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STANDARD PACIFIC CORP. ANNOUNCES 1992 EARNINGS

 COSTA MESA, Calif., Jan. 26 /PRNewswire/ -- Arthur E. Svendsen, chairman of the board and chief executive officer of Standard Pacific Corp. (NYSE: SPF), today announced 1992 year-end and fourth quarter results.
 Earnings for the year amounted to $4,523,000, or $.15 per share, on revenues of $304,659,000, as compared to pro forma after-tax net income for 1991 of $7,964,000, or $.29 per share, on revenues of $299,095,000. (Standard Pacific converted from a partnership to a corporation at the end of 1991, necessitating the pro forma comparison.) Svendsen stated that although 1992 earnings were below 1991 levels, 1992 was Standard Pacific's 25th consecutive year of profitability.
 For the fourth quarter of 1992, earnings were $795,000, or $.03 per share, on revenues of $80,623,000 vs. pro forma fourth quarter 1991 earnings of $1,335,000, or $.05 per share, on revenues of $79,759,000.
 During the fourth quarter, Standard Pacific's homebuilding divisions delivered 238 new homes, vs. 214 new homes delivered in the comparable prior year period. For the year, new home deliveries totaled 852, vs. 862 new homes delivered in 1991.
 Net new orders for the fourth quarter improved 29 percent to 155 from 120 received in the fourth quarter of 1991. The improvement in net new orders was attributable to the company's Northern California, Ventura and Texas operations. The Southern California (particularly the San Diego area) homebuilding market continues to be impacted by the lingering recession in the region.
 Svendsen added that the company has recently expanded its homebuilding operations into the Austin, Texas, market with the acquisition of two new single-family projects in that area. In addition, during 1993, the company will be seeking additional land positions in its Northern California, Ventura and Orange County Divisions.
 As previously announced, during the fourth quarter the company's furniture manufacturing subsidiary, Panel Concepts Inc. closed its North Carolina manufacturing facility. Panel Concepts will continue to manufacture its open-plan office furniture systems at its Santa Ana, Calif., plant. As a result of this downsizing, Panel Concepts Inc. recorded losses for both the fourth quarter and 1992 full year periods.
 Svendsen further added that he was pleased with the performance of Standard Pacific Savings during 1992. Mortgage originations for the year were in excess of $300 million, an increase of more than 75 percent from the origination volume recorded during the prior year.
 Svendsen commented that Standard Pacific's balance sheet continued to improve during the fourth quarter. As of year-end the company's debt-to-equity ratio stood at less than .9-to-1 as compared to 1.3-to-1 a year ago. (This ratio is calculated using only the liabilities of the homebuilding and manufacturing segments.)
 Standard Pacific Corp. operates as a geographically diversified builder of medium-priced, single-family homes throughout California and in Houston, Dallas and Austin, Texas. It participates in mortgage banking and mortgage origination operations through a wholly owned subsidiary, Standard Pacific Savings, F.A. 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 Dec. 31,
 As Previously
 Pro Forma Reported
 1992 1991 1991
 Sales and revenues $80,623,000 $79,759,000 $79,759,000
 Pre-tax income $992,000 $1,703,000 $1,703,000
 Income taxes (a)(b) $197,000 $368,000 $231,000
 After-tax earnings (b) $795,000 $1,335,000 $1,472,000(c)
 Earnings per limited
 partner unit --- --- $.05
 Earnings per share $.03 $.05 ---
 Shares and equivalents
 outstanding 29,762,177 27,189,977 27,189,977
 Year Ended Dec. 31,
 As Previously
 Pro Forma Reported
 1992 1991 1991
 Sales and revenues $304,659,000 $299,095,000 $299,095,000
 Pre-tax income $6,496,000 $11,518,000 $11,518,000
 Income taxes (a)(b) $1,973,000 $3,554,000 $560,000
 After-tax earnings (b) $4,523,000 $7,964,000 $10,958,000(c)
 Earnings per limited
 partner unit --- --- $.40
 Earnings per share $.15 $.29 ---
 Shares and equivalents
 outstanding 29,810,974 27,165,608 27,165,608
 (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 was effective Jan. 1, 1991. The pro forma adjustments include the elimination of the general partners' interest (which was $6,000 for the three months ended Dec. 31, 1991, and $75,000 for the 12-month period), and the addition of a provision for income taxes on income previously not subject to taxation (which such additional provision amounted to $137,000 for the three months ended Dec. 31, 1991, and $2,994,000 for the 12-month period).
 (c) Before deduction of general partners' interest.
 -0- 1/26/93
 /CONTACT: April J. Morris of Standard Pacific, 714-668-4303/
 (SPF)


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

LS-JB -- LA012 -- 8881 01/26/93 08:02 EST
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Date:Jan 26, 1993
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