Standard Pacific Posts Record Net Income
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Standard Pacific Corp., a Costa Mesa home builder, posted record sales and net income for 1985. Net income for the year rose 49% to $19.4 million from $13 million the previous year, while revenues of $265.8 million were up 38% from $192.9 million.
Net income for the fourth quarter was $7.1 million, a 36% increase from $5.2 million. Sales rose 60% to $91 million from $56.8 million.
The fourth-quarter figures include several non-recurring items. The company had after-tax writedowns of $286,000 from ending operations in the Pacific Northwest and in Fresno and of $1.2 million from revaluing its inventory of improved lots in the Houston area to reflect market prices. Standard-Pacific also had an after-tax gain of $803,000 from the sale of a subsidiary, Panel-Air Corp.
Arthur E. Svendsen, company chairman, attributed improvements in revenue primarily to more 1985 home sales than in the previous year.
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