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

Capital Pacific Holdings Inc.: The Newport Beach home-building company said net income for the first fiscal quarter climbed to $1.1 million, or 7 cents a share, from $327,000, or 2 cents a share, a year ago. The company said the average selling price of its homes rose 25% to $222,000, fueling the profit increase.

Revenue for the quarter ended May 31 declined 22% to $35.8 million from $45.9 million. The company said constraints on borrowing limited construction.