Standard Pacific Corp. (SPF)

[RickKayne]

Did I hear the words "back log"

Strong underlining signs of reversal of fortune.

Let's push it to five bucks tomorrow.

[eastunder]

CONSENSUS ESTIMATES:

SPF: To Release Q4 Results Feb 06 [AMC]

Friday , February 03, 2012 13:00ET

Standard Pacific Corp. (NYSE: SPF) is scheduled to release its Q4 financial results on February 06, 2012, after the close of the market (AMC).

CONSENSUS ESTIMATES:

Q4 Revenue: $275.49 million
Q4 EPS: $0.02 per share

FY Revenue: $869.48 million
FY EPS: $-0.06 per share

PREVIOUS PERIOD:

Prev Q4 Revenue: $212.42 million
Prev Q4 EPS: $-0.07 per share

Prev FY Revenue: $912.42 million
Prev FY EPS: $-0.03 per share

[RickKayne]

Gorgeous. SPF going vertical, lots of head room.

[eastunder]

Pending Golden cross:

[eastunder]

SPF 3 year

[eastunder]

SPF 4Q earnings 2-06-11 AMC

Standard Pacific Corp. Schedules 2011 Fourth Quarter Results Conference Call and Webcast

Friday , January 06, 2012 16:40ET





IRVINE, Calif., Jan. 6, 2012 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) will release its 2011 fourth quarter results after the market close of the NYSE on Monday, February 6, 2012. In conjunction with the earnings release, the Company will host a conference call and broadcast a slide show and audio presentation over the Internet on Tuesday, February 7, 2012, at 11:00 a.m. Eastern time.

What: Standard Pacific Corp. Conference Call and Webcast for 2011 Fourth Quarter
Results

When: Tuesday,February 7, 2012 at 11:00 a.m. Eastern time

Where: http://ir.standardpacifichomes.com click on the Webcast link. A replay of
the presentation will be available by the end of the day and will be
archived for 31 days.


Live via the Internet - log on to the above address. You may listen to the
Webcast by using streaming audio or by using the following teleconference
number: [phone] (domestic) or [phone] (international);
Passcode: 6675438. A replay of the conference call will be available by
dialing [phone] (domestic) or ­­­[phone] (international);
How: Passcode: 6675438.




Standard Pacific, one of the nation's largest homebuilders, has built more than 115,000 homes during its 46-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. For more information about the Company and its new home developments, please visit our website at: www.standardpacifichomes.com.

[eastunder]

SPF:

Gap: 3.03

[eastunder]

SPF Intraday: 15 min/5 day

[eastunder]

Standard Pacific Corp. Reports 2011 Third Quarter Results

Thursday , October 27, 2011 16:04ET

IRVINE, Calif., Oct. 27, 2011 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) announced results for the third quarter and nine months ended September 30, 2011.


2011 Third Quarter Highlights


-- Net new orders of 764; flat compared to Q2 2011 and up 38% from Q3 2010
-- Adjusted net income of $3.2 million* (net loss of $6.4 million including
impairment charges, deposit write-offs and restructuring charges)
-- Backlog of 848 homes; up 9% from Q2 2011 and up 40% from Q3 2010
-- 159 average active selling communities (11 new/10 closed out); up 4%
from prior quarter and up 21% from Q3 2010
-- Average selling price of $346 thousand; up 3% from Q2 2011
-- Homebuilding revenues up 17% due to 16% increase in new home deliveries
from Q3 2010
-- Inventory impairment charges totaling $7.3 million in four communities;
$1.7 million of deposit write-offs
-- Adjusted gross margin from home sales of 18.8%* (15.8% including
inventory impairments); down 120 basis points from Q2 2011 and 480 basis
points from Q3 2010
-- Adjusted SG&A rate from home sales of 15.9%* (16.2% including
restructuring charges); 190 basis point improvement from Q2 2011 and 170
basis point improvement from Q3 2010
-- Restructuring charge of $0.6 million recognized in conjunction with
the implementation of the Company's 10% G&A expense reduction plan
-- Operating cash outflows of $78.5 million in Q3 2011, a $43.5 million
improvement from $122.0 million in Q2 2011
-- Excluding land purchases and development costs, cash inflows of
$27.9 million* in Q3 2011 and $1.9 million* in Q2 2011
-- Adjusted EBITDA of $28.4 million*, or 11.7%* of homebuilding revenues,
in Q3 2011 ($91.9 million*, or 11.5%*, for LTM ended September 30, 2011)
-- Cash balance of $451.2 million with $197 million available from
revolving credit facility vs. $546.1 million in cash as of the end of Q3
2010 when the Company had no revolving credit facility
-- Approved land purchases of $55 million for 1,280 lots; down from $98.5
million for 1,493 lots in Q2 2011



Ken Campbell, the Company's CEO commented, "Our 38% year-over-year order growth and increasing ASP are a reflection of the execution of our strategy to grow community count in desirable locations and increase our product mix within the move-up segment." Scott Stowell, the Company's President added, "Through our focus on community count growth and cost reduction over the last several years we have lowered our break-even absorption rate, better positioning the Company for profitability in what we expect to be an ongoing, difficult 2012 housing market."


For the third quarter of 2011, the Company reported a net loss of $6.4 million, or $0.02 per share, on homebuilding revenues of $241.8 million compared to net income of $4.5 million, or $0.02 per share, on homebuilding revenues of $207.5 million in the 2010 third quarter. The net loss in the 2011 third quarter included $9.0 million of inventory impairment charges and deposit write-offs and $0.6 million of restructuring charges. Excluding these charges, the Company's adjusted net income was $3.2 million* in the 2011 third quarter.


Homebuilding revenues increased 17% from $207.5 million for the 2010 third quarter to $241.8 million for the 2011 third quarter driven primarily by a 16% increase in new home deliveries to 697 homes. The Company's consolidated average home price for the 2011 third quarter was $346 thousand, which was up 3% over the prior quarter.


Gross margin from home sales for the 2011 third quarter was 15.8% (18.8%* excluding $7.3 million of inventory impairment charges) versus 17.0% (20.0%* excluding $6.0 million of inventory impairment charges) for the prior quarter. The 120 basis point decline in the 2011 third quarter adjusted gross margin from home sales was driven by lower margins in substantially all of the Company's markets due to general price softening and a mix shift to more deliveries from lower margin projects. The impairments related to two homebuilding projects in Northern California totaling $5.7 million, one homebuilding project in Arizona for $0.8 million and one homebuilding project in the Carolinas for $0.8 million. Excluding inventory impairment charges and previously capitalized interest costs, gross margin from home sales for the 2011 third quarter was 26.6%* versus 27.9%* for the 2011 second quarter.


The Company's 2011 third quarter SG&A expenses (including Corporate G&A) were $39.1 million compared to $38.4 million for the 2011 second quarter and included noncash stock-based compensation expenses of $2.6 million and $3.5 million, respectively. The Company's 2011 third quarter SG&A expenses included $0.6 million in restructuring charges related to the implementation of our plan to reduce the fixed portion of our G&A expenses for 2012 by 10% as compared to 2011. The Company's 2011 third quarter SG&A rate from home sales was 16.2% versus 17.6% for the 2010 third quarter. Excluding restructuring charges, the Company's 2011 third quarter SG&A rate was 15.9%*. The improvement in the Company's SG&A rate was primarily the result of a 17% increase in revenues from home sales, partially offset by higher sales and marketing costs associated with new community openings. The Company's G&A expenses (excluding incentive compensation and restructuring charges) were $22.8 million for the 2011 third quarter, and have remained stable, ranging from $22.4 million to $22.8 million per quarter since the 2010 first quarter.


Net new orders (excluding joint ventures) for the 2011 third quarter increased 38% from the 2010 third quarter to 764 homes on a 21% increase in the number of average active selling communities from 131 to 159. The Company's monthly sales absorption rate for the 2011 third quarter was 1.6 per community compared to 1.4 per community for the 2010 third quarter and 1.7 per community for the 2011 second quarter. The Company's cancellation rate for the 2011 third quarter was 16%, compared to 19% for the 2010 third quarter and 14% for the 2011 second quarter. The total number of sales cancellations for the 2011 third quarter was 144, of which 81 cancellations related to homes in the Company's 2011 third quarter beginning backlog and 63 related to orders generated during the quarter.


The dollar value of homes in backlog (excluding joint ventures) increased 42% to $304.8 million, or 848 homes, compared to $214.2 million, or 605 homes, for the 2010 third quarter, and increased 4% compared to $293.8 million, or 781 homes, for the 2011 second quarter. The increase in backlog value was driven primarily by a 38% increase in net new orders as compared to the prior year period.


The Company used $78.5 million of cash in operating activities for the 2011 third quarter versus $67.4 million of cash used in operating activities in the 2010 third quarter. Cash flows used in operating activities for the 2011 third quarter included cash land purchases and land development costs of $74.7 million and $31.7 million, respectively, compared to $91.3 million and $22.3 million, respectively, for the 2010 third quarter. Excluding land and development costs, cash inflows from operating activities for the 2011 third quarter were $27.9 million* versus cash inflows of $46.1 million* in the 2010 third quarter. The decrease in cash inflows from operating activities (excluding land and development costs) as compared to the 2010 third quarter was primarily due to a $47 million decrease in cash flows attributable to the timing of the origination and sale of mortgage loans held for sale by the Company's financial services subsidiary, offset by the increase in cash inflows as a result of a 16% increase in deliveries compared to the prior year period.


During the 2011 third quarter, the Company approved the purchase of $55 million of land, comprised of 1,280 lots. Approximately 46% of the land approved (based on land value) was for land located in California, 21% in Florida, 20% in Texas and 13% in the Carolinas. During the same period, the Company purchased $74.7 million of land, comprised of 1,682 lots. Approximately 62% of the land purchased (based on land value) is located in California and 24% in Florida, with the balance spread throughout the Company's other operations.


Continued at: http://www.knobias.com/story.htm?eid=3.1.1f275e16bc99eff55d2805608b8236d82664e5aa2b48efb6d4c29c72278c4f82

[eastunder]

SPF: Q3 EPS (2c) vs 2c Misses 2c Est

Thursday , October 27, 2011 16:46ET

QUARTER RESULTS
Standard Pacific Corp. (SPF) reported Q3 results ended September 2011. Q3 Revenues were $241.80M; +16.55% vs yr-ago; BEATING revenue consensus by +0.19%. Q3 EPS was (2c); -200.00% vs yr-ago; MISSING earnings consensus by -200.00%.

Q3 RESULTS      Reported      Year-Ago     Y/Y Chg      Estimate    SURPRISE 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 Revenues:       $241.80M      $207.47M     +16.55%      $241.33M      +0.19% 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 EPS:                (2c)            2c    -200.00%            2c    -200.00% 
 ----------  ------------  ------------  ----------  ------------  ---------- 
  

[eastunder]

SPF: To Release Q3 Results Oct 27 [AMC]

Thursday , October 27, 2011 08:30ET

Standard Pacific Corp. (NYSE: SPF) is scheduled to release its Q3 financial results on October 27, 2011, after the close of the market (AMC).

