Net Earnings Jump 97% for Standard Pacific Corp.
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A continued strong demand for new homes, spurred by falling interest rates, helped Standard Pacific Corp. post net earnings of $5.7 million for the first quarter, up 97% from $2.9 million a year earlier. The Costa Mesa builder said revenues for the quarter were $47.8 million, up 10% from $43.5 million. Company officials said first-quarter new home orders averaged 50 per week, compared to a weekly average of 44 orders in the first quarter of 1985.
