Standard Pacific Records Company’s Best Quarter
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Standard Pacific Corp., a Costa Mesa home builder, reported that second-quarter profits more than doubled, to a record $9.9 million, or 33 cents a share, from $4.7 million, or 16 cents a share, a year earlier. Revenue rose 9% to $153.1 million from $140.6 million.
Net income for the first half increased 79% to $14.7 million, or 49 cents a share, from $8.2 million, or 28 cents a share, from the year-earlier period. Revenue declined slightly to $250.1 million from $251.9 million. New orders rose 64% to a record 739 homes.
The company said it expects to open about 60 new-home communities in the next 12 months.
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