Capital Pacific Reports 35% Annual Net Gain

NEWPORT BEACH —  Home builder Capital Pacific Holdings Inc. posted a 35% gain in net income for the fiscal year ended Feb. 28.

Net income climbed to $3.5 million, or 23 cents a share, from $2.6 million, or 17 cents a share, for the previous year. Revenue rose 5% to $218.7 million from $208.4 million. Fourth quarter net income totaled $189,000, or 1 cent a share, which included a noncash charge of $2.3 million related to start-up costs of the company’s Arizona division and the write-off of certain redesign and material costs related to projects. For the fourth quarter of the prior year, net income was $2.6 million, or 16 cents a share. Revenue declined 30% to $51.9 million from $73.9 million.