Standard Pacific’s Earnings Rise

Home builder Standard Pacific Corp. reported that fourth-quarter net income rose on a 19% revenue increase.

The company earned $11.9 million, or 40 cents a share, for the three months, including a gain of $3.3 million from disposing of discontinued operations. That compares with net income of $3.6 million, or 12 cents a share, for the same quarter a year earlier. Revenue increased to $155.5 million from $131.1 million.

The company said the gain in earnings resulted from a record number of new home deliveries, an increase in the average home price and continued improvement on its margins from California home building operations.

Net income for 1997, including discontinued operations, was $27.3 million, or 92 cents a share, compared to $8.4 million, or 28 cents a share, in 1996. Discontinued operations include the company’s savings and loan subsidiary, which is being sold, and the office furniture subsidiary, which was sold in December for a net gain of $3.3 million. Revenue climbed 46% to $584.6 million from $399.9 million.