Capital Pacific Net Income Up 11 Cents a Share

Newport Beach-based home builder Capital Pacific Holdings Inc. reported net income of $2.3 million, or 17 cents a share for the first quarter ended May 31, which included an extraordinary gain of $945,000 from the retirement of debt at less than face value. A year ago, the company earned $820,000, or 6 cents a share. Revenue increased 16% to $85 million.