Standard Pacific Corp. (SPF)

[eastunder]

Standard Pacific Corp. Reports 2009 Fourth Quarter and Full Year Results

Wednesday, February 03, 2010 16:35ET



IRVINE, Calif., Feb. 3, 2010 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) today announced operating results for its fourth quarter ended December 31, 2009. Homebuilding revenues for the quarter were $339.8 million, down 10% from $376.4 million for the fourth quarter of last year. The Company generated net income of $82.7 million, or $0.31 per diluted share, for the 2009 fourth quarter compared to a net loss of $397.8 million, or $1.65 per diluted share, for the year earlier period. Net income for the 2009 fourth quarter included an income tax benefit of $94.1 million related to recently enacted tax legislation that extended the carryback of net operating losses from two years to five years. The 2009 fourth quarter results included asset impairment charges of $11.2 million versus $443.6 million in the prior year quarter and also included $5.1 million in debt refinancing and other restructuring charges. Excluding asset impairment and restructuring charges and the tax benefit, the Company generated net income of $4.0 million* during the 2009 fourth quarter.


Homebuilding revenues for the year ended December 31, 2009 were $1.17 billion versus $1.54 billion in the prior year. The Company generated a net loss of $13.8 million, or $0.06 per diluted share, for 2009, compared to a net loss of $1.23 billion, or $9.14 per diluted share, for 2008.


The Company's average home price for the fourth quarter was up 5% to $318,000 versus $302,000 for the 2009 third quarter and down 3% from the prior year quarter. On a same plan community basis, which adjusts for shifts in product mix, the fourth quarter average home price was up 1% over the 2009 third quarter and down 5% versus the 2008 fourth quarter. Gross margin from home sales for the fourth quarter was 18.1% versus 18.6% for the 2009 third quarter and, excluding impairments, was 20.3%* versus 18.6%* for the same periods.


The Company generated $100.9 million of cash flows from operations during the 2009 fourth quarter which included $39.3 million of proceeds from land sales and $35.3 million in land purchases. For the full year 2009, the Company generated $411.1 million of cash flows from operations and ended the year with $602.2 million of homebuilding cash (including $15.1 million of restricted cash). Excluding land purchases and proceeds from land sales, cash flows from operations for the year ended December 31, 2009 were $372.1 million*. In addition, the Company expects to receive a $103 million federal tax refund during the 2010 first quarter.


The Company reduced the principal amount of its homebuilding debt during 2009 by $322 million, from $1.51 billion to $1.19 billion. Homebuilding debt due before 2013 declined from $838 million to $239 million, and the Company ended the year with an adjusted net homebuilding debt to total adjusted book capital ratio of 56.0%* versus 67.8%* as of December 31, 2008. Unconsolidated joint venture recourse debt was reduced by $135.1 million during the year, bringing total joint venture recourse debt to $38.8 million as of December 31, 2009.


Ken Campbell, the Company's President and CEO stated, "We are pleased with our fourth quarter results, particularly with the improvement in our gross margin and average selling price as compared to the 2009 third quarter, as well as with the significant level of cash generation we achieved. Notwithstanding the challenging economic and housing market conditions that exist, we look ahead to 2010 with the goals of returning to profitability and rebuilding our land portfolio."


Mr. Campbell continued, "With over $600 million of cash, an anticipated tax refund in excess of $100 million and our ability to generate cash flows from operations, we believe we are well positioned to support our growth prospects and to withstand a further decline if the market takes longer to recover."


Homebuilding Operations


The Company's homebuilding pretax loss of $14.2 million for the 2009 fourth quarter included $11.2 million of asset impairment charges, $3.5 million of loss on early extinguishment of debt and $1.6 million in restructuring charges. The decrease in quarterly pretax loss from $445.5 million in the 2008 fourth quarter was primarily the result of a $432.4 million decrease in impairment charges and a $20.6 million decrease in the Company's selling, general and administrative ("SG&A") expenses. These improvements were partially offset by a $5.6 million increase in non-capitalized interest expense from $6.4 million to $12.0 million.


Revenues and Average Selling Price


Homebuilding revenues decreased 10% from the 2008 fourth quarter to $339.8 million during the 2009 fourth quarter primarily due to an 18% decrease in new home deliveries to 943 homes (exclusive of joint ventures) and a 3% decline in consolidated average home price to $318,000. These decreases were offset in part by a $39.2 million increase in land sale revenues as compared to the 2008 fourth quarter. The 2009 fourth quarter land sale revenues included $34.8 million attributable to the bulk sale of a finished podium project in Southern California, which resulted in a $2.9 million loss that was included in cost of land sales as an inventory impairment charge.