CONSENSUS ESTIMATES:

Q3 Revenue: $241.33 million
Q3 EPS: $0.02 per share

PREVIOUS PERIOD:

Prev Q3 Revenue: $207.47 million
Prev Q3 EPS: $0.02 per share

ADDITIONAL INFORMATION

Original Confirmation

[eastunder]

Open Gap 3.02

Direction   Date           range  
 up      Oct-21-2011    3.02 to 3.06  
 

[eastunder]

Homebuilder shares gain on Obama refinancing plan

http://finance.yahoo.com/news/Homebuilder-shares-gain-on-apf-3590151816.html?x=0&.v=1

Homebuilders shares advance on Obama plan to ease refinancing


On Monday October 24, 2011, 1:51 pm EDT

NEW YORK (AP) -- Shares of homebuilders got a boost Monday after the White House announced a plan that would make it easier for many homeowners to refinance their mortgages.

As it stands, many struggling homeowners have been unable to take advantage of record low interest rates because they don't meet requirements for refinancing. For example, banks typically require borrowers to have at least some equity in their homes to qualify. But declining home values in recent years mean even borrowers who have been making mortgage payments may be underwater -- meaning they owe more than their homes are worth.

An administration official said the housing program will cut the cost of refinancing and remove caps for homeowners with federally guaranteed mortgages who are current on their payments. The program will be implemented by the independent Federal Housing Finance Agency.

The administration official had no estimate for how many homeowners could be helped by relaxed rules. The official spoke on the condition of anonymity to discuss the housing program ahead of the president's official announcement.

Shares of homebuilder Hovnanian Enterprises Inc. advanced 6 cents, or 4.4 percent, to $1.44. Shares of Lennar Corp. advanced 36 cents, or 2.2 percent, to $17.09. PulteGroup Inc. shares rose 34 cents, or 6.9 percent, to $5.24. KB Home's stock rose 31 cents, or 4.1 percent to $7.84.

Ryland Group Inc. shares rose 57 cents, or almost 4.4 percent, to $13.64.

Standard Pacific Corp. shares rose 16 cents, or 5 percent, to $3.35.

Meritage Homes Corp. rose 39 cents to $18.82,

D.R. Horton Inc. shares rose 51 cents, or 4.7 percent, to $11.34.

[eastunder]

SPF has confirmed that earnings will be announced 10/27/2011. With 10 analysts covering SPF, the consensus EPS estimate is $0.02, and the high and low estimates are $0.03 and $0.01, respectively.

[eastunder]

SPF Q3 10-27-11 AMC

Standard Pacific Corp. Schedules 2011 Third Quarter Results Conference Call and Webcast

Monday , October 03, 2011 13:45ET




IRVINE, Calif., Oct. 3, 2011 /PRNewswire/ -- Standard Pacific Corp. (NYSE:SPF) will release its 2011 third quarter results after the market close of the NYSE on Thursday, October 27, 2011. In conjunction with the earnings release, the Company will host a conference call and broadcast a slide show and audio presentation over the Internet on Friday, October 28, 2011, at 11:00 a.m. Eastern time.



Standard Pacific Corp. Conference Call and Webcast for
What: 2011 Third Quarter Results

When: Friday, October 28, 2011 at 11:00 a.m. Eastern time

http://ir.standardpacifichomes.com click on the Webcast
link. A replay of the presentation will be available by
Where: the end of the day and will be archived for 31 days.

Live via the Internet - log on to the above address. You
may listen to the Webcast by using streaming audio or by
using the following teleconference number: (888)
596-2581 (domestic) or [phone] (international);
Passcode: 1266541. A replay of the conference call will
be available by dialing [phone] (domestic) or
How: [phone] (international); Passcode: 1266541.




Standard Pacific, one of the nation's largest homebuilders, has built more than 114,000 homes during its 45-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. For more information about the Company and its new home developments, please visit our website at: www.standardpacifichomes.com.


Contact:
Jeff McCall, EVP & CFO [phone], [e-mail]




SOURCE Standard Pacific Corp.

[eastunder]

SPF: JP Morgan Ups to Neutral from Underweight

Thursday , September 22, 2011 10:45ET

Issuer: Standard Pacific Corp. (NYSE: SPF)

Analyst Firm: JP Morgan

Ratings Action: UPGRADE

Current Rating: Neutral (from Underweight)





This rating information was reported by TheFlyOnTheWall.

[eastunder]

Over 500 Prospective Homebuyers Attend Grand Opening of Claremont Square at College Park by Standard Pacific Homes

Friday , August 05, 2011 16:25ET




UPLAND, Calif., Aug. 5, 2011 /PRNewswire/ -- Standard Pacific Homes (NYSE: SPF) attracted a crowd of more than 500 prospective homebuyers to its recent grand opening of Claremont Square at College Park. The Company's only brand new residential development in Upland, Calif., the neighborhood features the newest Spanish-, Italian-, and Santa Barbara- inspired architectural concepts through three brand new single-family home designs. Providing the ideal mix of design elegance and contemporary flexibility, each new design features classic architectural elements combined with Standard Pacific Homes' modern great room centered floor plan.


"Claremont Square at College Park provides a unique opportunity to own a new home within a thriving cultural community," said Ted McKibbin, Southern California Coastal Division President for Standard Pacific Homes. "We've been pleased by the overwhelming positive response we have received from prospective homebuyers, who have recognized the tremendous value Claremont Square at College Park offers through the coupling of our cutting-edge new home designs with a fabulous location."


Prospective homebuyers will enjoy newly designed open spaces, featuring highly-appointed kitchens that flow into flexible living and entertaining areas. Floor plans also include luxurious master suites with walk-in closets and a cultured marble bathroom complete with a soaking tub, separate shower and dual Moen faucet sinks. Ranging from 1,723 to 2,076 square feet, these three- to four-bedroom homes start in the low $400,000s and offer optional features for additional bedrooms and other flexible living spaces.


Located at the corner of North Claremont Boulevard and West Arrow Route, adjacent to the city of Claremont, upscale Claremont Square caters to active young families, academics, artists and entrepreneurs, offering both connectivity and convenience. Less than eight miles from the Ontario International Airport and within easy walking distance of a Metrolink station, Claremont Square is also in close proximity to seven renowned college campuses, a thriving cultural community, high-end shopping and eclectic dining.


To experience Standard Pacific Homes' new designs and to take advantage of special grand opening pricing, please visit Claremont Square at College Park. The sales center is located at 285 Cardinal Lane in the city of Upland. For additional details, please visit: www.standardpacifichomes.com


About Standard Pacific Homes


Standard Pacific Homes, one of the nation's largest homebuilders, has built homes for more than 113,000 families during its 45-year history. The company constructs homes within a wide range of price and size targeting a broad range of homebuyers. Standard Pacific Homes operates in many of the largest housing markets in the country with operations in major metropolitan areas in California, Florida, Arizona, North Carolina South Carolina, Texas, Colorado and Nevada. For more information about the company and its new home developments, please visit our website at: www.StandardPacificHomes.com.

[eastunder]

SPF: Q2 EPS (3c) vs 4c Misses 0c Est

Thursday , July 28, 2011 16:58ET

QUARTER RESULTS
Standard Pacific Corp. (SPF) reported Q2 results ended June 2011. Q2 Revenues were $204.30M; -35.58% vs yr-ago; MISSING revenue consensus by -2.88%. Q2 EPS was (3c); -175.00% vs yr-ago; MISSING earnings consensus by (3c).

Q2 RESULTS      Reported      Year-Ago     Y/Y Chg      Estimate    SURPRISE 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 Revenues:       $204.30M      $317.16M     -35.58%      $210.36M      -2.88% 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 EPS:                (3c)            4c    -175.00%            0c         -3c 
 ----------  ------------  ------------  ----------  ------------  ----------

[eastunder]

Standard Pacific Corp. Reports 2011 Second Quarter Results

Thursday , July 28, 2011 16:33ET

IRVINE, Calif., July 28, 2011 /PRNewswire/ --


Standard Pacific Corp. (NYSE: SPF) reported a net loss in the 2011 second quarter of $10.5 million, or $0.03 per share, on homebuilding revenues of $204.3 million compared to net income of $10.7 million, or $0.04 per share, on homebuilding revenues of $317.2 million in the 2010 second quarter. The net loss in the 2011 second quarter included $6.0 million of inventory impairment charges and a $2.2 million charge related to management changes. The Company's adjusted net loss of $2.4 million* in the 2011 second quarter (excluding impairment charges and the management change charge) improved significantly compared to a net loss of $14.8 million in the previous quarter.


2011 Second Quarter Highlights


-- 153 average selling communities; up 11% from prior quarter and up 20%
from Q2 2010
-- 157 selling communities at end of June 2011
-- Net new orders of 764 up 17% from Q1 2011; up 6% from Q2 2010
-- Backlog of 781 homes up 25% from Q1 2011; up 20% from Q2 2010
-- Backlog value of $294 million up 24% from $238 million in Q2 2010
-- Average selling price of $335 thousand up 2% from Q1 2011
-- Inventory impairment charges of $6.0 million; $2.2 million of expense
related to management changes
-- Three communities impaired; two in Northern California and one in
Arizona
-- Gross margin from home sales of 17.0% (20.0%* excluding impairments) vs.
20.5% in Q1 2011
-- SG&A rate from home sales of 18.8% (17.8%* excluding management change
charge) vs. 13.7% in Q2 2010
-- G&A expenses of $22.4 million vs. $22.8 million in Q2 2010
(excluding incentive compensation and management change expenses)
-- Operating cash outflows of $122.0 million and $110.2 million in Q2 2011
and Q1 2011, respectively
-- Excluding land purchases and development costs, cash inflows of $1.9
million* and $10.4 million* in Q2 2011 and Q1 2011, respectively
-- Adjusted EBITDA of $23.7 million*, or 11.6%* of homebuilding revenues,
in Q2 2011 ($93.3 million*, or 12.1%*, for LTM ended June 30, 2011)
-- Homebuilding revenues down 36% due to 32% drop in new home deliveries
from Q2 2010
-- Cash balance of $507.2 million with $196 million available from
revolving credit facility vs. $710.4 million in cash as of the end of Q2
2010 when the Company had no revolving credit facility
-- Approved land purchases of $98.5 million for 1,493 lots; down from
$121.5 million in Q1 2011



Ken Campbell, the Company's CEO commented, "We are excited about our new communities coming out of the ground. It was a bit painful last year when we slowed our growth in order to re-design our homes, but we are now pleased with the results. Managing to open this many communities without increasing our overhead is a tribute to our team; kind of remarkable accomplishment in my opinion. With over 20 new communities scheduled to open before year-end, we have more excitement (and more hard work) to look forward to."


Mr. Campbell continued, "The slowdown in land buying should not be viewed as a change in strategy. We are still pursuing a significant land pipeline, but will continue to maintain our pricing discipline in the face of a pretty poor sales environment. Hopefully, land sellers will get more reasonable on pricing, or other land buyers' enthusiasm will wane as we muddle through this difficult market. The current slowdown does not concern us too much since we have already committed to purchase enough land to support growth through 2012."


