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Article Excerpt
Capital Pacific Holdings, Inc. today reported net income of $817,000, or 5 cents per share for the first quarter of fiscal 2004, which ended May 31, 2003, as compared to net income, exclusive of an accounting change, of $752,000, or 5 cents per share, for the first quarter of fiscal 2003, ended May 31, 2002, an increase of 9 percent. In the first quarter of fiscal 2003 the Company also experienced a positive cumulative effect of a change in accounting principle regarding the treatment of previously recorded negative goodwill in the amount of $5.4 million, or...
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