The year over year decrease in the fourth quarter average home price was primarily due to general price declines offset in part by a slight mix shift to more California deliveries. The Company's 2009 fourth quarter average home price increased 5% to $318,000 as compared to $302,000 for the 2009 third quarter. The increase was primarily due to a greater distribution of homes delivered within California during the fourth quarter at higher average home prices.


Gross Margin


The Company's homebuilding gross margin (including land sales) for the 2009 fourth quarter was 15.3% compared to a negative 78.6% in the prior year quarter. The 2009 fourth quarter gross margin included $10.9 million in inventory impairment charges, of which $6.6 million was included in cost of home sales related to one Southern California project and $4.3 million was included in cost of land sales related to a parcel of land in Florida and the sale of a Southern California podium project. Excluding land sales and the inventory impairment charges, the Company's 2009 fourth quarter gross margin from home sales was 20.3%* versus 21.6%* for the 2008 fourth quarter and 18.6%* for the 2009 third quarter. The Company's 2008 fourth quarter gross margin from home sales benefited from a $10.7 million reduction in its warranty accrual. The 170 basis point improvement in the 2009 fourth quarter gross margin from homes sales as compared to the 2009 third quarter was largely the result of a larger mix of California deliveries in the 2009 fourth quarter, lower direct construction costs and, to a lesser extent, price increases primarily in California. Adjusted gross margins from homes sales excluding impairments and previously capitalized interest included in cost of home sales for the 2009 fourth quarter was 26.9%* versus 24.3%* for the 2009 third quarter.


SG&A


The Company's 2009 fourth quarter SG&A expenses (including Corporate G&A) decreased $20.6 million, from $70.0 million to $49.4 million, or 29%, from the year earlier period resulting in an SG&A rate of 14.5% versus 18.6% for the prior year period. The Company's 2009 fourth quarter SG&A expenses included approximately $1.0 million in restructuring charges related primarily to severance and lease terminations versus $13.8 million in the prior year quarter. Excluding land sale revenues and restructuring charges, the Company's 2009 fourth quarter SG&A rate was 16.1%* compared to 15.0%* in the 2008 fourth quarter. The higher SG&A rate was primarily due to a $7.0 million expense recorded during the 2009 fourth quarter related to incentive compensation (of which $4.1 million represented stock-based compensation). The 2008 fourth quarter SG&A rate benefited from the reversal of $9.5 million of incentive compensation expense. Adjusting the SG&A rate further to exclude the impact of compensation expense related to annual bonuses for these periods, our SG&A rate would have been 13.8%* for the 2009 fourth quarter versus 17.5%* for the year earlier period. The 2009 fourth quarter also included the amortization of $1.5 million in other stock-based compensation expense versus $778,000 in the year earlier period.


Net New Orders and Backlog


Net new orders (excluding joint ventures and discontinued operations) for the 2009 fourth quarter increased 1% from the 2008 fourth quarter to 547 new homes on a 28% decrease in the number of average active selling communities from 172 in the 2008 fourth quarter to 124 for the 2009 fourth quarter. The Company's monthly sales absorption rate for the 2009 fourth quarter was 1.5 per community, up from the prior year fourth quarter rate of 1.0 per community, but down from 2.2 per community for the 2009 third quarter. The Company's cancellation rate for the three months ended December 31, 2009 was 21%, down from 33% for the 2008 fourth quarter, but up from 15% for the 2009 third quarter. The Company's cancellation rate as a percentage of beginning backlog was 15% for the 2009 fourth quarter, compared to 21% in the year earlier period and 17% in the 2009 third quarter.


The dollar value of the Company's backlog (excluding joint ventures) increased 7% to $207.9 million, or 599 homes, as compared to the 2008 fourth quarter value, but was down 37% from the 2009 third quarter backlog value.


Earnings Conference Call


A conference call to discuss the Company's 2009 fourth quarter will be held at 1:00 p.m. Eastern Time Thursday, February 4, 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: 8400892. 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: 8400892.