Homebuilding revenues decreased 36% from $317.2 million for the 2010 second quarter to $204.3 million for the 2011 second quarter driven primarily by a 32% decline in new home deliveries to 610 homes. The Company's consolidated average home price for the 2011 second quarter was $335 thousand, down from $355 thousand for the year earlier period, largely due to the delivery of three luxury homes with an average selling price of approximately $6 million from one of the Company's Southern California coastal communities during the 2010 second quarter as compared to no deliveries from this community during the 2011 second quarter.


Gross margin from home sales for the 2011 second quarter was 17.0% (20.0%* excluding $6.0 million of inventory impairment charges) versus 20.9% for the year earlier period. The impairments related to two homebuilding projects in Northern California totaling $3.9 million and one homebuilding project in Arizona for $2.1 million. Excluding inventory impairment charges and previously capitalized interest costs, gross margin from home sales for the 2011 second quarter was 27.9%* versus 27.5%* for the 2010 second quarter.


The Company's 2011 second quarter SG&A expenses (including Corporate G&A) were $38.4 million compared to $43.4 million for the 2010 second quarter and included noncash stock-based compensation expenses of $3.5 million for both periods. The SG&A rate from home sales was 18.8% for the 2011 second quarter versus 13.7% for the 2010 second quarter. SG&A expenses for the 2011 second quarter included approximately $2.2 million of severance and other charges incurred in connection with executive management changes ($1.0 million of which was included in noncash stock-based compensation expenses). The Company's G&A expenses (excluding incentive compensation, severance and management change expenses) were $22.4 million for the 2011 second quarter, compared to $22.8 million for the 2010 second quarter, and $22.4 million for the 2011 first quarter. Excluding the charges related to executive management changes, the Company's 2011 second quarter SG&A rate was 17.8%*. The increase in the Company's SG&A rate was primarily the result of a 36% decrease in revenues from home sales and higher sales and marketing costs associated with new community openings.


Net new orders (excluding joint ventures) for the 2011 second quarter increased 6% from the 2010 second quarter to 764 homes on a 20% increase in the number of average active selling communities from 127 to 153. The Company's monthly sales absorption rate for the 2011 second quarter was 1.7 per community compared to 1.9 per community for the 2010 second quarter and 1.6 per community for the 2011 first quarter. The Company's cancellation rate for the 2011 second quarter was 14%, consistent with 15% for the 2010 second quarter and 14% for the 2011 first quarter. The total number of sales cancellations for the 2011 second quarter was 129, of which 65 cancellations related to homes in the Company's 2011 second quarter beginning backlog and 64 related to orders generated during the quarter.


The dollar value of homes in backlog (excluding joint ventures) increased 24% to $293.8 million, or 781 homes, compared to $237.7 million, or 649 homes, for the 2010 second quarter, and increased 39% compared to $211.8 million, or 627 homes, for the 2011 first quarter. The increase in backlog value compared to the 2010 second quarter was driven primarily by a 6% increase in net new orders and a decrease in the percentage of new homes delivered from beginning backlog in the 2011 second quarter as compared to the prior year period.


The Company used $122.0 million of cash flows from operating activities for the 2011 second quarter versus generating $5.3 million of cash flows from operating activities in the 2010 second quarter. The decline in cash flows from operations as compared to the 2010 second quarter was driven primarily by a $112.8 million decrease in homebuilding revenues and a $12.8 million increase in land purchases. Cash outflows from operations for the three months ended June 30, 2011 and 2010 included $92.2 million and $79.4 million, respectively, of cash land purchases. Excluding cash land purchases and development costs, cash inflows from operating activities for the 2011 second quarter were $1.9 million* versus cash inflows of $99.0 million* in the 2010 second quarter.


During the 2011 second quarter, the Company approved (but had not yet consummated) the purchase of $98.5 million of land, comprised of 1,493 lots. Approximately 43% of the land approvals related to land located in California and 41% in Texas, with the balance spread throughout the Company's other operations. During the same period, the Company purchased $92.2 million of land, comprised of 1,461 lots. Approximately 55% of the land purchases related to land located in California and 35% in Texas, with the balance spread throughout the Company's other operations.


ontinued at: http://www.knobias.com/story.htm?eid=3.1.b84a56cf9ac0952420077c98d300989a71dd026673e28cb3164f523dba5d0dc6

[eastunder]

SPF 2Q earnings 7-27-11 AMC

Standard Pacific Corp. Schedules 2011 Second Quarter Results Conference Call and Webcast

Tuesday , July 05, 2011 18:28ET




IRVINE, Calif., July 5, 2011 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) will release its 2011 second quarter results after the market close of the NYSE on Wednesday, July 27, 2011. In conjunction with the earnings release, the Company will host a conference call and broadcast a slide show and audio presentation over the Internet on Thursday, July 28, 2011, at 12:00 p.m. Eastern time.



What: Standard Pacific Corp. Conference Call and Webcast for
2011 Second Quarter Results

When: Thursday, July 28, 2011 at 12:00 p.m. Eastern time

http://ir.standardpacifichomes.com click on the Webcast link. A
replay of the presentation will be available by the end of the
Where: day and will be archived for 31 days.

Live via the Internet - log on to the above address. You may
listen to the Webcast by using streaming audio or by using the
following teleconference number: [phone] (domestic) or
[phone] (international); Passcode: 1590954. A replay of
the conference call will be available by dialing [phone]
(domestic) or [phone] (international); Passcode:
How: 1590954.




Standard Pacific, one of the nation's largest homebuilders, has built more than 113,000 homes during its 45-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. For more information about the Company and its new home developments, please visit our website at: www.standardpacifichomes.com.

[eastunder]

For a longterm thinker who places money in depressed stocks and just waits: Housing stocks are a no brainer. The question is did I pick the right ones in the sector.

THAT...remains to be seen and is a long way out from sight.

For me - it's buy and hold. Buy when a industry is on it's knees begging for mercy.

[eastunder]

Get Ready for a New Home Construction Boom! Really
By Daniel Gross | Daily Ticker – Tue, May 24, 2011 12:22 PM

(Video on link)

http://finance.yahoo.com/blogs/daily-ticker/ready-home-construction-boom-really-162216925.html

So soon after the rapture failed to materialize, I'm aware that the market for spectacularly good news might not be a particularly robust one. But listen, people! A new housing boom may be upon us! Really.

No, my keyboard hasn't been occupied by David Lereah, the former chief economist of the National Association of Realtors, whose cockeyed optimism made him a legend. As we've discussed recently with blogger/money manager Barry Ritholtz, housing could struggle for another five to ten years — or for a generation. Consider: the Dow Jones Industrial Average didn't take out its 1929 pre-crash high until 1954. On March 9, 2000, the NASDAQ composite index closed at 5,046. Today, it's at 2,754. It could be another decade before it rises to the lofty levels of early 2000. Just as time heals all wounds, it also heals all bubbles — eventually.

But housing? Really? It's tough to be positive on the sector. The bad news keeps coming: Housing starts, existing home sales. The New York Times reported Monday that the nation's largest banks are the unwilling owners of 872,000 foreclosed homes. Americans are shucking the shackles of homeownership. Positive news, like the fact that April new home sales rose modestly, is easily dismissed.

And yet, unless we start picking up the pace of new home construction — and soon — the U.S. could face a housing shortage in the not-too-distant future. That's the line coming from one of the most sober, data-driven, non-ideological sources I know: Macroeconomic Advisers. The consulting firm is one of the best short-term forecasters out there, and distributes highly valuable measures of current quarter GDP as new inputs come in. It recently issued a report "The Long View on Housing — There's a Boom out There Somewhere," a summary of which can be seen here.

In the accompanying video, Aaron Task, Henry Blodget and I discuss the report.

MA doesn't arrive at this conclusion based on blind faith, belief, or intuition. Rather, it's a matter of numbers, supply and demand, and a look at historical trends. Times may be tough. But Americans continue to grow up, leave home, get married, form families, and have children. At the end of last year, the U.S. had 130.8 million housing units, of which 112.5 million were occupied. Some 18.4 million were empty, leaving us with a vacancy rate of 14 percent.

Demographic data suggests that "over the next 10 years, nearly 14 million new households are likely to form." Some of those households will sop up excess supply. The current vacancy rate of 14 percent is above the pre-boom level of about 12 percent. "But if the housing vacancy rate returns to a normal, pre-boom level — but not lower —the housing stock will have to expand by about 12 ½ million units over the next 10 years to accommodate 14 million new households."

Another force will help reduce supply: time. Each year a chunk of the housing stock withers away — through collapse, fire, condemnation, or redevelopment. If that .8 percent annual rate holds for the next ten years, 11 million housing units will disappear. And so, "for the housing stock to expand by 12 ½ million units, then, 23.5 million units must be added to the stock over the next 10 years!"

Now, typically only 70 percent of the growth in housing units comes from new construction. The rest comes from mobile homes, conversions, and the recovery of condemned units. Add it all up, and MA believes the nation will need "16 million housing starts over the next 10 years. That's an average of 1.6 million starts per year." And yet in the first quarter of 2011, housing starts came in at an annualized rate of 563,000. In other words, to keep up with demand that is expected to develop over the next decade, new housing construction will have to triple from its current depressed levels and stay at that high rate for several years. (As this historical data shows, the peak year of 2005 saw construction started on 2.07 million new housing units)

Of course, this projection hinges to a large degree on mean reversion. It presumes that over the next decade, population growth, family formation, and the desire and ability of people to live in single generation family units will be generally proportional to what they were in the past 40 years. It presumes that the vicious cycle we've lived through won't lead to some pretty significant structural changes. And sharp downturns and sluggish recoveries have a way of changing behavior in ways that create economic and demographic discontinuities. Look at Japan, where the population is now shrinking after two decades of a low birth rate; or Italy, where it is common for people to live at home well into their 20s and 30s and delay marriage. Our new normal could be one of smaller families and less immigration, or of multiple generations under one roof. Remember The Waltons? And isn't a market in which 12 percent of the units are empty a pretty inefficient one?

MA says that adjusting its formula to account for lower household formation, and for the vacancy rate pushing down to 10 percent instead of 12 percent, doesn't eliminate the bull case. Doing so "lowers the cumulative 10-year total for housing starts to 12.0- million units (an average annual pace of 1.2 million)." That's still nearly twice the current rate.

Still, don't expect builders to start laying plans for new developments that will come on line in 2020, just as the housing market will be tight by historical standards. That's not how we roll in this country. I've read a lot and written some about the history of bubbles in the U.S. And whether it's a telegraph line or a railroad, a fiber-optic cable or a development in Las Vegas, we tend to jump into bubble baths when they're at their frothiest. It's no surprise that the peak years for housing starts came in 2005 and 2006. And it's no surprise that a sector once universally loved is now universally loathed. It's more likely that housing starts will remain at a depressed level for several years, until one day, suddenly, the nation wakes up and realizes there's a very real danger of a housing shortage. Builders will gobble up land and start laying out new divisions in the Sun Belt. Television shows will promise quick riches to be had by flipping condos in Miami. The economist at the National Association of Realtors will issue optimistic reports pointing to a new boom.

