ORANGE COUNTY EARNINGS

Standard Pacific Corp.: The Costa Mesa home builder reported first-quarter net income of $4.8 million, or 16 cents a share, 37% higher than the $3.5 million, or 12 cents a share, for the corresponding period last year. The 1998 first quarter included a loss of $65,000 for discontinued operations from the pending disposition of the company’s savings and loan subsidiary.

The 1997 first quarter included income of $484,000 from its thrift subsidiary and from the office furniture subsidiary that was sold at the end of 1997.

Revenue declined 13% to $96.9 million from $111.3 million.

The company said the average home price was up 7%, but home deliveries declined, partly because of the El Nino weather pattern.