Newport Beach Developer Doubles Quarter Earnings

Standard Pacific L.P., the Newport Beach-based residential development company, reported second quarter net income of $13 million, more than double the $6 million reported a year earlier. Revenue for the period of $90.5 million was up 17% from $77.3 million.

The company, which recently converted from a corporation to a limited partnership, said its earnings were boosted in part because, as a limited partnership, it no longer pays state and federal income taxes. Instead, individual investors pay taxes on their pro-rata share of the earnings.

For the first half of 1987, Standard Pacific reported net earnings of $20.1 million, almost double the $11.7 million of a year earlier. Revenue for the first six months was $146.7 million, up 17% from $125.1 million.

The company also said unit holders of record as of Aug. 5 will receive a 30-cent-per-unit cash distribution, payable Aug. 21.