[eastunder]

Earnings tomorrow. Consensus posted

[eastunder]

CONSENSUS ESTIMATES: SPF: To Release Q4 Results Feb 03 [AMC]

Tuesday , February 02, 2010 13:00ET

Standard Pacific Corp. (NYSE: SPF) is scheduled to release its Q4 financial results on February 03, 2010, after the close of the market (AMC).

CONSENSUS ESTIMATES:

Q4 Revenue: $288.64 million
Q4 EPS: $0.01 per share

FY Revenue: $1110.22 million
FY EPS: $-0.35 per share

PREVIOUS PERIOD:

Prev Q4 Revenue: $379.09 million
Prev Q4 EPS: $-1.65 per share

Prev FY Revenue: $1549.20 million
Prev FY EPS: $-9.11 per share

[eastunder]

SPF 4q earnings 2-03-10 AMC

Standard Pacific Corp. Schedules 2009 Fourth Quarter Results Conference Call and Webcast

Friday , January 08, 2010 12:12ET

IRVINE, Calif., Jan. 8, 2010 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) will release its 2009 fourth quarter results after the closing of the NYSE on Wednesday, February 3, 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 Thursday, February 4, 2010, at 1:00 p.m. Eastern time.

What: Standard Pacific Corp. Conference Call and Webcast for 2009 Fourth
Quarter Results

When: Thursday, February 4, 2010 at 1:00 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: 8400892. A replay of
the conference call will be available by dialing [phone]
(domestic) or [phone] (international); Passcode: 8400892.



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: Filed New Form 424B3, Rule 424-b3 Prospectus

$280,000,000

Standard Pacific Corp.

Offer to Exchange All of Our Outstanding

10.750% Senior Notes due 2016

(CUSIP Nos. 853766 AA1 and U85416 AA0)

For

Our new 10.750% Senior Notes due 2016

That Have Been Registered

Under the Securities Act of 1933

This exchange offer will expire at 5:00 p.m., New York City time,

on Wednesday, January 13, 2010, unless extended.


PROSPECTUS

[eastunder]

SPF

[ScovilleUnits]

Home Builders (You Heard That Right) Get a Gift

http://www.nytimes.com/2009/11/15/business/economy/15gret.html

Article Tools Sponsored By
By GRETCHEN MORGENSON
Published: November 14, 2009

ON Nov. 6, President Obama signed the Worker, Homeownership and Business Assistance Act of 2009 into law, extending unemployment benefits by 20 weeks and renewing the first-time homebuyer tax credit until next April.

But tucked inside the law was another prize: a tax break that lets big companies offset losses incurred in 2008 and 2009 against profits booked as far back as 2004. The tax cuts will generate corporate refunds or relief worth about $33 billion, according to an administration estimate.

Before the bill became law, the so-called look-back on losses was limited to small businesses and could be used to counterbalance just two years of profits. Now the profit offset goes back five years, and the law allows big companies to take advantage of it, too. The only companies that can’t participate are Fannie Mae and Freddie Mac and any institution that took money under the Troubled Asset Relief Program.

Among the biggest beneficiaries are home builders, analysts say. Once again, at the front of the government assistance line, stand some of the very companies that contributed mightily to the credit crisis by building and financing too many homes.

This is getting to be a habit: companies that participated on the upside and are now reaping rewards from the taxpayers on the downside. The banks that underwrote so many dubious loans, for example, received government aid to get them lending again. Unfortunately, that hasn’t been the result.

One can make an argument that throwing money at the banking system is necessary if we are to jump-start the economy. And banks need a bigger capital cushion to protect against future losses.

But dropping helicopter money on the home builders — the folks who massively overbuilt in community after community — seems decidedly less urgent (unless you are one of these companies, of course). Given that the supply of housing far outstrips demand, it is unlikely that these companies will use these tax breaks to hire workers (unless they go into a completely new line of business).

“I AM surprised that home builders are getting hundreds of millions of dollars given that many have very strong balance sheets,” said Ivy Zelman, chief executive at Zelman & Associates, a research firm. “We question the public policy decision to gift home builders with capital that many will not use to create jobs, since they admit that job growth will be dependent not on capital, but on improving demand.”

When Mr. Obama signed the law, his administration said the tax break would help “struggling businesses.” But as Ms. Zelman pointed out, many large home builders are sitting atop mountains of cash. Pulte Homes, which will receive refunds exceeding $450 million under the new law, has $1.5 billion in cash and cash equivalents on its balance sheet, according to its most recent financial statement.

