Capital Pacific Holdings, (CPHJ.PK)

Capital Pacific Holdings, Inc. (CPH, Inc.) is a regional homebuilder and developer with operations throughout selected metropolitan areas of California, Texas, Arizona and Colorado. The Company conducts its homebuilding business through its wholly owned subsidiary, Capital Pacific Holdings LLC (CPH LLC), and through single-purpose joint venture entities. Through one of its wholly owned subsidiaries, CPH, Inc. also manages certain homebuilding projects in which it formerly had an equity interest (the Managed Projects). With respect to these Managed Projects, the Company is reimbursed its direct costs and paid a management fee representing an allocation of overhead. CPH, Inc. also conducts certain other activities related to homebuilding, including mortgage brokerage operations, design centers and land development activities, principally through various other subsidiaries and joint ventures. CPH LLC's principal business activities are to build and sell single-family homes.

For the six months ended 8/31/03, revenues fell 1% to $91.1 million. Net income before accounting change rose 66% to $1.9 million. Revenues reflect a decrease in the Company's average sales price per home. Earnings was offset by reduced interest expenses.