Capital Pacific Holdings Reports Profit for Quarter
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NEWPORT BEACH — Home builder Capital Pacific Holdings Inc. reported its first quarterly profit of the fiscal year.
The company, formerly known as J.M. Peters Co., earned $550,000, or four cents a share, in the third quarter ended Nov. 30, compared with a loss of $771,000, or five cents a share, in the same period last year.
Revenue dropped nearly 27% to $33.6 million from $45.9 million.
The company, which had losses in the first two quarters this year, earned a mere $51,000 for the full nine months, compared with a profit of $3.5 million, or 24 cents a share, a year ago. Revenue fell 15% to $95.1 million from $111.9 million.
Although the company reported losses during the first two quarters this year, it has been profitable in recent years. It had a profit of $3.6 million in the last fiscal year and $4.9 million in fiscal 1994.
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