And that's when you'll know it's time to get out.

Daniel Gross is economics editor at Yahoo! Finance

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SPF Finviz

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SPF: Q1 EPS (4c) vs (2c) Misses (2c) Est

Thursday , April 28, 2011 18:01ET

QUARTER RESULTS
Standard Pacific Corp. (SPF) reported Q1 results ended March 2011. Q1 Revenues were $143.70M; -17.84% vs yr-ago; BEATING revenue consensus by +6.97%. Q1 EPS was (4c); -100.00% vs yr-ago; MISSING earnings consensus by -100.00%.

Q1 RESULTS      Reported      Year-Ago     Y/Y Chg      Estimate    SURPRISE 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 Revenues:       $143.70M      $174.90M     -17.84%      $134.34M      +6.97% 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 EPS:                (4c)          (2c)    -100.00%          (2c)    -100.00% 
 ----------  ------------  ------------  ----------  ------------  ----------

[eastunder]

Standard Pacific Corp. Reports 2011 First Quarter Results

Thursday , April 28, 2011 16:15ET

IRVINE, Calif., April 28, 2011 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) today announced operating results for its first quarter.

2011 First Quarter Highlights and Comparisons to the 2010 First Quarter 
  
     --  Net loss of $14.8 million, or $0.04 per share, vs. net loss of $5.1 
         million, or $0.02 per share 
     --  Revenues from home sales of $143.7 million, down 18% from $174.9 million 
     --  439 new home deliveries, down 18% from 537 homes 
     --  Average home price of $327,000 vs. $326,000 
     --  Gross margin from home sales of 20.5% vs. 22.7% 
     --  SG&A rate from home sales of 22.5% (22.1%* excluding restructuring 
         charges) vs. 18.7% 
     --  Net new orders down 14% to 652 homes 
     --  Backlog value down 24% to $211.8 million from $278.3 million 
         --  627 homes in backlog, down 24% from 821 homes 
     --  Cash outflows from operating activities of $110.2 million vs. cash 
         inflows of $33.6 million (2010 included $108 million tax refund) 
         --  Cash outflows from operating activities before land purchases and 
             land sales was $23.1 million* vs. cash inflows of $84.0 million* 
     --  Homebuilding cash balance of $619.8 million vs. $591.7 million 
     --  Adjusted net homebuilding debt to total adjusted capitalization ratio of 
         53.4%* vs. 55.1%* 
         --  Total debt to book capitalization of 68.6% vs. 72.7%

Ken Campbell, the Company's CEO commented, "Despite challenging housing market conditions, we continued to make progress with our strategy of opening new communities. We opened 18 new communities during the quarter and expect to open another 22 communities by the middle of the year, representing a 20% increase in community count compared to last year and bringing our total community count to north of 155." Mr. Campbell added, "While home pricing has been under pressure over the last few quarters, our gross margin has remained above 20% for the sixth consecutive quarter. In addition, we increased the dollar value of our backlog by 54% over the 2010 fourth quarter while holding the line on our margins in backlog."


Mr. Campbell continued, "Consistent with our land strategy, we approved the purchase of 2,000 lots totaling $122 million and purchased 1,100 lots for $87 million during the quarter. With $620 million of cash on hand and the additional liquidity provided by our new senior unsecured revolving credit facility, we believe we have ample liquidity to navigate through the market downturn."


For the 2011 first quarter, the Company generated a net loss of $14.8 million, or $0.04 per diluted share, compared to net loss of $5.1 million, or $0.02 per diluted share, for the year earlier period. The increase in the quarterly loss was driven primarily by an 18% decrease in home sale revenues from $174.9 million for the 2010 first quarter to $143.7 million for the 2011 first quarter and a 220 basis point decline in the Company's gross margin to 20.5%. The decrease in revenues was primarily the result of an 18% decline in new home deliveries to 439 homes. The 2011 first quarter also included $0.6 million of restructuring charges related to employee severance. The Company's consolidated average home price for the 2011 first quarter was $327,000, up slightly from $326,000 for the year earlier period largely due to a mix shift, which was partially offset by slightly lower pricing and fewer California deliveries.


Gross margin from home sales for the 2011 first quarter was 20.5% versus 22.7% for the year earlier period. The 220 basis point decline in the 2011 first quarter gross margin from home sales was driven by lower margins in substantially all of the Company's markets due to competitive pricing pressure, a mix shift to more deliveries from lower margin projects and, to a lesser extent, a reduction in the percentage of California deliveries as compared to the 2010 first quarter. Excluding previously capitalized interest costs, gross margin from home sales for the 2011 first quarter was 28.1%* versus 29.2%* for the 2010 first quarter.


The Company's 2011 first quarter SG&A expenses (including Corporate G&A) were $32.3 million compared to $32.8 million for the 2010 first quarter and included noncash stock-based compensation expenses of $1.9 million and $2.0 million, respectively. The Company's 2011 first quarter SG&A expenses included approximately $0.6 million in restructuring charges related to employee severance costs incurred in connection with further adjusting the Company's workforce to align with lower sales volumes. The Company's 2011 first quarter SG&A rate from home sales was 22.5% versus 18.7% for the 2010 first quarter. Excluding restructuring charges, the Company's 2011 first quarter SG&A rate was 22.1%*. The increase in the Company's SG&A rate was primarily the result of an 18% decrease in revenues from home sales and higher sales and marketing costs associated with new community openings.


Net new orders (excluding joint ventures) for the 2011 first quarter decreased 14% from the 2010 first quarter to 652 homes on a 10% increase in the number of average active selling communities from 126 to 138. The Company's monthly sales absorption rate for the 2011 first quarter was 1.6 per community compared to 2.0 per community for the 2010 first quarter. The Company's cancellation rate for the 2011 first quarter was 14% versus 15% for the 2010 first quarter and 23% for the 2010 fourth quarter. The total number of sales cancellations for the 2011 first quarter was 106, of which 59 cancellations related to homes in the Company's 2011 first quarter beginning backlog and 47 related to orders generated during the quarter.


The dollar value of homes in backlog (excluding joint ventures) decreased 24% to $211.8 million, or 627 homes, compared to $278.3 million, or 821 homes, for the 2010 first quarter. The decrease in backlog value was driven primarily by a 14% decrease in net new orders.


The Company used $110.2 million of cash flows from operating activities for the 2011 first quarter versus generating $33.6 million of cash flows from operating activities in the 2010 first quarter. The decline in cash flows from operations as compared to the 2010 first quarter was driven primarily by a $31.7 million decrease in homebuilding revenues, a $36.3 million increase in land purchases and a $108 million decrease attributable to the federal tax refund that was received in the 2010 first quarter. Cash outflows from operations for the three months ended March 31, 2011 and 2010 included $87.1 million and $50.8 million, respectively, of cash land purchases. Excluding cash land purchases and land sales, cash outflows from operating activities for the 2011 first quarter were $23.1 million* versus cash inflows of $84.0 million* in the 2010 first quarter.

Financials continued at:

http://www.knobias.com/story.htm?eid=3.1.679a26787862710f471f5355993fe2afcd2b0c3d3c445ee8c20f9e93edd2950d

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CONSENSUS ESTIMATES:


SPF: To Release Q1 Results Apr 28 [AMC]

Wednesday, April 27, 2011 13:00ET

Standard Pacific Corp. (NYSE: SPF) is scheduled to release its Q1 financial results on April 28, 2011, after the close of the market (AMC).

CONSENSUS ESTIMATES:

Q1 Revenue: $139.29 million
Q1 EPS: $-0.02 per share

PREVIOUS PERIOD:

Prev Q1 Revenue: $175.37 million
Prev Q1 EPS: $-0.02 per share

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Contrarian Ideas: 18 Downtrend Stocks Being Snapped Up by Mutual Funds

http://seekingalpha.com/article/265262-contrarian-ideas-18-downtrend-stocks-being-snapped-up-by-mutual-funds?source=yahoo

4. Standard Pacific Corp. (SPF): Residential Construction Industry. Market cap of $777.72M. On a net basis, mutual funds bought 1.1M shares during the current quarter while they sold -1.3M shares during the previous quarter. SMA50 at $3.87 vs. SMA200 at $3.95 (price at time of writing $3.77). This is a risky stock that is significantly more volatile than the overall market (beta = 2.29). The stock is a short squeeze candidate, with a short float at 11.25% (equivalent to 9.48 days of average volume). The stock has had a couple of great days, gaining 5.91% over the last week.

[eastunder]

SPF 1Q earnings 4-28-11 AMC

Standard Pacific Corp. Schedules 2011 First Quarter Results Conference Call and Webcast

Wednesday, April 06, 2011 18:34ET

IRVINE, Calif., April 6, 2011 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) will release its 2011 first quarter results after the market close of the NYSE on Thursday, April 28, 2011. In conjunction with the earnings release, the Company will host a conference call and broadcast a slide show and audio presentation over the Internet on Friday, April 29, 2011, at 12:00 p.m. Eastern time.



What: Standard Pacific Corp. Conference Call and Webcast for
2011 First Quarter Results

When: Friday, April 29, 2011 at 12:00 p.m. Eastern time

http://ir.standardpacifichomes.com click on the Webcast link. A
replay of the presentation will be available by the end of the
Where: day and will be archived for 31 days.

Live via the Internet - log on to the above address. You may
listen to the Webcast by using streaming audio or by using the
following teleconference number: [phone] (domestic) or
[phone] (international); Passcode: 3913688. A replay of
the conference call will be available by dialing [phone]
How: (domestic) or [phone] (international); Passcode: 3913688.




Standard Pacific, one of the nation's largest homebuilders, has built more than 112,000 homes during its 45-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. For more information about the Company and its new home developments, please visit our website at: www.standardpacifichomes.com.


Contact:
John Stephens, SVP & CFO [phone], [e-mail]




SOURCE Standard Pacific Corp.

[eastunder]

SPF Chart set:

4-3-11

3.74

14 flat, w/5& 9 above:
Dec gap filled (Mar 15th?)



Possible death cross? Will that be allowed



Deciding factor - right here. Can the wee's (5,9,&14 day sma's)cross above the 20 and shift the trend? Under the 20 for >2 months

[eastunder]

SPF: Q4 EPS (8c) vs 31c Misses 0c Est

Wednesday, February 02, 2011 16:55ET

QUARTER RESULTS
Standard Pacific Corp. (SPF) reported Q4 results ended December 2010. Q4 Revenues were $212.42M; -37.48% vs yr-ago; BEATING revenue consensus by +0.16%. Q4 EPS was (8c); -125.81% vs yr-ago; MISSING earnings consensus by (8c).

