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STANDARD PACIFIC CORP. REPORTS FIRST QUARTER FINANCIAL RESULTS

 COSTA MESA, Calif., April 20 /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 of 1993, as follows:
 1993 1992
 Income before cumulative effect of
 a change in accounting principle $1,140,000 $1,699,000
 Cumulative effect of a change in
 accounting principle 858,000 ---
 Net income $1,998,000 $1,699,000
 Net income per share before
 cumulative effect of a change
 in accounting principle $.04 $.06
 Cumulative effect of a change in
 accounting principle .03 ---
 Earnings per share $.07 $.06
 Svendsen stated that the change in accounting principle related to the prospective adoption on Jan. 1, 1993, of FAS No. 109, "Accounting for Income Taxes."
 Svendsen further commented that revenues for the quarter totaled $52,238,000, vs. revenues of $60,928,000, recorded in the first quarter of 1992. Although home deliveries were down slightly to 153 homes from 161 homes delivered last year, the reduction in revenues was primarily attributable to the reduction in the average selling price of homes delivered from $300,799 in 1992, to $263,350 for the first quarter of 1993. This reduction in average selling price results from changes in the company's product mix towards producing and selling more homes in the general price range of $150,000 to $300,000.
 In the homebuilding segment, net new home orders for the quarter totaled 243, down 17 percent, from 294 in the first quarter of 1992. The decline in net new orders was attributable to poor weather conditions coupled with a weak economy in California.
 For the quarter, Panel Concepts Inc., the company's furniture manufacturing subsidiary, improved its results of operations to just above break-even on revenues of $3,504,000. The improvement in operations resulted both from both Panel Concepts' 1992 consolidation to one manufacturing plant and the focusing of its sales and marketing efforts on its core office furniture systems products.
 Standard Pacific Savings F.A. ("savings"), the company's thrift subsidiary, continued to perform well, in spite of a decline in mortgage origination volume as compared to the prior-year period. Savings continued to exceed all three of the fully phased-in capital requirements governing the thrift industry.
 Standard Pacific Corp. operates primarily as a geographically diversified builder of medium-priced, single-family homes for use as primary residences with operations throughout California and Houston, Dallas and Austin, Texas. The company complements its homebuilding activities by arranging financing and related financial services for the company's homebuyers and others through its savings and loan subsidiary, Standard Pacific Savings F.A. In addition, the company manufactures and markets high quality office furniture systems through its subsidiary Panel Concepts Inc.
 STANDARD PACIFIC CORP. AND SUBSIDIARIES
 Comparative Summary of Consolidated Results of Operations
 (Unaudited)
 Three Months Ended March 31,
 1993 1992
 Sales and revenues $52,238,000 $60,928,000
 Income before taxes and
 cumulative effect of a change
 in accounting principle(a) $1,866,000 $2,371,000
 Provision for income taxes 726,000 672,000
 Income before cumulative
 effect of a change in
 accounting principle 1,140,000 1,699,000
 Cumulative effect of a change
 in accounting principle 858,000 ---
 Net income $1,998,000 $1,699,000
 Net income per share before
 cumulative effect of a change
 in accounting principle $.04 $.06
 Cumulative effect of a change
 in accounting principle .03 ---
 Net income per share $.07 $.06
 Shares and equivalents
 outstanding 30,639,621 27,578,925
 (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- 4/20/93
 /CONTACT: April J. Morris of Standard Pacific, 714-668-4303/
 (SPF)


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

KJ-BP -- LA013 -- 7769 04/20/93 08:09 EDT
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Date:Apr 20, 1993
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