Hovnanian Enterprises is another big beneficiary of the tax break. It anticipates a refund of $250 million to $275 million next year. It had $550 million in cash in its most recent quarter.

Smaller recipients include Standard Pacific, which is poised to reap cash refunds of $80 million under the new tax break. According to its most recent financial filing, Standard Pacific held $523 million in cash and cash equivalents.

Finally, Beazer Homes told investors that it expects to receive a refund of $50 million. The company reported cash and equivalents of $557 million at the end of September.

Some of the home builders poised to receive tax refunds have even more cash today than they did last year. D. R. Horton, for example, has $1.966 billion in cash, up 45 percent from September 2008 levels. And some are healthy enough to have retired significant amounts of debt from their balance sheets this year. Pulte has bought back $1.93 billion in debt in 2009.

So what do these companies plan to do with their refunds?

Ken Campbell, the chief executive of Standard Pacific, said the money would allow his company to continue buying land. “Will we build more houses or will there be more people employed in the first quarter? Probably not,” he said. “Will employment accelerate when the market starts to grow? It will.”

Caryn Klebba, a spokeswoman for Pulte Homes, said in a statement that the company planned to use the funds it receives “to support its current operations and, when market conditions improve, fund future growth and expansion.”

In other words, job creation does not seem imminent, notwithstanding the claims of the administration or those in Congress who supported the giveaway.

Representative Lloyd Doggett, a Texas Democrat, has conducted a lonely fight against the tax break all year.

“Some have said this is like a bridge loan to these companies,” Mr. Doggett said in an interview. “Well if it’s a loan, it is like a no-doc loan, because the recipients provide no indication that they will create jobs or do anything other than keep the money. I just feel it is a total windfall.”

Unfortunately, this seems to be another example of an age-old phenomenon: Good Things Come to Those With Lobbying Power.

Securing this tax break was a top priority for home builders, lobbying records show. The Center for Responsive Politics reports that through Oct. 26 of this year, home builders paid $6 million to their lobbyists. Last year, the industry spent $8.2 million lobbying.

Much of this year’s lobbying expenditures were focused on arguing for the tax loss carry-forward, documents show.

Among individual companies, Lennar spent $240,000 lobbying while companies affiliated with Hovnanian Enterprises spent $222,000. Pulte Homes spent $210,000 this year.

That’s some return on investment. After spending its $210,000, Pulte will receive $450 million in refunds. And Hovnanian, after spending its $222,000, will get as much as $275 million.

Meanwhile, the bag that we taxpayers are left holding gets bigger and bigger.

THE problem here is that this public policy decision was made with little to no input from the public. Sure, tax rebates like these give a lifeline to companies that were about to sink beneath the waves, but would it be so terrible if some builders that lost their heads during the housing mania ceased to exist? It is not as if a housing shortage will result or that more jobs will be lost if these companies don’t receive these tax breaks.

Pretending to promote job creation, the government is dispensing cash to companies that either do not need it or need it precisely because they didn’t run their businesses prudently. Isn’t there something wrong with that picture?

[eastunder]

I need the week off now!

After about 990 seconds with that... I wanted to croak.

Good night Scov!

(Oh - Ab did it in about three minutes - Kids! ;)

[ScovilleUnits]

I do Likey!

Now, jump these Frogs…..http://funstufftosee.com/frogleaptest.html

And you can take the rest of the week off…. :o)

(Thank You!)

[eastunder]

So you likey? LOL

There's life in them there stocks. :)

[ScovilleUnits]

Oh My, that’s Beautiful!!

J, You work to damn hard. Take the rest of the week off.

[eastunder]

There. I changed that link to this board.

[eastunder]

Charts of Homebuilders - Sector watch

[eastunder]

Who was that masked man? LOL

Had you already done that before I mentioned it? I had the IBOX closed over there. Just checked it and Nice -

I'm surprised there wasn't a board for them.

These home builders will be back in due time.

[ScovilleUnits]

Don’t be so modest.

You’re Brilliant….Absolutely Brilliant!!

(Sorry, didn’t intend to be so whiney. It just caught me by surprise thinking all your links opened in new windows… ;o) Very informative and an excellent use of The Lounge, a great iHub board)

[eastunder]

You misunderstand me young grasshopper. ;)

That worm needs to be twisted on a hook soon. Maybe broken in thirds and one piece tossed in now and two thirds saved for later. It's faking you out.