Q4 RESULTS      Reported      Year-Ago     Y/Y Chg      Estimate    SURPRISE 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 Revenues:       $212.42M      $339.78M     -37.48%      $212.09M      +0.16% 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 EPS:                (8c)           31c    -125.81%            0c         -8c 
 ----------  ------------  ------------  ----------  ------------  ----------

YEAR-END RESULTS
Co. also reported Year-End results ended December 2010. FY Revenues were $912.42M; -21.77% vs yr-ago; MISSING revenue consensus by -0.45%. FY EPS was (5c); +16.67% vs yr-ago; MISSING earnings consensus by -266.67%.

FY RESULTS      Reported      Year-Ago     Y/Y Chg      Estimate    SURPRISE 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 Revenues:       $912.42M    $1,166.40M     -21.77%      $916.52M      -0.45% 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 EPS:                (5c)          (6c)     +16.67%            3c    -266.67% 
 ----------  ------------  ------------  ----------  ------------  ----------

[eastunder]

Standard Pacific Corp. Reports 2010 Fourth Quarter and Full Year Results

Wednesday, February 02, 2011 16:05ET

IRVINE, Calif., Feb. 2, 2011 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) today announced operating results for its fourth quarter and year ended December 31, 2010.


2010 Fourth Quarter Highlights and Comparisons to the 2009 Fourth Quarter

-- Net loss of $21.9 million, or $0.08 per share, vs. net income of $82.7
million, or $0.31 per share
-- 2010 net income of $4.3 million*, or $0.02* per share, excluding
charges of $23.8 million related to the refinance of $575.7 million
of pre-2016 debt and $2.3 million of impairments
-- 2009 net income included a $94.1 million income tax benefit related
to a change in tax law
-- Homebuilding revenues of $212.4 million, down 37% from $339.8 million
-- 619 new home deliveries, down 34% from 943 homes
-- Average home price of $340,000, up 7% from $318,000
-- Gross margin from home sales of 22.2% vs. 18.1% (23.1%* vs. 20.3%*
excluding impairment charges)
-- SG&A rate from home sales of 18.1% vs. 16.5%
-- SG&A expenses down $11.4 million
-- Net new orders down 22% to 428 homes
-- Backlog value down 34% to $137.4 million from $207.9 million
-- 414 homes in backlog, down 31% from 599 homes
-- Cash outflows from operating activities of $52.5 million vs. cash
inflows of $109.7 million
-- Cash flows from operating activities before land purchases, land
sales and debt restructuring payments was $10.4 million* vs. $110.3
million*
-- $187.5 million in proceeds from exercise in full of warrant for common
stock
-- Homebuilding cash balance of $748.8 million vs. $602.2 million
-- Adjusted net homebuilding debt to total adjusted capitalization ratio of
47.9%* vs. 56.0%*
-- Total debt to book capitalization of 68.5% vs. 73.4%



2010 Fiscal Year Highlights and Comparisons to Fiscal Year 2009

-- Net loss of $11.7 million, or $0.05 per share, vs. a net loss of $13.8
million, or $0.06 per share
-- 2010 net income of $20.6 million*, or $0.08* per share, excluding
$30.0 million of debt refinance charges and $2.3 million of
impairments
-- Homebuilding revenues of $912.4 million, down 22% from $1,166.4 million
-- 2,646 new home deliveries, down 24% from 3,465 homes
-- Gross margin from home sales of 22.2% vs. 14.5% (22.4%* vs. 18.8%*
excluding impairment charges)
-- SG&A rate from home sales of 16.6% vs. 16.3%* (2009 excludes $19.1
million of restructuring charges)
-- Net new orders down 26% to 2,461 homes
-- Cash outflows from operating activities of $81.0 million vs. cash
inflows of $419.8 million
-- Cash flows from operating activities before land purchases, land
sales and debt restructuring payments was $201.6 million* vs. $389.2
million*



Ken Campbell, the Company's President and CEO commented, "I am pleased to announce that before debt refinancing charges, the fourth quarter represented our third consecutive quarter of generating an operating profit. Before land spends and debt refinancing costs, we generated $10 million of cash flows from operations for the quarter and over $200 million for 2010 despite weaker homebuyer demand." Mr. Campbell continued, "During the quarter we also successfully completed the refinancing of $576 million of our pre-September 2016 debt, which was reduced from $665 million to less than $90 million. This refinance, coupled with the proceeds from our recent equity issuance, provides us with a substantial amount of capital and liquidity to continue our land acquisition strategy over the next few years. As a result of our land buying efforts, we expect to open over 55 new communities in 2011, 35 of which are slated for the first half of the year."


For the 2010 fourth quarter, the Company generated a net loss of $21.9 million, or $0.08 per diluted share, compared to net income of $82.7 million, or $0.31 per diluted share, for the year earlier period. The 2010 fourth quarter included a $23.8 million charge related to the early extinguishment of debt and $2.3 million of asset impairments. Excluding charges related to the early extinguishment of debt and impairments, the Company generated net income of $4.3 million* for the 2010 fourth quarter and $20.6 million* for the full year 2010. The 2009 fourth quarter included an income tax benefit of $94.1 million related to tax legislation enacted during the prior year, $10.9 million of asset impairment charges, a $3.5 million charge related to the early extinguishment of debt and $1.6 million of restructuring charges.


Homebuilding revenues for the 2010 fourth quarter were $212.4 million, down 37% from $339.8 million for the 2009 fourth quarter. The decrease in homebuilding revenues was driven primarily by a 34% decline in new home deliveries to 619 homes, which was offset in part by a 7% increase in consolidated average home price to $340,000 as compared to $318,000 for the 2009 fourth quarter. The increase in average home price was largely due to the delivery of more higher priced homes in California and a reduction in deliveries in Florida and Arizona as compared to the 2009 fourth quarter. Homebuilding revenues for 2010 were $912.4 million compared to $1,166.4 million for the prior year.


Gross margin from home sales for the 2010 fourth quarter was 22.2% versus 18.1% for the year earlier period. The Company's 2010 fourth quarter gross margin from home sales included $1.8 million of inventory impairment charges and was offset by a $2.0 million benefit related to a reduction in its warranty accrual, while the Company's 2009 fourth quarter margin included $6.6 million of inventory impairment charges. Excluding impairment charges, gross margin from home sales was 23.1%* for the 2010 fourth quarter compared to 20.3%* for the prior year quarter. The 280 basis point improvement in the 2010 fourth quarter adjusted gross margin from home sales was driven primarily by lower direct construction costs, an increased mix of California deliveries and higher margins in Southern California as compared to the 2009 fourth quarter, and the $2.0 million warranty accrual adjustment in 2010. Excluding impairments and previously capitalized interest costs, gross margin from home sales for the 2010 fourth quarter was 30.2%* versus 26.9%* for the 2009 fourth quarter.


The Company's 2010 fourth quarter SG&A expenses (including Corporate G&A) were $38.0 million compared to $49.4 million for the 2009 fourth quarter and included noncash stock-based compensation expenses of $3.3 million and $5.6 million, respectively. The Company's 2010 fourth quarter SG&A rate from home sales was 18.1% versus 16.5% for the 2009 fourth quarter. The increase in the Company's SG&A rate was primarily the result of a 30% decrease in revenues from home sales.


During the 2010 fourth quarter, the Company issued $275 million of 8 3/8% senior notes due 2018 and $400 million of 8 3/8% senior notes due 2021. The net proceeds from the issuance of these notes (approximately $666.8 million) were used to repurchase or repay $575.7 million principal amount of indebtedness due between 2012 and 2015 and to extinguish a $24.5 million liability associated with the termination of the Company's Term Loan B interest rate swap arrangement. As a result of these transactions, the Company recognized a $23.8 million charge from the early extinguishment of debt, $21.7 million of which was a cash charge related to tender premiums and other related costs and $2.1 million related to the write-off of deferred debt issuance costs. The $24.5 million cost associated with the early unwind of the Company's interest rate swap related to the Term Loan B will be amortized over a period of approximately 2.3 years. As a result of these refinancing transactions, the Company reduced the principal amount of its debt maturing prior to September 2016 from approximately $665 million to $89 million and eliminated substantially all of the restrictive covenants contained in the supplemental indentures governing the 2012, 2014 and 2015 notes.


The Company generated a $9.1 million income tax benefit during the 2010 fourth quarter related to the current quarter loss which was fully offset by a noncash deferred tax asset valuation allowance for the same amount. In addition, the Company recorded a $1.2 million tax benefit related to a net reduction of its liability for uncertain tax positions during the 2010 fourth quarter due primarily to the expiration of statutes of limitations related to state income taxes. During the three months and year ended December 31, 2010, the Company recorded a noncash reduction of its deferred tax asset of $8.8 million and $22.9 million, respectively, and a corresponding noncash reduction of its deferred tax asset valuation allowance primarily related to built-in losses realized during these periods that were in excess of the Section 382 annual limitation. As of December 31, 2010, the Company had a $516.4 million deferred tax asset valuation allowance.


The Company used $52.5 million of cash flows from operating activities for the 2010 fourth quarter versus generating $109.7 million of cash flows from operating activities in the 2009 fourth quarter. The decline in cash flows from operations as compared to the 2009 fourth quarter was driven primarily by a $127.4 million decrease in homebuilding revenues (including a $37.6 million decrease in land sale revenues), a $24.5 payment made to unwind the Term Loan B interest rate swap and $6.5 million of accelerated interest payments made in connection with the 2010 fourth quarter tender and debt restructure. Cash outflows from operations for the three months ended December 31, 2010 and 2009 also included $33.6 million and $35.3 million, respectively, of cash land purchases. Excluding cash land purchases, land sales, and $31.0 million of accelerated payments related to the debt restructure, cash inflows from operating activities for the 2010 fourth quarter were $10.4 million* versus $110.3 million* in the 2009 fourth quarter. In addition, during the 2010 fourth quarter, the Company generated $239.5 million of cash flows from financing activities, which included approximately $187.5 million of proceeds related to the issuance of the Company's common stock in connection with the early exercise of a warrant.


Net new orders (excluding joint ventures) for the 2010 fourth quarter decreased 22% from the 2009 fourth quarter to 428 homes on an 8% increase in the number of average active selling communities from 124 to 134. The Company's monthly sales absorption rate for the 2010 fourth quarter was 1.1 per community compared to 1.5 per community for the 2009 fourth quarter. The Company's cancellation rate for the 2010 fourth quarter was 23% versus 21% for the 2009 fourth quarter and 19% for the 2010 third quarter. The total number of sales cancellations for the 2010 fourth quarter was 130, of which 71 cancellations related to homes in the Company's 2010 fourth quarter beginning backlog and 59 related to orders generated during the quarter.


The dollar value of homes in backlog (excluding joint ventures) decreased 34% to $137.4 million, or 414 homes, compared to $207.9 million, or 599 homes, for the 2009 fourth quarter. The decrease in backlog value was driven primarily by a 22% decrease in net new orders and a 4% decline in average home price in backlog from $347,000 to $332,000.


During the 2010 fourth quarter, the Company approved (but had not yet consummated) the purchase of $45.0 million of land, comprised of approximately 1,400 lots, 13% of which are finished and 87% are raw. During the same period, the Company purchased approximately 750 lots valued at $33.6 million. Approximately 36% of the land purchases related to land located in California and 38% in Texas, with the balance spread throughout the Company's other operations. For the year ended December 31, 2010, the Company purchased approximately 5,400 lots valued at $315.4 million ($282.4 million of which were land purchases and $33.0 million were acquired through an investment in a joint venture).



