Strong Market Boosts Quarter at Capital Pacific
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Capital Pacific Holdings Inc., a luxury home builder, posted a fourth-quarter profit of $1.9 million, or 13 cents per share, up from $495,000, or 3 cents per share, a year ago. Sales rose nearly 37% to $113.4 million from $83 million.
For the full year ended Feb. 28, the Newport Beach-based company said profits were $3.3 million, or 23 cents per share, compared to a loss of $2.2 million, or 15 cents per share in the previous period. The loss included an $8 million noncash charge related to a real estate project in Riverside County that has not fully appreciated to its purchase price of a decade ago. Sales totaled $271 million, up 27% over $214 million.
Capital Pacific attributed the improved results to the strongest housing market in Southern California in years. The company closed 932 homes during the last fiscal year, compared to 909 in the previous period. Moreover, the average price of those homes rose 23% to $287,000 from $233,000.
The home builder also reported a year-end backlog of 497 units, representing $124 million in potential revenue, versus 376 units that added up to $115 million a year ago.
On Wednesday, the company’s stock closed at $3.50, up 38 cents a share, on the American Stock Exchange.
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