Standard Pacific Posts Profit of $2 Million

Standard Pacific Corp., benefiting from a change in accounting for income taxes, on Tuesday posted a profit of nearly $2 million for the first quarter, up 17% from $1.7 million a year earlier.

Without the accounting change, however, the Costa Mesa home builder’s profit shrank to $1.1 million, down 54% from the first quarter of 1992.

Earnings per share were 7 cents, compared to 4 cents a year earlier.

Three-month revenue was $52.2 million, down 14% from $60.9 million a year earlier.

Officials of the diversified Costa Mesa home-building and financial-services company said that, though home sales were down slightly for the latest quarter--153, compared to 161 a year earlier--most of the drop in revenue and operating profit resulted from the lower average selling price for Standard Pacific homes. The company said it is adjusting its products and prices to the realities of a recessionary market.

The average selling price of homes delivered in the first quarter was $263,350, down 12.5% from $300,799 a year earlier.

Standard Pacific operates mainly as a builder of single-family homes across California and in three Texas markets: Dallas, Houston and Austin.

The company also operates a savings and loan, Standard Pacific Savings, in Newport Beach, and manufactures office furniture systems through a Santa Ana subsidiary, Panel Concepts Inc.