(Crap! Did I just say that? What happened to the ol' "Beats me"? I'll never get to sleep this winter! What the hell do I know Scov? Nothing. I'm guessing and I am bias. I love housing for those who have LT in mind - trading...well beats me ( or...follow the finviz lines and wing it like I do - and go for it! ar ar!)

Sorry about the premium ihub link ...It's the only board I can freely set up charts on and track for myself. Myself being the key word in that.

It's all about me, Scov! All about ME! ;)

[ScovilleUnits]

Who was that masked man?

Whomever it was forgot to include the divy link.

Oh and hey J, your link to homebuilder charts at the bottom of this iBox doesn’t open in a new window…I was hijacked away to premium chat board…

Nice all the same though.

[ScovilleUnits]

LOL, thanks!!

I’ll keep that worm in the tackle box a little longer.

(I didn’t know the 5 was such a hater?)

[eastunder]

That Yes in my post is to this: Should I consider keeping a plastic worm ready to wiggle the bottom of PHM Lake?

Not to SPF hibernating.

Just want to clarify that. lol!

Hopefully SPF is not hibernating.

And BTW - the PHM board needs charts. Take care of that will you? ;)

[eastunder]

Yes. But know this... LOL...Seems like a head fake to me. May cross below, but will be soon - not year end - and then might just go back up in line...or what I like to call - "Pulling an Akamai". ;0) Happy Fishing. You should have your answer very soon. Your five is trying again. Three times. It hates being under the others. HATES IT. Small gap. May Retest that finviz line? Both possible I suppose. What happens when she gets above that mid bollie? Man the fishing pole my friend.

[ScovilleUnits]

J, is SPF hibernating for the Winter?

Is the entire homebuilder sector doing so?

My question of the evening, off topic to SPF yet on topic to the sector and t/a in general, J, what’s your take on a Death-Cross for PHM #board-16432 ?

As one who’s been known to so slowly jiggle & wiggle a plastic worm across the bottom of a lake with anticipation of enticing a huge Black Bass to bite….should I have fantasies of wiggling my worm at PHM after it’s Death-Cross?

I’m thinking PHM’s 50sma will see 200sma’s underwear before the end of the year.

Should I consider keeping a plastic worm ready to wiggle the bottom of PHM Lake?

[eastunder]

SPF Q3 2009 Earnings Call Transcript


http://seekingalpha.com/article/170270-standard-pacific-q3-2009-earnings-call-transcript?page=-1

[eastunder]

gap update:

Open gap 7/22/09 @ $2.71

[eastunder]

love the surprise percentages!

[ScovilleUnits]

Q3 Adj EPS (1c) vs ($2.53) Beats (10c) Est

Thursday , October 29, 2009 16:56ET

QUARTER RESULTS
Standard Pacific Corp. (SPF) reported Q3 results ended September 2009. Q3 Revenues were $327.41M; -18.22% vs yr-ago; BEATING revenue consensus by +25.01%. Q3 EPS was (10c). Adjusted Q3 EPS was (1c); +99.60% vs yr-ago; BEATING earnings consensus by +90.00%.

Q3 RESULTS      Reported      Year-Ago     Y/Y Chg      Estimate    SURPRISE 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 Revenues:       $327.41M      $400.34M     -18.22%      $261.90M     +25.01% 
 ----------  ------------  ------------  ----------  ------------  ---------- 
 EPS:               (10c)           N/A         N/A           N/A         N/A 
 Adj EPS:            (1c)       ($2.53)     +99.60%         (10c)     +90.00% 
 ----------  ------------  ------------  ----------  ------------  ----------

ORIGINAL EARNINGS RELEASE ~ http://www.knobias.com/story.htm?eid=3.1.98d4092101225f07b5c0831c015df605d3d887f6a9790c922d8a6796aacbfe99
Consensus estimate data provided by Reuters.
Visit Knobias.com for more indepth earnings information.

[eastunder]

CONSENSUS ESTIMATES:

SPF: To Release Q3 Results Oct 29 [AMC]

Wednesday, October 28, 2009 13:00ET

Standard Pacific Corp. (NYSE: SPF) is scheduled to release its Q3 financial results on October 29, 2009, after the close of the market (AMC).

