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STANDARD PACIFIC CORP. ANNOUNCES 1991 EARNINGS

 STANDARD PACIFIC CORP. ANNOUNCES 1991 EARNINGS
 COSTA MESA, Calif., Jan. 22 /PRNewswire/ -- Arthur E. Svendsen,


chairman of the board of Standard Pacific Corp. (NYSE: SPF) today announced 1991 year-end and fourth quarter results.
 Earnings for the year were $10,958,000 or $.40 per share, on revenues of $299,095,000. This compares to 1990 earnings of $48,430,000, or $1.77 per share, on revenues of $383,129,000.
 For the fourth quarter of 1991, earnings were $1,472,000, or $.05 per share, on revenues of $79,759,000, vs. fourth quarter earnings of $3,606,000 or $.13 per share on revenues of $83,093,000 in 1990.
 Revenues and earnings for the year and fourth quarter were negatively impacted by a weakening economy and a sluggish housing market, offset in part, by improved results recorded by the savings and loan operation. Margins were reduced from the prior comparable periods due to increased sales incentives and marketing costs. Earnings were further negatively impacted in the fourth quarter of 1991 by reserves of approximately $3 million to cover the impact of sales incentive programs established on certain of the company's housing subvisions. The company elected to establish these reserves because it believes that it will be necessary to continue to offer such sales incentive programs with respect to those projects.
 Svendsen commented that, while 1991 earnings were lower than comparable 1990 earnings, he was pleased that only a few of the company's projects needed specific reserves for sales incentives at this time. Svendsen added that the company is pleased with the current levels and quality of traffic as well as the new order rate at the company's California and Texas projects during January. He stated that the company has seen a more positive consumer attitude relative to housing values, attributable in part to the reduction in home mortgage rates.
 Svendsen also reported the estimated taxable income for the year ended Dec. 31, 1991, was approximately $.25, or approximately 63 percent of reported earnings for the year.
 Standard Pacific Corp. operated in the partnership format for the years 1987 through 1991 and, as a result, earnings of the partnership were reported on a pretax basis. Beginning Jan. 1, 1992, Standard Pacific Corp. will record state and federal income taxes of approximately 40 percent, and will report its earnings after taxes.
 Furthermore, as disclosed in the proxy statement/prospectus dated Oct. 11, 1991, the board of directors will consider Standard Pacific's dividend policy at the April 1992 board meeting. While no assurances can be given, it is expected that the dividend policy will provide for a payout range of 10 percent-20 percent of after tax earnings.
 Standard Pacific Corp. operates primarily as a geographically diversified builder of medium-priced single family homes with operations throughout California and in the Houston and Dallas markets. In addition, Standard Pacific Corp. assists homebuyers in obtaining financing for home purchases through its wholly owned subsidiary, Standard Pacific Savings, F.A. The company is also engaged in the manufacture and marketing of movable acoustical office partitions and office furniture through its wholly owned subsidiary, Panel Concepts Inc.
 STANDARD PACIFIC CORP. AND SUBSIDIARIES
 Comparative Summary of Consolidated Results of Operations
 (Unaudited)
 Year Ended Dec. 31,
 1991 1990
 Sales and revenues $299,095,000 $383,129,000
 Net partnership income
 (a) (b) $10,958,000 $48,430,000
 Earnings per share/limited
 partner unit $.40 $1.77
 Units and equivalents
 outstanding 27,165,608 27,147,332
 Three Months Ended Dec. 31
 1991 1990
 Sales and revenues $79,759,000 $83,093,000
 Net partnership income
 (a) (b) $1,472,000 $3,606,000
 Earnings per share/limited
 partner unit $.05 $.13
 Units and equivalents
 outstanding 27,189,977 27,120,922
 (a) Before deduction of general partners' interest.
 (b) Until Jan. 1, 1992, Standard Pacific, L.P. was not a separate taxable entity for federal, state and local income tax purposes. Accordingly, any taxable income or loss for the above periods, which may vary substantially from income or loss reported under generally accepted accounting principles, was included in the tax returns of the individual partners.
 -0- 1/22/92
 /CONTACT: April J. Morris of Standard Pacific, L.P., 714-668-4303/
 (SPF) CO: Standard Pacific, L.P. ST: California IN: CST SU: ERN


AL-CH -- LA018 -- 2286 01/22/92 12:08 EST
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Date:Jan 22, 1992
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