Capital Pacific Holdings Reports Profit for Quarter

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.