CONSENSUS ESTIMATES:

Q3 Revenue: $261.90 million
Q3 EPS: $-0.10 per share

PREVIOUS PERIOD:

Prev Q3 Revenue: $400.34 million
Prev Q3 EPS: $-2.53 per share

ADDITIONAL INFORMATION

Original Confirmation

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

[eastunder]

SPF 3 Q earnings thurs 10-29-09 AMC

Standard Pacific Corp. Schedules 2009 Third Quarter Results Conference Call and Webcast

Wednesday, October 07, 2009 09:00ET


IRVINE, Calif., Oct. 7, 2009 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) will release its 2009 third quarter results after the closing of the NYSE on Thursday, October 29, 2009. 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 30, 2009, at 1:00 p.m. Eastern time.



What: Standard Pacific Corp. Conference Call and Webcast for
2009 Third Quarter Results

When: Friday, October 30, 2009 at 1:00 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: 5369884. A replay of
the conference call will be available by dialing [phone]
(domestic) or [phone] (international); Passcode: 5369884.



Standard Pacific, one of the nation's largest homebuilders, has built more than 108,000 homes during its 43-year history. The Company constructs homes within a wide range of price and size targeting a broad range of homebuyers. Standard Pacific operates in many of the largest housing markets in the country with operations in major metropolitan areas in California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada. The Company provides mortgage financing and title services to its homebuyers through Standard Pacific Mortgage and SPH Title. 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] or
Lloyd McKibbin, SVP & Treasurer [phone], [e-mail]







SOURCE Standard Pacific Corp.

[trader_12]

SPF bounced off up from here!

[bmw328]

Looks like we hit the bottom. GO SPF!!

[eastunder]

P&F

[eastunder]

SPF

[eastunder]

Standard Pacific Corp. Announces Increased Maximum Payment Amount and Early Tender Results for Its Tender Offer for Debt Securities

Thursday , September 24, 2009 08:00ET



IRVINE, Calif., Sept. 24, 2009 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) (the "Company") today announced the early tender results of its previously announced cash tender offers for its 6 1/2% Notes due August 15, 2010 (the "2010 Notes"), 6 7/8% Notes due May 15, 2011 (the "2011 Notes") and 7 3/4% Notes due March 15, 2013 (the "2013 Notes," and collectively with the 2010 Notes and 2011 Notes, the "Notes") (each offer, as amended by this press release and as further supplemented or amended from time to time, a "Tender Offer," and collectively, the "Tender Offers"). The Tender Offer for the 2010 Notes includes a consent solicitation for the amendment of the supplemental indenture governing the 2010 Notes to modify or remove certain restrictive covenants (such solicitation, the "Consent Solicitation"). As of the previously announced early tender deadline of 5:00 p.m., New York City time, on September 23, 2009, according to information provided by the depositary, $132,400,000 of the 2010 Notes, $121,447,000 of the 2011 Notes and $3,340,000 of the 2013 Notes have been validly tendered and not withdrawn. Based on such tenders, a majority in principal amount of the 2010 Notes have been validly tendered and not withdrawn, which is sufficient to approve the Consent Solicitation.


The Company also announced that it is increasing its previously announced maximum payment amount in the Tender Offers from $175,000,000 to $260,000,000 (as amended, the "Maximum Payment Amount").


The Tender Offers are scheduled to expire at 11:59 p.m., New York City time, on October 7, 2009, unless extended by the Company or a Tender Offer is earlier terminated (such date and time, as it may be extended, the "Expiration Time").


The Tender Offers and the Consent Solicitation are being made upon the terms and conditions in an offer to purchase dated September 10, 2009 (as amended by this press release and as further amended or supplemented from time-to-time, the "Offer to Purchase"), which sets forth a more detailed description of the Tender Offers and the Consent Solicitation. The following table sets forth some of the primary terms of the Tender Offers, including the numerical order of priority in which the Maximum Payment Amount will be applied to purchase each series of the Notes in the Tender Offers.

