief Executive Officer
3.
