ORANGE COUNTY EARNINGS
Capital Pacific Holdings Inc.: The Newport Beach-based real estate company reported weaker results for the first quarter, citing the cost of shifting to the luxury home market and wet weather that dampened home building. Net income during the fiscal first quarter ended May 31 declined to $340,000, or 2 cents per share, from $1.1 million, or 7 cents per share. Revenues were off nearly 20% to $28.3 million from $35.2 million.
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