Irvine Developer’s Net Income Is Up for Quarter, Year

California Coastal Communities Inc., an Irvine-based residential land-development and home-building company, reported that fourth-quarter net income rose to $3.1 million, or 31 cents a share, from $600,000, or 6 cents a share, for the similar period last year. Revenue totaled $8.5 million for the 2000 fourth quarter. No revenue was reported for the 1999 fourth quarter.

Net income for the year totaled $5.6 million, or 55 cents a share, which included profit from delivery of 61 homes at Rancho San Pasqual and the first home at the company’s Sandover project, as well as income of $5 million from a joint venture. In 1999, the company lost $1.6 million, or 15 cents a share. Revenue for 2000 totaled $23 million, compared with no revenue the previous year.