Capital Pacific Holdings Reports Big Jump in 3rd-Quarter Profit

NEWPORT BEACH — Home builder Capital Pacific Holdings Inc. said Wednesday that profit and revenue surged in the third fiscal quarter as the company sold more homes.

Net income for the three months ended Nov. 30 rose 71% to $940,000, or 6 cents per share, from $550,000, or 4 cents a share, a year ago. Revenue increased 49% to $50.2 million from $33.6 million.

For the first nine months, the company earned $3.3 million, or 22 cents a share, up from $51,000 for the first nine months a year ago. Revenue increased 69% to $160.5 million from $95.1 million.

The company closed escrow on 860 homes during the first nine months, a 22% increase from the 705 home closings during the same period a year ago. The average sales price also increased 33% to $185,800 as the company built more move-up or luxury homes.

However, the number of homes in the company’s backlog decreased in the third quarter to 418 from 549 a year ago, reducing the number of homes the company released for sale.

Biopsys Medical Profitable for First Time

Biopsys Medical Inc.: The Irvine company said it has posted its first profitable quarter, reflecting increased demand for its biopsy system for diagnosing breast cancer.

Biopsys, which was started 3 1/2 years ago, earned $144,000, or 1 cent a share, for the second fiscal quarter, compared with a loss of $897,000, or 12 cents a share, a year ago. Sales for the three months ended Dec. 31 climbed to $3.3 million from $538,000.

For the first half, the company posted net income of $5,000, compared with a net loss of $1.5 million, or 20 cents per share, for the same period a year ago. Sales surged to $5.7 million from $763,000.

The biopsy system, which enables a physician to take a sample of breast tissue through a hollow needle, eliminating the need to make an incision with a scalpel, was installed in 416 facilities, up from 317 sites a year ago.

Advanced Logic Up 33% Over Previous Year

Advanced Logic Research Inc.: The Irvine microcomputer manufacturer recorded net income of $3.2 million, or 25 cents a share, for the first fiscal quarter, up 33% from $2.4 million, or 20 cents a share, for the same period a year ago. Sales for the three months ended Dec. 31 dipped to $56.4 million from $57.1 million.

Powerwave Technologies’ Net Increases 70%

Powerwave Technologies Inc.: The Irvine maker of power amplifiers for wireless communications networks reported record profit of $7.6 million, or 52 cents a share, for the fiscal year, up 70% from $4.5 million, or 31 cents a share, a year earlier. Sales for the 12 months ended Dec. 29 rose 67% to a record $60.3 million from $36 million. The company reported a fourth-quarter profit of $2.2 million, equal to 15 cents a share, up from $2 million, or 14 cents a share, a year ago. Revenue rose 23% to $16.7 million from $13.7 million.