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Standard Pacific Corp. Announces 2007 July and August Order Trends
<p>IRVINE, Calif., Sept. 17 /PRNewswire-FirstCall/ -- In anticipation of upcoming investor conferences and in compliance with Regulation FD, Standard Pacific Corp. (NYSE: SPF) today reported preliminary new home order comparisons for July and August 2007.</p>
<p>Overall, net new home orders for the first two months of the 2007 third quarter were up 20% from the year earlier period. The Company's cancellation rate for the 2007 two-month period was 33% compared to 51% in the year earlier period and 28% in the 2007 second quarter. While net orders were up year over year, last year's third quarter order levels were down 58% compared to the 2005 third quarter. Orders were up nearly 100% in California for the July and August period versus the year earlier period. Orders were off 24% year over year in Florida, 5% in Texas and 13% in the Carolinas, while up 42% in Arizona. Despite the positive comparisons in some of our markets, our absolute sales absorption rates continue to reflect the difficult housing conditions in most of our markets which were exacerbated during the quarter by the further tightening of available mortgage credit for homebuyers. The Company's cancellation rate in California was 32% for the first two months of the quarter compared to 57% during the same period last year and 27% in the 2007 second quarter. The Company's Florida cancellation rate for July and August was flat year over year at around 53%, while it was down approximately 50% in Arizona to 33%.</p>
<p>Based on the continued pressure on new home prices, and consistent with our comments made at the end of the second quarter, the Company is expected to take additional impairment charges during the 2007 third quarter.</p>
<p>Standard Pacific, one of the nation's largest homebuilders, has built homes for more than 98,000 families during its 40-year history. The Company constructs homes within a wide range of price and size targeting a broad range of homebuyers. Standard Pacific operates in many of the largest housing markets in the country with operations in major metropolitan areas in California, Florida, Arizona, the Carolinas, Texas, Colorado, and Nevada. The Company provides mortgage financing and title services to its homebuyers through its subsidiaries and joint ventures, Standard Pacific Mortgage, SPH Home Mortgage, Home First Funding, Universal Land Title of South Florida and SPH Title. For more information about the Company and its new home developments, please visit our website at: http://www.standardpacifichomes.com.</p>
<p>This news release contains forward-looking statements, including statements regarding our orders and the expectation that the Company will incur additional impairments during the 2007 third quarter. Such statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to differ materially from those that may be described or implied. Such factors include but are not limited to: local and general economic and market conditions, including consumer confidence, employment rates, interest rates, and the cost and availability of financing. In addition, orders are typically subject to cancellation and may not result in sales. For a discussion of certain of the risks, uncertainties and other factors affecting the statements contained in this news release, see the Company's most recent Annual Report on Form 10-K and Quarterly Reports on form 10-Q.</p>
SOURCE Standard Pacific Corp.
09/17/2007
CONTACT: Andrew H. Parnes, Executive Vice President-Finance & CFO,
+1-949-789-1616, aparnes@stanpac.com, or Lloyd H. McKibbin, Vice President &
Treasurer, +1-949-789-1603, lmckibbin@stanpac.com, both of Standard Pacific
Corp.
/Web site:http://www.standardpacifichomes.com
(SPF)
<p>IRVINE, Calif., Sept. 17 /PRNewswire-FirstCall/ -- In anticipation of upcoming investor conferences and in compliance with Regulation FD, Standard Pacific Corp. (NYSE: SPF) today reported preliminary new home order comparisons for July and August 2007.</p>
<p>Overall, net new home orders for the first two months of the 2007 third quarter were up 20% from the year earlier period. The Company's cancellation rate for the 2007 two-month period was 33% compared to 51% in the year earlier period and 28% in the 2007 second quarter. While net orders were up year over year, last year's third quarter order levels were down 58% compared to the 2005 third quarter. Orders were up nearly 100% in California for the July and August period versus the year earlier period. Orders were off 24% year over year in Florida, 5% in Texas and 13% in the Carolinas, while up 42% in Arizona. Despite the positive comparisons in some of our markets, our absolute sales absorption rates continue to reflect the difficult housing conditions in most of our markets which were exacerbated during the quarter by the further tightening of available mortgage credit for homebuyers. The Company's cancellation rate in California was 32% for the first two months of the quarter compared to 57% during the same period last year and 27% in the 2007 second quarter. The Company's Florida cancellation rate for July and August was flat year over year at around 53%, while it was down approximately 50% in Arizona to 33%.</p>
<p>Based on the continued pressure on new home prices, and consistent with our comments made at the end of the second quarter, the Company is expected to take additional impairment charges during the 2007 third quarter.</p>
<p>Standard Pacific, one of the nation's largest homebuilders, has built homes for more than 98,000 families during its 40-year history. The Company constructs homes within a wide range of price and size targeting a broad range of homebuyers. Standard Pacific operates in many of the largest housing markets in the country with operations in major metropolitan areas in California, Florida, Arizona, the Carolinas, Texas, Colorado, and Nevada. The Company provides mortgage financing and title services to its homebuyers through its subsidiaries and joint ventures, Standard Pacific Mortgage, SPH Home Mortgage, Home First Funding, Universal Land Title of South Florida and SPH Title. For more information about the Company and its new home developments, please visit our website at: http://www.standardpacifichomes.com.</p>
<p>This news release contains forward-looking statements, including statements regarding our orders and the expectation that the Company will incur additional impairments during the 2007 third quarter. Such statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to differ materially from those that may be described or implied. Such factors include but are not limited to: local and general economic and market conditions, including consumer confidence, employment rates, interest rates, and the cost and availability of financing. In addition, orders are typically subject to cancellation and may not result in sales. For a discussion of certain of the risks, uncertainties and other factors affecting the statements contained in this news release, see the Company's most recent Annual Report on Form 10-K and Quarterly Reports on form 10-Q.</p>
SOURCE Standard Pacific Corp.
09/17/2007
CONTACT: Andrew H. Parnes, Executive Vice President-Finance & CFO,
+1-949-789-1616, aparnes@stanpac.com, or Lloyd H. McKibbin, Vice President &
Treasurer, +1-949-789-1603, lmckibbin@stanpac.com, both of Standard Pacific
Corp.
/Web site:http://www.standardpacifichomes.com
(SPF)
