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STANDARD PACIFIC CORP. REPORTS FIRST QUARTER FINANCIAL RESULTS

 STANDARD PACIFIC CORP. REPORTS FIRST QUARTER FINANCIAL RESULTS
 COSTA MESA, Calif., April 22 /PRNewswire/ -- Arthur E. Svendsen, chairman of the board and chief executive officer of Standard Pacific Corp. (NYSE: SPF), reported financial results for the first quarter ended March 31, 1992.
 For the quarter, Standard Pacific earned net income of $1,699,000 ($.06 per share) on revenues of $62,654,000. This compares with pro forma after-tax net income for the first quarter of 1991 of $1,833,000 ($.07 per share) on revenues of $71,251,000. (Standard Pacific converted from a partnership to a corporation at the end of 1991, resulting in the pro forma comparison.)
 In homebuilding, its largest segment, Standard Pacific delivered 161 new homes compared to 189 in the first quarter of 1991. Deliveries in both the Houston and Dallas markets were lower than anticipated because of construction delays from protracted rain storms in those regions.
 Net new orders for the quarter totaled 294 units compared to 369 in the first quarter of 1991. Svendsen noted that the 1991 figure was stimulated by improved consumer confidence after the Gulf War resolution. Backlog at the end of the quarter stood at 381 units, down slightly from the first quarter of 1991 but ahead of the reported backlog for the last three quarters of 1991.
 Svendsen added that the company's housing starts were increased during the first quarter of 1992 to keep Standard Pacific's production in line with anticipated demand for its homes.
 At Standard Pacific Savings, F.A., the company's thrift subsidiary, mortgage originations during the first quarter were nearly double those of the 1991 period. Standard Pacific Savings' capital ratios continue to exceed all three of the fully phased in capital requirements.
 At Panel Concepts Inc., the company's furniture manufacturing subsidiary, the effects of the relocation of its wood products plant to North Carolina temporarily halted production of those products for nearly half of the quarter. The consolidation of these manufacturing operations is continuing and should result in improved operating results when sales recover from recessionary levels.
 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. 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 March 31,
 As previously
 Pro forma reported
 1992 1991 1991
 Sales and revenues $62,654,000 $71,251,000 71,251,000
 Pre-tax income $2,371,000 $2,746,000 $2,746,000
 Income taxes(a)(b) $672,000 $913,000 $25,000
 After-tax earnings(b) $1,699,000 $1,833,000 $2,721,000(c)
 Earnings per limited
 partner unit --- --- $.10
 Earnings per share $.06 $.07 ---
 Shares and equivalents
 outstanding 27,578,925 27,148,023 27,148,023
 (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 $25,000 for the three months ended March 31, 1991), and the addition of a provision for income taxes on income previously not subject to taxation (which such additional provision amounted to $888,000 for the three months ended March 31, 1991).
 (c) Before deduction of general partners' interest.
 -0- 4/22/92
 /CONTACT: April J. Morris of Standard Pacific Corp., 714-668-4303/
 (SPF) CO: Standard Pacific Corp. ST: California, Texas IN: CST FIN SU: ERN


EH-JL -- LA011 -- 1034 04/22/92 08:03 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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