Builder’s Net Doubles
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COSTA MESA — Home builder Standard Pacific Corp. reported Monday that net income more than doubled for the second quarter, while sales rose 38%.
The company said net income totaled $4.7 million, or 16 cents a share, up from $2.2 million, or 7 cents a share, for the same period last year. Revenue increased to $140.6 million from $101.7 million.
Standard Pacific attributed the earnings boost to increased home sales in Northern California, San Diego and Ventura County, and higher margins on its home sales throughout California. The company has been selling more homes in the $400,000-to-$800,000 range, which has boosted its margins to 15% from 12.4% a year ago.
Net income for the six months climbed to $8.2 million, or 28 cents per share, from $2.8 million, or 9 cents a share, for the first six months of 1996. Revenue rose 54% to $251.9 million from $163.3 million.
The company’s earnings include those of a savings and loan subsidiary that is being sold to another lender.
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