Continued at :

http://www.knobias.com/story.htm?eid=3.1.f28ce849fd83a2d778dccbe2a049e23c96773ec14ebbeb45fbb3473b72cf418c

[eastunder]

SPF: To Release Q4 Results Feb 02 [AMC]

Tuesday , February 01, 2011 13:00ET

Standard Pacific Corp. (NYSE: SPF) is scheduled to release its Q4 financial results on February 02, 2011, after the close of the market (AMC).

CONSENSUS ESTIMATES:

Q4 Revenue: $212.09 million
Q4 EPS: $0.00 per share

FY Revenue: $916.52 million
FY EPS: $0.03 per share

PREVIOUS PERIOD:

Prev Q4 Revenue: $339.78 million
Prev Q4 EPS: $0.31 per share

Prev FY Revenue: $1166.40 million
Prev FY EPS: $-5.00 per share

[eastunder]

SPF 4Q earnings 2-02-11 AMC

Standard Pacific Corp. Schedules 2010 Fourth Quarter Results Conference Call and Webcast

Press Release Source: Standard Pacific Corp. On Wednesday January 12, 2011, 1:45 pm EST
IRVINE, Calif., Jan. 12, 2011 /PRNewswire/ -- Standard Pacific Corp. (NYSE:SPF - News) will release its 2010 fourth quarter results after the market close of the NYSE on Wednesday, February 2, 2011. In conjunction with the earnings release, the Company will host a conference call and broadcast a slide show and audio presentation over the Internet on Thursday, February 3, 2011, at 12:00 p.m. Eastern time.


What:
Standard Pacific Corp. Conference Call and Webcast for 2010 Fourth Quarter Results

When:
Thursday, February 3, 2011 at 12:00 p.m. Eastern time

Where:
http://standardpacifichomes.com/ir click on the Webcast link. A replay of the presentation will be available by the end of the day and will be archived for 31 days.

How:
Live via the Internet – log on to the above address. You may listen to the Webcast by using streaming audio or by using the following teleconference number: [phone] (domestic) or [phone] (international); Passcode: 5430040. A replay of the conference call will be available by dialing [phone] (domestic) or [phone] (international); Passcode: 5430040.

Standard Pacific, one of the nation's largest homebuilders, has built more than 112,000 homes during its 45-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. For more information about the Company and its new home developments, please visit our website at: www.standardpacifichomes.com.

[TheBioTrader]

$SPF - Ascending Triangle on strong watch

http://goo.gl/kOIOY

[eastunder]

Homebuilders: Perhaps One of the Best Buys of the Decade
by: Jeffry Chmielewski December 10, 2010

http://seekingalpha.com/article/241088-homebuilders-perhaps-one-of-the-best-buys-of-the-decade?source=yahoo

I think homebuilder stocks may be one of the best buys of the next decade. Buy them now and put them away. If they go lower, buy more. There, I said it. Now, you can either laugh at me or listen to my simple explanation. The choice is yours.

The Trend

As it turns out, the US Census has been nice enough to collect lots of interesting data over the last few decades, and you can access it for free on their website. You can have a lot of fun looking at the numbers (well, at least I did).

Fascinatingly, if you track population growth and housing starts over long intervals (10 years or so), you will find that housing starts over long periods of time track population growth. It makes sense. Every time the population grows enough to form a household, that household needs to find a place to live. And because the number of homes in the country is static, we wind up building new houses and apartments for all the new households.

Based on historical population growth, this rate has generally averaged about 1.2 to 1.5mm homes a year (or 13mm to 15mm every ten years, excluding the bubble years). The problem is that during the housing bubble, we were building around 2mm houses a year. According to the US Census, we built almost 11mm homes from 2001-2006 alone. In hindsight it becomes perfectly clear that we were massively overbuilding for the first half of this decade.

But here is where it gets VERY interesting.


From 2007 to 2010, the last 4 years of the decade, the US built less than 3.5mm homes. We have now potentially UNDER BUILT in the last half of the decade, by as much as we OVER BUILT in the first half. We have built almost exactly the same number of houses from 2000-2010 as we built from 1990-2000 -- around 14mm with population growth around 30mm in both periods (subject to official 2010 Census results).

Estimates of the US population in 2020 vary, but if the past is any indication, we will add between 25 and 30 million people over the next ten years. And as a result, we will have to build between 13-15mm houses by 2020. Housing starts will need to double or triple in short order to keep up with population growth – especially if they stay depressed in 2011.

The homebuilders know this. That is why they are stepping up land purchases. Look at the balance sheets – they’re clean, and they have runway. They’ve termed out their debt and have no significant maturities for several years. They’ve written off the land purchases made during the bubble, but they still own the land. They’re profitable at the lowest level of housing starts EVER. The small local builders have gone under, leaving the big public companies to grab share during the next cycle. They’re well positioned. And they trade near tangible book value. Just buy them now and put them away.

The population of this country is still growing and will continue to grow. People need places to live. According to the National Association of Homebuilders, GDP from residential construction has hovered around 5% since the 1970s. In 2010 it’s shaping up to be around 2.5%. Get involved now before residential construction reverts to the mean. By the time everyone else notices, you’ll already have a double, if not more. The trend is your friend. The housing rebound and the economic rebound will be one and the same.

More Jobs = More Construction = More Jobs = The cycle will continue.

But what about the foreclosure overhang?

I don’t think it particularly matters. Foreclosures may continue to depress housing starts for a while as we work through the inventory. But it only means we will have more homes to build over a shorter time period as the decade progresses – in effect, a stronger rally on the back end.

Remember, foreclosures do not reduce end unit demand for housing units. The majority of them enter the rental pool (although some wind up moving in with Mom and Dad or doubling up). Just because you’ve defaulted on your loan, it does not mean that you don’t need a place to live. You lose your big house and rent a small house. It just takes time to transition the defaulted properties from the weak hands to the strong hands of landlords.

And homebuilders have time. They’ve fixed their balance sheets and are waiting. They’re profitable at the lowest starts ever, and they’ll be REALLY profitable when housing starts move back to track population growth and household formation. Buy them now before everyone else figures it out.

[IamtheWalrus]

good last couple of days...what do you foresee?
I see at least 4.25 before a pull back....

[eastunder]

SPF Finviz:

[eastunder]

Standard Pacific moves to profit in 3Q

Homebuilder Standard Pacific moves to a profit in 3rd-qtr as charges shrink, margins expand

On Tuesday October 26, 2010, 6:06 pm EDT

PEABODY, Mass. (AP) -- Standard Pacific Corp. said Tuesday it bounced back to a third-quarter profit from a year-ago loss as average sale prices improved and the homebuilder booked smaller charges.

However, contracts for new homes, excluding joint ventures, tumbled 38 percent reflecting a sharp drop in housing demand this summer following the end of federal homebuyer tax credits.

The weak U.S. economic recovery, stubbornly high unemployment and sluggish job market continue to keep many would-be homebuyers on the sidelines despite mortgage interest rates falling to historic lows. Standard Pacific, which has operations in eight states including California, Florida and Texas, said completed home sales fell 33 percent to 599 from 893 homes during the quarter.

Still, the average sales price climbed 14 percent to $345,000 from $302,000.

The builder reported net income of $4.5 million, or 2 cents a share, for the three months ended Sept. 30. That compares with a loss of $23.8 million, or 10 cents a share, in the same quarter last year.

The prior-year results included $17.8 million in charges related to write-downs on land sales, early debt payoff and restructuring costs. The latest quarter included only a $1 million charge related to paying off debt early. And price increases in Southern California and lower construction costs helped lift the builder's gross margin on home sales to 23.6 percent versus 18.6 percent a year earlier.

The decline in new home orders drove down the value of the company's backlog, which represents future housing revenue, by 35 percent to $214.2 million, or 605 homes. In all, Standard Pacific's homebuilding revenue declined to $207.5 million from $327.4 million.

Analysts polled by Thomson Reuters had expected, on average, a loss of a penny a share on revenue of $220 million.

President and CEO Ken Campbell said the company's ability to turn a profit while delivering 1.5 homes per community every month bodes well for when the housing market recovers.

"Unfortunately it appears that the nation's economic recovery may take longer than many anticipated," he said.

Despite sluggish homebuyer demand, Standard Pacific continued to load up on new land.

The builder bought about 2,000 lots for $93 million during the quarter. Through the first nine months of the year, the company has acquired about 4,600 lots valued at $281 million.

Standard Pacific shares slipped a penny to close at $3.71 on Tuesday

[eastunder]

SPF: Q3 EPS 2c vs (10c) Beats (1c) Est
Tuesday , October 26, 2010 16:53ET

QUARTER RESULTS
Standard Pacific Corp. (SPF) reported Q3 results ended September 2010. Q3 Revenues were $207.50M; -36.62% vs yr-ago; BEATING revenue consensus by +0.58%. Q3 EPS was 2c; +120.00% vs yr-ago; BEATING earnings consensus by +300.00%.

Q3 RESULTS      Reported      Year-Ago     Y/Y Chg      Estimate    SURPRISE 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 Revenues:       $207.50M      $327.41M     -36.62%      $206.31M      +0.58% 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 EPS:                  2c         (10c)    +120.00%          (1c)    +300.00% 
 ----------  ------------  ------------  ----------  ------------  ----------

ORIGINAL EARNINGS RELEASE
Consensus estimate data provided by Reuters.
Visit Knobias.com for more indepth earnings information.

[eastunder]

Standard Pacific Corp. Reports 2010 Third Quarter Results

Tuesday , October 26, 2010 16:15ET

IRVINE, Calif., Oct. 26, 2010 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) today announced operating results for its third quarter ended September 30, 2010.


2010 Third Quarter Highlights and Comparisons to the 2009 Third Quarter

-- Net income of $4.5 million vs. a net loss of $23.8 million
-- 2010 net income of $5.5 million*, excluding $1.0 million charge
related to debt repurchase
-- Earnings per share of $0.02 vs. a loss per share of $0.10
-- Homebuilding revenues of $207.5 million, down 37% from $327.4 million
-- 599 new home deliveries (excluding joint ventures), down 33% from 893
homes
-- Average home price of $345,000, up 14% from $302,000
-- Gross margin from home sales of 23.6% vs. 18.6%
-- Homebuilding SG&A rate from home sales of 17.6% vs. 15.6%* (2009 third
quarter excludes $1.5 million of restructuring charges)
-- SG&A expenses down $7.4 million from 2009 third quarter
-- Net new orders (excluding joint ventures) down 38% to 555 homes on a 2%
decline in average community count (down 23% from 719 homes in the 2010
second quarter)
-- Backlog value (excluding joint ventures) down 35% to $214.2 million vs.
$329.7 million
-- 605 homes in backlog, down 39% from 995 homes
-- Cash outflows from operating activities of $67 million vs. cash inflows
of $113 million
-- $91.3 million of cash land purchases in 2010 vs. $21.6 million in
2009
-- Homebuilding cash balance of $546 million vs. $807 million



Ken Campbell, the Company's President and CEO commented, "I am pleased to announce our second consecutive quarter of profitability in an extremely challenging housing market. Our ability to generate a profit at a delivery rate of 1.5 homes per community per month bodes well for us when the housing market returns to any level of normalcy. Consistent with our strategy, our gross margins have also held steady and our average sales price is up meaningfully over the prior year period." Mr. Campbell continued, "Unfortunately it appears that the nation's economic recovery may take longer than many anticipated. We will continue to manage through this downturn with a focus on rebuilding our land portfolio, while keeping an eye on maintaining the proper balance between new investment and liquidity."


