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STANDARD PACIFIC CORP. REPORTS THIRD QUARTER RESULTS

 COSTA MESA, Calif., Oct. 20 /PRNewswire/ -- Arthur E. Svendsen, chairman of the board and chief executive officer of Standard Pacific Corp. (NYSE: SPF), reported financial results for the three and nine months ended Sept. 30, 1993.
 For the third quarter, Standard Pacific earned $29,000 ($.00 per share) on revenues of $70,726,000. This compares to the third quarter of 1992 wherein Standard Pacific earned $466,000 ($.02 per share) on revenues of $79,636,000.
 Commenting on the third quarter results, Svendsen stated that "while the results of operations for the third quarter were disappointing, they reflect Standard Pacific's policy of producing and delivering homes on existing lots, with particular emphasis on moving inventory in those projects where price competition intensified over the last few quarters." Svendsen further commented that net new home orders for the quarter totaled 285, up 53 percent from the same quarter of 1992 and up over 20 percent from the June 1993 quarter. Svendsen attributed the improved orders to both the favorable mortgage interest rate environment plus the fact that the company's average sales price per home (approximately $240,000) is in a range which appeals to a broader market segment. Svendsen added that the backlog at the end of the September 1993 quarter stood at 371 homes, up over both the September 1992 backlog as well as the June 1993 backlog. Furthermore, each California division recorded an improvement in backlog from June 1993. While the economy in California remains weak, the company's strategy of aggressively selling its older inventory first is paving the way for improvements in operating results in 1994.
 Svendsen further added that, in line with the company's expectations, an additional 600 well-located and competitively priced lots were added to the inventories of the company's Orange County and Ventura, Calif., divisions during the quarter. For the year, approximately 1,100 lots in Southern California have been added to the total lots owned or controlled by Standard Pacific.
 For the nine months, comparative financial results were as follows:
 1993 1992
 Revenues $193,198,000 $219,733,000
 Income before cumulative
 effect of change in accounting
 principle 1,347,000 3,727,000
 Cumulative effect of change
 in accounting for income taxes 858,000 ---
 Net income $2,205,000 $3,727,000
 Net income per share before
 cumulative effect of change
 in accounting principle $.04 $.13
 Cumulative effect of change in
 accounting for income taxes .03 ---
 Net income per share $.07 $.13
 For the nine months, a total of 638 homes were delivered at an average sales price of approximately $250,000. This compares to the first nine months of 1992, wherein 614 new homes were delivered at an average selling price of approximately $295,000. For the nine months, net new orders totaled 762, up 9 percent from the prior year's nine months total of 698.
 The change in accounting principle referred to above is related to the prospective adoption by the company effective Jan. 1, 1993, of SFAS No. 109, "Accounting for Income Taxes."
 Standard Pacific Corp. operates primarily as a geographically diversified builder of medium-priced single-family homes with operations throughout the major metropolitan markets in California and Texas. In addition, Standard Pacific participates in mortgage origination and mortgage banking operations through its wholly owned subsidiary, Standard Pacific Savings F.A. The company is also engaged in the manufacture and marketing of moveable 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)
 Three Months Ended Sept. 30,
 1993 1992
 Sales and revenues $70,726,000 $79,636,000
 Income before taxes and
 cumulative effect of change
 accounting principle(a) $64,000 $772,000
 Provision for income taxes 35,000 306,000
 Income before cumulative effect
 of change in accounting
 principle 29,000 466,000
 Cumulative effect of change in
 accounting for income taxes --- ---
 Net income $29,000 $466,000
 Net income per share before
 cumulative effect of a change
 in accounting principle $.00 $.02
 Cumulative effect of change
 in accounting for income
 taxes --- ---
 Net income per share $.00 $.02
 Shares and equivalents
 outstanding 30,650,439 30,584,161
 Nine Months Ended Sept. 30,
 1993 1992
 Sales and revenues $193,198,000 $219,733,000
 Income before taxes and
 cumulative effect of change
 accounting principle(a) $2,167,000 $5,504,000
 Provision for income taxes 820,000 1,777,000
 Income before cumulative effect
 of change in accounting
 principle 1,347,000 3,727,000
 Cumulative effect of change in
 accounting for income taxes 858,000 ---
 Net income $2,205,000 $3,727,000
 Net income per share before
 cumulative effect of a change
 in accounting principle $.04 $.13
 Cumulative effect of change
 in accounting for income
 taxes .03 ---
 Net income per share $.07 $.13
 Shares and equivalents
 outstanding 30,650,210 29,589,264
 (a) Effective Jan. 1, 1993, Standard Pacific adopted, on a prospective basis, FAS No. 109, "Accounting for Income Taxes." The impact of adopting FAS No. 109 is treated as a change in accounting principle.
 -0- 10/20/93
 /CONTACT: April J. Morris, 714-668-4303/
 (SPF)


CO: Standard Pacific Corp. ST: California IN: CST SU: ERN

LM-LS -- LA015 -- 4351 10/20/93 08:01 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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