Capital Pacific Holdings Inc.: The Newport Beach...

Capital Pacific Holdings Inc.: The Newport Beach home building company rebounded in the first quarter to post a profit on a 39% increase in revenue.

Capital Pacific said it had net income of $327,000, or 2 cents a share, for the quarter ended May 31, compared with a net loss of $273,000, or 2 cents a share, a year ago. Revenue rose to $45.9 million from $33.1 million.

The company said the higher revenue was attributable to increased home sales in California, where the company operates under the J.M. Peters Co. Inc. name.