Standard Pacific’s Net Income Drops

Costa Mesa-based home-builder Standard Pacific reported net income of $48.4 million for 1990, contrasted with $106.3 million for 1989. Revenue declined 22%, to $381.3 million from $486.4 million. Arthur E. Svendsen, chairman, attributed the lower results to both the softening California housing market and increased sales incentive and marketing costs. For the fourth quarter, net earnings fell to $3.6 million from $36 million. Revenue was down 53%, to $81.2 million from $171.3 million.