Standard Pacific Builds Profit, Backlog

Home builder Standard Pacific Corp. rebounded in the third quarter to post a profit on higher revenue from its building operations.

The company earned $2 million, or 7 cents a share, which included a one-time assessment of a $1.3-million charge that its thrift subsidiary paid to shore up the federal deposit insurance fund for thrifts. Standard Pacific reported a loss of $476,000, or 2 cents a share, for the third quarter last year. Revenue increased 5% to $114.7 million from $109.6 million.

The company said it had a backlog of 609 presold homes on Sept. 30, the highest for the third quarter since 1989. Increased orders from the company’s newer projects in Orange County and Northern California helped fuel the growth, said Arthur E. Svendsen, chairman and chief executive officer.

Net income for the first nine months of 1996 totaled $4.8 million, or 16 cents a share, up from $1.8 million, or 6 cents a share, for the corresponding period of 1995. Revenue rose 8% to $297.9 million from $276.8 million.