Standard Pacific L.P.: The Costa Mesa home...

Standard Pacific L.P.: The Costa Mesa home builder said the softening of California’s housing market contributed to declines in both net income and revenue for the first quarter. Net income dropped 21%, to $18.7 million from $23.6 million a year earlier. The 1989 first-quarter figure included a gain of $1.5 million from the sale of an industrial building. Revenue dipped 3%, to $99.2 million from $102.5 million.