Standard Pacific reported net income of $43.8 million for 1987, compared to $25.7 million a year ago. Since Standard Pacific is now being operated as a master limited partnership, federal and state income taxes are not payable by the partnership itself, which accounted for the increased net income. Revenues for the year climbed 15%, to $356.9 million from $310.6 million a year earlier. For the fourth quarter, net income rose to $12.3 million from $8.5 million. Revenues for the year increased 14%, to $127.4 million from $111.6 million the previous year. Standard Pacific operates primarily as a builder of medium-priced single family homes with a majority of its operations in California. In addition, Standard Pacific assists home buyers in obtaining financing for home purchases through its wholly owned subsidiary, Standard Pacific Savings, and manufactures and markets office partitions and office furniture through its wholly owned subsidiary, Panel Concepts.