UCP Profit Jumps On Higher Revenue, Tax Benefit
Builder Online
UCP, Inc. (NYSE:UCP), San Jose, on Monday morning announced net income of $9.3 million for the quarter ended Dec. 31, 2016, up from $7.6 million for the prior-year period. Net income attributable to Class A common stockholders was $7.2 million, or $0.89 per share, compared to $3.2 million, or $0.40 per share, for the prior-year period. The results included a $5.6 million tax benefit, the majority of which was in connection with the removal of UCP’s valuation allowance of $5.5 million on its deferred tax asset as of December 31, 2016.
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