Capital Pacific Holdings: The Newport Beach home-building company, formerly J.M. Peters Co., reported a loss of $226,000, or 1 cent a share, for the second quarter, compared to a profit of $356,000, or 2 cents a share, during the same time last year. Revenue dropped 14.5% to $28.4 million from $33.3 million.
Company President Dale Dowers attributed the loss to construction delays stemming from record rainfall earlier this year. Still, the company sold 224 homes during the quarter ended Aug. 31, a 30.2% increase from the 172 homes sold the same time last year. Sales by subsidiaries in Nevada and Texas contributed to most of the increase.
For the six months, the company posted a loss of $499,000, or 3 cents a share, compared to a net profit of $4.3 million, or 28 cents a share, a year earlier. Revenue totaled $61.6 million, down from $66 million during the same period last year.