Dollars per $1,000 Principal 
                                            Amount of Notes 
                                   ---------------------------------- 
                        Principal                Early               Acceptance 
     Title of  CUSIP     Amount    Tender Offer  Tender     Total     Priority 
     Security  Number  Outstanding Consideration Premium Consideration Level 
     --------  ------  ----------- ------------- ------- ------------- ----- 
     2010 
      Notes  85375CAS0 $148,468,000    $990        $30      $1,020       1 
     2011 
      Notes  85375CAN1 $170,597,000    $970        $30      $1,000       2 
     2013 
      Notes  85375CAL5 $125,000,000    $870        $30        $900       3

In accordance with the "Acceptance Priority Levels" specified in the table above, subject to the satisfaction or waiver of conditions to the Tender Offers, all 2010 Notes validly tendered and not validly withdrawn at the Expiration Time will be accepted for purchase before any 2011 Notes or 2013 Notes are accepted for purchase, and all validly tendered and not validly withdrawn 2011 Notes will be accepted for purchase before any 2013 Notes are accepted for purchase. Because the Maximum Payment Amount exceeds the cost of purchasing all outstanding 2010 Notes, all 2010 Notes validly tendered and not validly withdrawn will be accepted for purchase if the Tender Offer for the 2010 Notes is consummated.


To the extent less than the entire validly tendered principal amount of a series of Notes is accepted for purchase by the Company upon the consummation of the Tender Offers, the purchase will be prorated, meaning that the Company will purchase from each holder a portion of the principal amount of such series of Notes validly tendered by such holder equal to the percentage of the aggregate principal amount of that series of Notes validly tendered by all holders that the Company will purchase.


The withdrawal deadline relating to the Tender Offers has not been amended and occurred at 5:00 p.m., New York City time, on September 23, 2009. Notes previously tendered and Notes that are tendered after the withdrawal deadline may no longer be withdrawn. In addition, holders who validly tender their Notes after the early tender deadline and prior to the Expiration Time will receive only the applicable "Tender Offer Consideration" specified in the table above.


The settlement date is expected to be October 8, 2009, unless a Tender Offer is extended by the Company or a Tender Offer is earlier terminated.


The Company may change the Maximum Payment Amount at any time, with the result that more or less 2011 Notes and 2013 Notes may be accepted for purchase.


The obligation of the Company to accept for payment and to pay for the Notes in any of the Tender Offers is subject to the satisfaction or waiver of several conditions. Any condition may be waived by the Company with respect to any one or more of the Tender Offers.


The Company has retained Citi to serve as dealer manager in connection with the Tender Offers and the Consent Solicitation (the "Dealer Manager"). Global Bondholder Services Corporation has been retained to serve as the depositary and to serve as information agent (the "Depositary and Information Agent").


For additional information regarding the terms and conditions of the Tender Offers and the Consent Solicitation, please contact the Dealer Manager at [phone] (toll free). Requests for documents and questions regarding the Tender Offers and the Consent Solicitation may be directed to Global Bondholder Services Corporation at [phone] (collect) or [phone] (toll free).


None of the Company, its board of directors, the Dealer Manager, the Depositary and Information Agent, or the trustee with respect to the Notes is making any recommendation as to whether holders of the Notes should tender any Notes in response to any of the Tender Offers or grant consents in the Consent Solicitation. Holders must make their own decision as to whether to tender their Notes, and, if so, the principal amount of Notes to tender.

[eastunder]

Standard Pacific Corp. Announces $175 Million Tender Offer for Debt Securities
3:00 am ET 09/10/2009- PR Newswire


IRVINE, Calif., Sept. 10, 2009 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) (the "Company")today announced the commencement of cash tender offers for its 6 ½% Notes due August 15, 2010 (the "2010 Notes"), 6 7/8% Notes due May 15, 2011 (the "2011 Notes") and 7 ¾% Notes due March 15, 2013 (the "2013 Notes," and collectively with the 2010 Notes and 2011 Notes, the "Notes"), for an aggregate consideration of up to $175,000,000 (the "Maximum Payment Amount"), plus accrued and unpaid interest (each offer, a "Tender Offer," and collectively, the "Tender Offers"), provided that the Company will purchase only up to $50,000,000 in principal amount of validly tendered 2013 Notes. The Tender Offer for the 2010 Notes includes a consent solicitation for the amendment of the supplemental indenture governing the 2010 Notes to modify or remove certain restrictive covenants (such solicitation, the "Consent Solicitation"). The Tender Offers are scheduled to expire at 11:59 p.m., New York City time, on October 7, 2009, unless extended by the Company or a Tender Offer is earlier terminated (such date and time, as it may be extended, the "Expiration Time").


