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STANDARD PACIFIC CORP. REPORTS SECOND QUARTER FINANCIAL RESULTS

   STANDARD PACIFIC CORP. REPORTS SECOND QUARTER FINANCIAL RESULTS
    COSTA MESA, Calif., July 14 /PRNewswire/ -- Arthur E. Svendsen, chairman of the board and chief executive officer of Standard Pacific Corp. (NYSE: SPF) reported financial results for the second quarter ended June 30, 1992.
    For the quarter, Standard Pacific earned net income of $1,563,000 ($.05 per share) on revenues of $80,594,000.  This compares with pro forma after tax net income for the second quarter of 1991 of $3,755,000 ($.14 per share) on revenues of $94,753,000.  (Standard Pacific converted from a partnership to a corporation at the end of 1991, resulting in the pro forma comparison.)
    For the six months ended June 30, 1992, Standard Pacific earned $3,262,000 ($.11 per share) on revenues of $143,248,000.  For the same period one year ago, Standard Pacific's pro forma earnings amounted to $5,587,000 ($.21 per share) on revenues of $166,321,000.
    In its homebuilding segment, Standard Pacific delivered 222 new homes in the second quarter of 1992 vs. 305 new home deliveries in the prior year.  Deliveries in both the Houston and Dallas divisions continued to be below expectations because of inclement weather in those regions.  Svendsen commented that deliveries in the second quarter of 1991 reflected the improved demand experienced as a result of the Gulf War euphoria.  For the six months, Standard Pacific delivered 383 new homes in 1992 vs. 494 new homes for the comparable prior-year period.
    Net new home orders for the quarter totaled 218 vs. 230 for the 1991 second quarter.  For the six months, net new home orders totaled 512 vs. 599 for the comparable prior-year period.  Svendsen stated that consumer confidence and demand for housing in the markets served by Standard Pacific during the second quarter of 1992 was more erratic than he anticipated at this stage of the recession.
    At Panel Concepts, the company's manufacturing subsidiary, sales and revenues and results of operations continued to be negatively impacted by competitive market forces including the large supply of used office furniture inventory available in the market place.
    Standard Pacific Savings F.A., the company's thrift subsidiary, continued its growth in mortgage originations.  For the six months, mortgage originations were approximately 65 percent above those of the prior year.  Furthermore, Standard Pacific Savings' capital ratios continue to exceed all three of the fully phased in capital requirements.
    Standard Pacific Corp. is ranked among the nation's most successful homebuilders.  It operates as a geographically diversified builder of medium-priced, single family homes throughout California and in Houston and Dallas.  The company is a financially strong developer with 24 consecutive years of profitability through five past economic cycles.
    It assists homebuyers in obtaining mortgage financing through a wholly owned subsidiary, Standard Pacific Savings F.A. -- rated as one of the nation's strongest thrift institutions for its size.  The company also manufactures and markets open-plan office furniture systems through a wholly owned subsidiary, Panel Concepts Inc.
               STANDARD PACIFIC CORP. AND SUBSIDIARIES
      Comparative Summary of Consolidated Results of Operations
                             (Unaudited)
                                 Three Months Ended June 30,
                                                        As previously
                                          Pro forma       reported
                                1992         1991           1991
    Sales and revenues     $80,594,000   $94,753,000   $94,753,000
    Pre tax income          $2,361,000    $5,823,000    $5,823,000
    Income taxes (a) (b)      $798,000    $2,068,000      $120,000
    After tax earnings (b)  $1,563,000    $3,755,000    $5,703,000(c)
    Earnings per limited
     partner unit                  ---           ---          $.21
    Earnings per share            $.05          $.14           ---
    Shares and equivalents
     outstanding            30,586,684    27,153,061     27,153,061
                                  Six Months Ended June 30,
                                                        As previously
                                          Pro forma       reported
                                1992         1991           1991
    Sales and revenues    $143,248,000  $166,321,000  $166,321,000
    Pre tax income          $4,732,000    $8,569,000    $8,569,000
    Income taxes (a) (b)    $1,470,000    $2,982,000      $145,000
    After tax earnings (b)  $3,262,000    $5,587,000    $8,424,000(c)
    Earnings per limited
     partner unit                  ---           ---          $.31
    Earnings per share            $.11          $.21           ---
    Shares and equivalents
     outstanding            29,083,429    27,142,678     27,142,678
    (a)  Through Dec. 31, 1991, Standard Pacific was not a separate taxable entity for federal, state and local income tax purposes. Accordingly, any taxable income or loss for periods prior to Dec. 31, 1991, which may vary substantially from income or loss reported under generally accepted accounting principles, was included in the tax returns of the individual partners.
    (b)  The 1991 results of operations are restated to reflect the conversion to corporate form as if it were effective Jan. 1, 1991. The pro forma adjustments include the elimination of the general partners' interest (which was $120,000 for the three months ended June 30, 1991 and $145,000 for the six-month period), and the addition of a provision for income taxes on income previously not subject to taxation (which such additional provision amounted to $1,948,000 for the three months ended June 30, 1991, and $2,837,000 for the six-month period).
    (c)  Before deduction of general partners' interest.
    -0-                      7/14/92
    /CONTACT:  April J. Morris of Standard Pacific, 714-668-4303/
    (SPF) CO:  Standard Pacific Corp. ST:  California IN:  CST FIN SU:  ERN KJ-CH -- LA015 -- 9164 07/14/92 13:57 EDT
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Publication:PR Newswire
Date:Jul 14, 1992
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