The Company generated net income of $4.5 million, or $0.02 per diluted share, for the 2010 third quarter compared to a net loss of $23.8 million, or $0.10 per diluted share, for the year earlier period. The primary drivers of the improved operating performance for the 2010 third quarter were higher gross margins, higher average sales prices, lower asset impairments and lower overhead costs. The 2009 third quarter results included $7.7 million of inventory impairment charges related to land sales, an $8.8 million charge related to the early extinguishment of debt and $1.3 million of restructuring charges. The 2010 third quarter included a $1.0 million charge related to the early extinguishment of debt and did not include any inventory impairments. Excluding the loss on the early extinguishment of debt, the Company generated net income of $5.5 million*, or $0.02* per diluted share, for the 2010 third quarter.


Homebuilding revenues for the 2010 third quarter were $207.5 million, down 37% from $327.4 million for the 2009 third quarter. The decrease in homebuilding revenues was driven primarily by a 33% decline in new home deliveries, offset in part by a 14% increase in consolidated average home price to $345,000 as compared to the 2009 third quarter. The increase in average home price was largely due to the delivery of more higher priced homes in Southern California and a reduction in deliveries in Florida as compared to the 2009 third quarter.


Gross margin from home sales for the 2010 third quarter was 23.6% versus 18.6% for the year earlier period. The 500 basis point improvement in the 2010 third quarter gross margin from home sales was driven primarily by lower direct construction costs and higher margins in substantially all of our markets, and price increases in Southern California. Excluding previously capitalized interest costs, gross margin from home sales for the 2010 third quarter was 29.7%* versus 24.3%* for the 2009 third quarter.


The Company's 2010 third quarter SG&A expenses (including Corporate G&A) were $36.3 million compared to $43.7 million for the 2009 third quarter, which included noncash stock-based compensation charges of $3.1 million and $1.7 million, respectively. The Company's 2010 third quarter SG&A rate from home sales was 17.6% versus an adjusted rate of 15.6%* for the 2009 third quarter (2009 third quarter excludes $1.5 million in restructuring charges). The increase in the Company's SG&A rate was primarily the result of a 23% decrease in revenues from home sales.


The Company's 2010 third quarter income tax provision was $2.1 million, which was fully offset by a noncash reversal of its deferred tax asset valuation allowance for the same amount. In addition, during the three and nine months ended September 30, 2010, the Company recorded a noncash reduction of its deferred tax asset of $4.8 million and $14.1 million, respectively, and a corresponding noncash reduction of its deferred tax asset valuation allowance related to built-in losses realized during these periods that were in excess of the Section 382 annual limitation. As of September 30, 2010, the Company had a $516.1 million deferred tax asset valuation allowance.


The Company used $67.4 million of cash flows from operating activities for the 2010 third quarter versus generating $112.6 million of cash flows from operating activities in the year earlier period. The decline in cash flows from operations as compared to the 2009 third quarter was driven primarily by a $69.7 million increase in cash land purchases in the 2010 third quarter and a $119.9 million decrease in homebuilding revenues (including a $56.6 million decrease in land sale revenues). Cash flow from operations for the three months ended September 30, 2010 and 2009 included $91.3 million and $21.6 million, respectively, of cash land purchases. Excluding cash land purchases and land sales, cash flow from operating activities for the 2010 third quarter was $22.9 million* versus $77.9 million* in the year earlier period.


Net new orders (excluding joint ventures) for the 2010 third quarter decreased 38% from the 2009 third quarter to 555 homes on a 2% decline in the number of average active selling communities from 134 to 131. The Company's monthly sales absorption rate for the 2010 third quarter was 1.4 per community compared to 2.2 per community for the 2009 third quarter. The Company's cancellation rate for the 2010 third quarter was 19% versus 15% for both the 2009 third quarter and the 2010 second quarter. The total number of sales cancellations for the 2010 third quarter was 132, of which 82 cancellations related to homes in the Company's 2010 third quarter beginning backlog and 50 related to orders generated during the quarter.


The dollar value of the Company's backlog (excluding joint ventures) decreased 35% to $214.2 million, or 605 homes, compared to $329.7 million, or 995 homes, for the 2009 third quarter. The decrease in backlog value was driven primarily by a 38% decrease in net new orders, which was offset in part by a 7% increase in average home price in backlog from $331,000 to $354,000.


During the 2010 third quarter, the Company approved (but has not yet consummated) the purchase of $93 million of land, comprised of approximately 2,000 lots, 32% of which are finished, 43% partially developed and 25% raw. During the same period, the Company purchased approximately 1,800 lots valued at $127 million ($91 million of which were cash purchases and $32 million were acquired through an investment in a joint venture). Approximately 73% of the $127 million in land purchases related to land located in California, with the balance spread throughout the Company's other operations. For the nine months ended September 30, 2010, the Company purchased approximately 4,600 lots valued at $281 million.


Earnings Conference Call


A conference call to discuss the Company's 2010 third quarter will be held at 12:00 p.m. Eastern time October 27, 2010. The call will be broadcast live over the Internet and can be accessed through the Company's website at http://standardpacifichomes.com/ir. The call will also be accessible via telephone by dialing [phone] (domestic) or [phone] (international); Passcode: 3684458 The entire audio transmission with the synchronized slide presentation will be available on our website for replay within 2 to 3 hours following the live broadcast, and can be accessed by dialing [phone] (domestic) or [phone] (international); Passcode: 3684458.



Continued at: http://www.knobias.com/story.htm?eid=3.1.2ee546e4cc06240292a61be7810028a2e29fd17caf5f81586b588bcaf5671479

[eastunder]

SPF: To Release Q3 Results Oct 26 [AMC]

Monday , October 25, 2010 13:00ET

Standard Pacific Corp. (NYSE: SPF) is scheduled to release its Q3 financial results on October 26, 2010, after the close of the market (AMC).

CONSENSUS ESTIMATES:

Q3 Revenue: $209.76 million
Q3 EPS: $-0.01 per share

PREVIOUS PERIOD:

Prev Q3 Revenue: $327.41 million
Prev Q3 EPS: $-0.03 per share

ADDITIONAL INFORMATION

Original Confirmation

The Company will also hold a related conference call to discuss these results.

[eastunder]

SPF 3Q earnings 10-26-10 AMC

Standard Pacific Corp. Schedules 2010 Third Quarter Results Conference Call and Webcast

Wednesday, October 06, 2010 16:30ET




IRVINE, Calif., Oct. 6, 2010 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) will release its 2010 third quarter results after the market close of the NYSE on Tuesday, October 26, 2010. In conjunction with the earnings release, the Company will host a conference call and broadcast a slide show and audio presentation over the Internet on Wednesday, October 27, 2010, at 12:00 p.m. Eastern time.



Standard Pacific Corp. Conference Call and Webcast for 2010
What: Third Quarter Results

When: Wednesday, October 27, 2010 at 12:00 p.m. Eastern time

http://standardpacifichomes.com/ir click on the Webcast
link. A replay of the presentation will be available by the
Where: end of the day and will be archived for 31 days.

Live via the Internet - log on to the above address. You may
listen to the Webcast by using streaming audio or by using the
following teleconference number: [phone] (domestic) or
[phone] (international); Passcode: 3684458. A replay
of the conference call will be available by dialing (888)
203-1112 (domestic) or [phone] (international);
How: Passcode: 3684458.




Standard Pacific, one of the nation's largest homebuilders, has built more than 110,000 homes during its 44-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. For more information about the Company and its new home developments, please visit our website at: www.standardpacifichomes.com.



Contact:
John Stephens, SVP & CFO [phone],
[e-mail]






SOURCE Standard Pacific Corp.

[zinn21]

Case Schiller numbers are out. Ten City up 4.1% Twenty City up 3.2%. California looks very good. If this holds the next few months the bottom is in. Stability is here.

SPF a very strong buy....

[eastunder]

SPF

[eastunder]

SPF Finviz set

[eastunder]

Standard Pacific Corp. Reports 2010 Second Quarter Results

Thursday , July 29, 2010 16:15ET

IRVINE, Calif., July 29, 2010 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) today announced operating results for its second quarter ended June 30, 2010.


2010 Second Quarter Highlights and Comparisons to the 2009 Second Quarter

-- Net income of $10.7 million vs. a net loss of $23.1 million
-- 2010 net income of $15.9 million*, excluding $5.2 million charge
related to debt repurchases
-- Earnings per share of $0.04 vs. a loss per share of $0.10
-- Homebuilding revenues of $317.2 million, up 9% from $289.7 million
-- 891 new home deliveries (excluding joint ventures), down 5% from 942
homes (up from 537 homes in the 2010 first quarter)
-- Average home price of $355,000, up 18% from $302,000
-- Gross margin from home sales of 20.9% vs. 18.5%* (2009 second quarter
gross margin excludes $13.1 million of inventory impairment charges)
-- Homebuilding SG&A rate from home sales of 13.7% vs. 14.6%* (2010 second
quarter includes $6.4 million in incentive-based compensation vs. $0.4
million last year; 2009 second quarter also excludes $4.6 million of
restructuring charges)
-- Net new orders (excluding joint ventures) down 38% to 719 homes on a 12%
decline in average community count (down 5% from 759 homes in the 2010
first quarter)
-- Backlog value (excluding joint ventures) down 23% to $237.7 million vs.
$308.5 million
-- 649 homes in backlog, down 34% from 982 homes
-- Cash flow from operating activities of $5.3 million vs. $68.6 million
-- $79.4 million of cash land purchases in 2010 vs. $4.2 million in
2009
-- Homebuilding cash balance of $710.4 million vs. $573.0 million
-- Adjusted net homebuilding debt to total capitalization ratio of 54.2%*
vs. 67.0%*



The Company generated net income of $10.7 million, or $0.04 per diluted share, for the 2010 second quarter compared to a net loss of $23.1 million, or $0.10 per diluted share, for the year earlier period. The primary drivers of the improved operating performance for the 2010 second quarter were higher revenues, higher gross margins, higher average sales prices and lower asset impairments and overhead costs. The 2009 second quarter results included $21.3 million of asset impairment charges and $5.5 million of restructuring charges. The 2010 second quarter included a $5.2 million charge related to the early extinguishment of debt and did not include any asset impairments. Excluding the loss on the early extinguishment of debt, the Company generated net income of $15.9 million*, or $0.05* per diluted share, for the 2010 second quarter.


