Home Builder Sees Revenue Break Barrier
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Costa Mesa home builder Standard Pacific Corp., benefiting from the robust housing market, posted higher fourth-quarter profits on record revenue.
The company said it earned $21.3 million, or 72 cents a share, in the three months, up 2% from $20.8 million, or 70 cents a share, a year ago. Home building revenues increased 20% to $378.1 million.
For the year, net income rose 48% to $68 million, or $2.28 a share, from $45.9 million, or $1.53 a share, for the prior year. The 1998 figure included an extraordinary charge of $1.3 million from early extinguishment of debt. The company’s former savings and loan subsidiary was sold during the second quarter last year for an after-tax gain of $618,000.
Home building revenue advanced 58% to $1.2 billion, the first time the company has surpassed $1 billion in annual revenue.
Housing deliveries in Northern and Southern California topped 1,000 units for the first time in each region, resulting in an overall increase of 32% from 1998.
Standard Pacific also said it plans to build as many as 60 developments this year, in California, Arizona and Texas.
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