Standard Pacific Corp.:

The Irvine home builder, benefiting from price increases at many developments, particularly in California, said net income for the first quarter increased 96% to a record $27.2 million, or 88 cents a share, from $13.9 million, or 48 cents a share, for the comparable quarter of 2000. Revenue rose 24% to a first-quarter record of $286.8 million. The company’s backlog of homes in the quarter stood at a record 1,911 valued at $638 million, Standard Pacific said in a press release.

The company said it expects to earn 70 cents to 80 cents a share in the second quarter and is optimistic about the outlook for 2001, raising its earnings estimates to $3.70 to $3.80 a share from $3.60 to $3.75 provided earlier.

In the second quarter last year, the company earned $20 million, or 69 cents a share, on revenue of about $284.3 million. For the full year, the company earned $100.1 million, or $3.39 a share, on revenue of $1.3 billion.