Homebuilding revenues for the 2010 second quarter were $317.2 million, up 9% from $289.7 million for the 2009 second quarter. The increase in homebuilding revenues was driven primarily by an 18% increase in consolidated average home price to $355,000, largely due to the delivery of more higher priced California homes during the quarter as compared to the 2009 second quarter. The increase in average home price was offset in part by a 5% decline in new home deliveries to 891 homes (exclusive of joint ventures).


Gross margin from home sales for the 2010 second quarter was 20.9% versus an adjusted gross margin from home sales for the year earlier period of 18.5%* (2009 second quarter excludes $13.1 million of inventory impairments). The 240 basis point improvement in the 2010 second quarter gross margin from home sales was driven primarily by lower direct construction costs and price increases in California. Excluding impairments (of which there were none in the 2010 second quarter) and previously capitalized interest costs, gross margin from home sales for the 2010 second quarter was 27.5%* versus 25.3%* for the 2009 second quarter.


The Company's 2010 second quarter SG&A expenses (including Corporate G&A) were $43.4 million compared to $46.0 million for the 2009 second quarter. The Company's 2010 second quarter SG&A rate from home sales was 13.7% versus an adjusted rate of 14.6%* (2009 second quarter excludes $4.6 million in restructuring charges). The reduction in the Company's SG&A rate was primarily the result of lower personnel, model and stock option costs, and an 11% increase in revenues from home sales. These cost reductions were offset by a $6.0 million increase in the accrual for incentive-based compensation (which is primarily linked to the Company's EBITDA), from $0.4 million for the 2009 second quarter to $6.4 million for the 2010 second quarter ($2.0 million of which related to stock-based compensation).


During the 2010 second quarter, the Company further improved its liquidity and its debt maturity schedule by issuing $300 million of 8 3/8% senior unsecured notes due May 2018. The net proceeds from the offering were used to, among other things, redeem $185.3 million of the Company's outstanding senior notes due 2010, 2011 and 2013 and to refinance $103.0 million in other indebtedness that was previously repaid by the Company. As a result of these redemptions, the Company incurred a $5.2 million charge during the 2010 second quarter, which was included in gain (loss) on early extinguishment of debt.


The Company generated $5.3 million of cash flow from operating activities for the 2010 second quarter versus $68.6 million for the year earlier period. The decline in cash flows as compared to the 2009 second quarter was driven primarily by a $75.2 million increase in cash land purchases in the 2010 second quarter, which was partially offset by an increase in homebuilding revenues. Cash flow from operations for the three months ended June 30, 2010 and 2009 included $79.4 million and $4.2 million, respectively, of cash land purchases. Excluding cash land purchases and lot sales, cash flow from operating activities for the 2010 second quarter was $84.3 million* versus $65.2 million* in the year earlier period.


Net new orders (excluding joint ventures) for the 2010 second quarter decreased 38% from the 2009 second quarter to 719 homes on a 12% decline in the number of average active selling communities from 144 to 127. The Company's monthly sales absorption rate for the 2010 second quarter was 1.9 per community compared to 2.7 per community for the 2009 second quarter. The Company's cancellation rate for the 2010 second quarter was 15% versus 16% for the 2009 second quarter and 15% for the 2010 first quarter. The total number of sales cancellations for the 2010 second quarter was 130, of which 76 cancellations related to homes in the Company's 2010 second quarter beginning backlog and 54 related to orders generated during the quarter.


The dollar value of the Company's backlog (excluding joint ventures) decreased 23% to $237.7 million, or 649 homes, compared to $308.5 million, or 982 homes, for the 2009 second quarter. The decrease in backlog value was driven primarily by a 38% decrease in net new orders, which was offset in part by a 17% increase in average home price in backlog from $314,000 to $366,000.


During the 2010 second quarter, the Company approved (but has not yet consummated) the purchase of $198 million of land, comprised of approximately 2,900 lots, 22% of which are finished, 14% partially developed and 64% raw. Approximately 61% of the approved lot purchases are transactions with developers and 11% with banks. During the same period, the Company purchased approximately 1,875 lots valued at $103 million ($79.4 million of which were cash purchases). Approximately 78% of the $103 million in land purchases related to land located in California, with the balance spread throughout the Company's other operations. As of June 30, 2010, the Company had outstanding approximately $270 million of approved land purchases and option contracts, of which $126 million is expected to be purchased in 2010 and $144 million expected to be purchased in 2011 and beyond.


Ken Campbell, the Company's President and CEO commented, "I am pleased that our strategy appears to be working well. Our average sales price is moving up. The gross margins in our backlog are steady. The average gross margin we are earning on new communities, although still a small percentage of the total, is above our older communities." Mr. Campbell continued, "Achieving this level of profitability at these sales rates bodes particularly well for our financial performance when the market begins to recover. I am looking forward to that recovery.... anxiously."


Earnings Conference Call


A conference call to discuss the Company's 2010 second quarter will be held at 11:00 a.m. Eastern time July 30, 2010. The call will be broadcast live over the Internet and can be accessed through the Company's website at http://standardpacifichomes.com/ir. The call will also be accessible via telephone by dialing [phone] (domestic) or [phone] (international); Passcode: 6415332. The entire audio transmission with the synchronized slide presentation will be available on our website for replay within 2 to 3 hours following the live broadcast, and can be accessed by dialing [phone] (domestic) or [phone] (international); Passcode: 6415332.

[eastunder]

CONSENSUS ESTIMATES: SPF:

To Release Q2 Results Jul 29 [AMC]

Wednesday, July 28, 2010 13:00ET

Standard Pacific Corp. (NYSE: SPF) is scheduled to release its Q2 financial results on July 29, 2010, after the close of the market (AMC).

CONSENSUS ESTIMATES:

Q2 Revenue: $267.64 million
Q2 EPS: $0.02 per share

PREVIOUS PERIOD:

Prev Q2 Revenue: $289.67 million
Prev Q2 EPS: $-0.12 per share

ADDITIONAL INFORMATION

Original Confirmation

The Company will also hold a related conference call to discuss these results.

[eastunder]

2Q earnings 7-29-10 AMC

Standard Pacific Corp. Schedules 2010 Second Quarter Results Conference Call and Webcast

Monday , July 12, 2010 17:08ET

IRVINE, Calif., July 12, 2010 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) will release its 2010 second quarter results after the market close of the NYSE on Thursday, July 29, 2010. In conjunction with the earnings release, the Company will host a conference call and broadcast a slide show and audio presentation over the Internet on Friday, July 30, 2010, at 11:00 a.m. Eastern time.



Standard Pacific Corp. Conference Call and Webcast for 2010
What: Second Quarter Results

When: Friday, July 30, 2010 at 11:00 a.m. Eastern time

http://standardpacifichomes.com/ir click on the Webcast
link. A replay of the presentation will be available by the
Where: end of the day and will be archived for 31 days.

Live via the Internet - log on to the above address. You may
listen to the Webcast by using streaming audio or by using
the following teleconference number: [phone]
(domestic) or [phone] (international); Passcode:
6415332. A replay of the conference call will be available
by dialing [phone] (domestic) or [phone]
How: (international); Passcode: 6415332.





Standard Pacific, one of the nation's largest homebuilders, has built more than 110,000 homes during its 44-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. For more information about the Company and its new home developments, please visit our website at: www.standardpacifichomes.com.



Contact:
John Stephens, SVP & CFO [phone], [e-mail]






SOURCE Standard Pacific Corp.

[eastunder]

SPF Finviz chart

[eastunder]

The Housing Crisis Continues
Posted: Jun 22, 2010 09:14 AM by Arthur Pinkasovitch

http://stocks.investopedia.com/stock-analysis/2010/The-Housing-Crisis-Continues-FRE-FNM-WY-USG-BZH-DHI-SPF0622.aspx?partner=YahooSA


Tickers in this Article: BZH, DHI, FNM, FRE, SPF, USG, WY

The National Association of Home Builders housing market index receded by 23% in May over the previous month to hit its lowest level in three months. Furthermore, the future sales outlook based on fundamental components that measure expectations for the next six months of the year decreased by four points, the largest dip since the height of the great recession.

Following the January 2008 New Residential Construction report, or housing starts, which measures the construction of privately owned homes, the indicator slowly fell from 1084 (thousand) to 477 in April of 2009. Although there was some slight volatility in monthly results, generally housing followed an upward trend through April 2010. However, the most recent monthly statistics indicate a drop in housing starts from 659 to 593.

Foreclosure Still a Problem
As government home buyer tax credit incentive programs expire and foreclosure remains a significant problem in America, the housing market is retracting from the artificial gains it has experienced in recent months. According to RealtyTrac, monthly foreclosure activity for May surpassed 300,000 for the 15th consecutive month.

Failed Bailouts
The housing crisis was the major catalyst in the financial crisis, and was exacerbated as credit conditions worsened. Despite all this, the economic environment seemed to gradually be improving throughout the latter part of 2009 and the early months of 2010. But more bad news emerged for the sector when Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM) were ordered to delist from the New York Stock Exchange when their shares fell below the $1 benchmark requirement. After an estimated $1 trillion in bailouts, the drastic measures of the government were not able to prevent menacing issues within the housing market. The mortgage insurers intend to file Form 25, Notification of Removal, in late June.

Failed Measures
An increasing amount of housing inventory at a decreased price does not bode well for new housing construction companies since the supply of existing homes surpasses demand. Even firms in the lumber and building materials business - and not directly in the home building industry - such as Weyerhaeuser (NYSE:WY) and USG (NYSE:USG), may feel the negative affects of a persistent downward trending housing market. However, since such firms are typically involved in various cross-border operations, they will likely face less difficulty than exclusive American homebuilders.

Expiration of the tax credits resulted in a sharp pullback in the housing sector, indicating that full economic recovery has been delayed. As single family housing construction fell, the artificial increase in demand based on unsustainable subsidized government programs proved to only be a temporary measure. Further fueled by the news regarding Fannie and Freddie, homebuilders saw major stock pullbacks. Beazer Homes USA (NYSE:BZH), D.R. Horton (NYSE:DHI) and Standard Pacific (NYSE:SPF) saw respective losses of 6.29%, 3.11% and 4.78% on Thursday toward the end of trading.

Bottom Line
There are at least two major concerns regarding the positive data emerging in the housing sector throughout 2010. The first, as previously mentioned, is that government programs helped inflate indicators to artificial levels, suggesting that the economy is progressing beyond fundamentally sustainable levels. The numerous incentives allowed potential home buyers to purchase homes they would otherwise be unable to afford and allowed those who could not meet their obligations to remain in their homes for an extended period of time before facing foreclosure.

The second major problem, and one that persists, is the high rate of unemployment. Because the housing sector is a major employer, if this industry suffers, many more individuals will lose their jobs. As more people file for unemployment programs, they will not be able to buy a house, further escalating the real estate troubles. When the foreclosure issue will be resolved is not clear, but one thing's for certain: the housing market is not likely to recover until this happens.