CBAY mgmt review of last 10Q... (Actually I think we all will be encouraged by the next 10Q too that is due this week and I was told it won't be late this Q. The last 10Q was late due to the acquisition of Cobshomes and their books requiring more time to get to SEC standards)
Cal-Bay International Management Review of Quarterly Report Ending June 30, 2006
Cal-Bay International, Inc. (OTCBB:CBAY) announces a management review for the quarterly report filing for the period ending June 30th, 2006.
This statement is the opinion of Cal-Bay's management of the current market value of the properties listed in the June 30, 2006 report and not the actual purchase price of the properties which is required by the accounting practice to be the reported value as shown in the quarterly report.
Cal-Bay management has outlined their opinion of the property's approximate market value based on current comparisons and is shown along side the reported value.
Property Reported Value Cal-Bay Market Value
Aspen Cove Resort $2.6 M $5.0 M Valley Lane, NV $0.25 M $0.33 M San Francisco $2.65 M $3.3 M Seogerville, TX $1.5 M $1.5 M Chapel Downs, TX $1.2 M $1.2 M Cobs Homes $6.7 M $6.7 M Other Current Assets $2.5 M $2.5 M TOTALS $17.4 M $20.53 M
Cal-Bay management's opinion of current market value for the above properties shows a difference of approximately $3.13 M which cannot be reported until the actual sale or disposition of the property.
Accounts Receivable
Florida Note Receivable $14.99 M $14.99 M(we now know this is about $13.8M I believe which equates to about the price paid by Lennar Homes for the bk'd property)
Cal-Bay management's opinion of this account receivable is that the amount due to Cal-Bay on the note is significantly increased since first reported in 2005 and is reported in the June 30, 2006 quarterly report as an increase in profit.
Projected Future Revenues
Cal-Bay management's projected revenues on the following fully developed properties within the current portfolio.
All values are projected by Cal-Bay management, and are based on current market comparisons.
Property: Developed Value Gross Profit (Revenue)
Aspen Cove: 21 Luxury Vacation Homes $15.0 M $9.0 M
San Francisco: Condos $17.9 M $9.87 M
Total From Above Developments: $32.9 M $18.87 M
Projected time to Completion 2006/2008 CALBAYINTERNATIONAL.com COBSHOMES.com
FORWARD LOOKING SAFE HARBOR STATEMENT: To the extent that this release discusses any expectations concerning future plans, financial results or performance, such statements are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and are subject to substantial risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and reflect only management's belief and expectations based upon presently available information. These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties.
The Company assumes no obligation to update any of the forward-looking statements in this release.
Cal-Bay International, Inc. Tim Garlin, 760-930-0100 Fax: 760-930-0200 IR@calbayinternational.com www.calbayinternational.com
Source: Business Wire (September 18, 2006 - 1:03 PM EST)
Market Data 
Markets 
AI
