Reaping the benefits of a surge in home buying and office building, Standard-Pacific Corp., one of the state's leading home builders, Tuesday reported an 80% fourth-quarter earnings gain and a 106% increase for all of 1984.
The Costa Mesa-based company earned $5.2 million in the fourth quarter of 1984, ended Dec. 31, compared to $2.9 million in the same quarter of 1983. Sales for the fourth quarter were $56.8 million, up 24% from sales of $45.8 million in the year-ago quarter.
For the year, Standard-Pacific earned $13 million, up from 1983 earnings of $6.3 million. Sales for 1984 were $192.9 million, up 43% from $134.5 million the year before.
Standard-Pacific officials attributed the record-breaking performance to a sharp rise in home sales, especially in California, to buyers who had delayed purchases during the 1981-1982 recession and were spurred into the market last year by a lower mortgage interest rates. In addition, a subsidiary that manufactures office panels benefited from a burst of office building construction, said Robert J. St. Lawrence, chief financial officer.