Capital Pacific Posts 84% Earnings Gain

Newport Beach home builder Capital Pacific Holdings Inc. said Monday that increased closings, net new orders and backlog helped it earn $3.5 million, or 24 cents a share, in its fiscal fourth quarter, ended Feb. 29.

The earnings mark an 84% increase from the $1.9 million, or 13 cents a share, earned in the previous year’s final three months. The latest quarterly income includes an extraordinary of $755,000, or 5 cents per share, resulting from the retirement of debt at less than face value.

Quarterly sales fell to $104 million from $114 million in the previous year’s final quarter.

For the year, Capital Pacific reported net income of $6.2 million, or 44 cents a share, an 88% increase over the previous year’s profit of $3.3 million, or 23 cents a share. Last year’s income includes an extraordinary gain of $955,000, or 7 cents a share, resulting from the retirement of debt at less than face value.

Annual revenue totaled $319 million, an 18% increase over $271 million the previous year.