Company Press Release: Capital Pacific Holdings, Inc.
July 17, 2000
NEWPORT BEACH, CA -- Capital Pacific Holdings, Inc. (Amex: CPH) Friday reported net income of $2.3 million, or
17 cents per share for the first quarter of fiscal 2001, which ended May 31, 2000. (Income for the first quarter
of fiscal 2001 includes an extraordinary gain of $945,000, or 7 cents per share, resulting from the retirement
of debt at less than face value.) The Company also reported increased revenues, closings, net new orders and backlog,
as compared to the first quarter of fiscal 2000.
The net income result represents a 179% increase from the first quarter of fiscal 2000. Last year, the Company
posted net income of $820,000, or 6 cents per share, for the first quarter of fiscal 2000.
(All of the remaining financial information in this press release includes results from the Company's unconsolidated
joint ventures, including the portion attributable to the Company's joint venture partners).
Revenues for the first quarter of fiscal 2001 totaled $85 million, a 16% increase from the $73 million recorded
during the first quarter of fiscal 2000. Excluding unconsolidated joint ventures, the Company's revenues increased
from $62 million in the first quarter of fiscal 2000 to $65 million in the first quarter of fiscal 2001.
The Company closed 355 homes and lots in the first quarter of fiscal 2001, a 15% increase from the 309 homes and
lots closed in the first quarter of fiscal 2000.
Net new orders for the Company totaled 375 units for the first quarter of fiscal 2001, up 7% from the 349 units
recorded during the first quarter of fiscal 2000.
Companywide backlog totaled 647 units as of the end of the first quarter of fiscal 2001 versus 543 units at the
end of first quarter of fiscal 2000, a 19% increase. At the end of the first quarter of fiscal 2001, the 647 unit
backlog represents $235 million in potential revenues versus $125 million in potential revenues at the end of the
first quarter of fiscal 2000, an increase of 88%.
Capital Pacific Holdings, Inc. is a Newport Beach-based real estate investment, development and homebuilding Company
with operations in California, Nevada, Colorado, Arizona and Texas. The Company's website can be accessed at www.cph-inc.com.
For more information, please contact Steve Spelman, Chief Financial Officer, at (949) 622-8400.
This press release includes ``forward-looking'' information (as defined by the Private Securities Litigation Reform
Act of 1995) that involves risk and uncertainty, including projections and assumptions regarding the business environment
in which the Company operates. Actual future results and trends may differ materially depending on a variety of
factors, including the Company's successful execution of internal performance strategies; changes in general national
and regional economic conditions; supply levels of labor and materials; difficulties in obtaining permits or approvals
from governmental authorities; difficulties in marketing homes; regulatory changes and weather and other environmental
uncertainties; and other influences.
SOURCE: Capital Pacific Holdings, Inc.