The Tender Offers and the Consent Solicitation are being made upon the terms and conditions in an offer to purchase dated September 10, 2009 (the "Offer to Purchase"), which sets forth a more detailed description of the Tender Offers and the Consent Solicitation. The purpose of the Tender Offers is to lengthen the maturity profile of the Company's indebtedness, while the Consent Solicitation is intended to permit the Company greater flexibility in operating its business.


Holders of Notes that are accepted for purchase by the Company pursuant to the applicable Tender Offer will receive the applicable consideration specified in the table below. Those holders who validly tender their Notes at or prior to 5:00 p.m., New York City time, on September 23, 2009 will receive the applicable "Total Consideration," being the sum of the "Tender Offer Consideration" and the "Early Tender Premium," each as specified in such table. Those holders who validly tender their Notes after such date and prior to the Expiration Time will receive only the applicable "Tender Offer Consideration."


The following table sets forth some of the primary terms of the Tender Offers, including the numerical order of priority in which the Maximum Payment Amount will be applied to purchase each series of the Notes in the Tender Offers.




Dollars per $1,000 Principal

Amount of Notes

---------------------------------

Principal Early Acceptance

Title of CUSIP Amount Tender Offer Tender Total Priority

Security Number Outstanding Consideration Premium Consideration Level

-------- ------ ----------- ------------- ------- ------------- -----

2010

Notes 85375CAS0 $148,468,000 $990 $30 $1,020 1

2011

Notes 85375CAN1 $170,597,000 $970 $30 $1,000 2

2013

Notes 85375CAL5 $125,000,000 $870 $30 $900 3



In accordance with the "Acceptance Priority Levels" specified in the table above, subject to the satisfaction or waiver of conditions to the Tender Offers, all 2010 Notes validly tendered and not validly withdrawn at the Expiration Time will be accepted for purchase before any 2011 Notes or 2013 Notes are accepted for purchase, and all validly tendered and not validly withdrawn 2011 Notes will be accepted for purchase before any 2013 Notes are accepted for purchase. Because the Maximum Payment Amount exceeds the cost of purchasing all outstanding 2010 Notes, all 2010 Notes validly tendered and not validly withdrawn will be accepted for purchase if the Tender Offer for the 2010 Notes is consummated.


To the extent less than the entire validly tendered principal amount of the 2011 Notes or the 2013 Notes is accepted for purchase by the Company upon the consummation of the Tender Offers, the purchase will be prorated, meaning that the Company will purchase from each holder a portion of the principal amount of such series of Notes validly tendered by such holder equal to the percentage of the aggregate principal amount of that series of Notes validly tendered by all holders that the Company will purchase.


Tendered Notes may be withdrawn from the applicable Tender Offer at or prior to, but not after, 5:00 p.m., New York City time, on September 23, 2009.


The Company may change the Maximum Payment Amount at any time, with the result that a greater or lesser amount of the 2011 Notes or 2013 Notes may be accepted for purchase.


The obligation of the Company to accept for payment and to pay for the Notes in any of the Tender Offers is subject to the satisfaction or waiver of several conditions, including the receipt by the Company of net proceeds from a concurrent private placement of senior notes of not less than $175,000,000. Any condition may be waived by the Company with respect to any one or more of the Tender Offers.


In connection with the Tender Offer for the 2010 Notes, the Company is simultaneously soliciting consents for the amendment of the supplemental indenture governing the 2010 Notes. A valid tender of 2010 Notes constitutes a grant of consent to the proposed amendments, which would modify or remove certain restrictive covenants applicable to the Company. The proposed amendments will become operative only if holders of a majority in principal amount of 2010 Notes grant consent. The Tender Offer for the 2010 Notes is not conditioned on the proposed amendments being approved.


The Company has retained Citi to serve as dealer manager in connection with the Tender Offers and the Consent Solicitation (the "Dealer Manager"). Global Bondholder Services Corporation has been retained to serve as the depositary and to serve as information agent (the "Depositary and Information Agent").


For additional information regarding the terms and conditions of the Tender Offers and the Consent Solicitation, please contact the Dealer Manager at [phone] (toll free). Requests for documents and questions regarding the Tender Offers and the Consent Solicitation may be directed to Global Bondholder Services Corporation at [phone] (collect) or [phone] (toll free).


The Offer to Purchase is expected to be distributed to holders beginning today. The complete terms and conditions of the Tender Offers and the Consent Solicitation are described in the Offer to Purchase, copies of which may be obtained at no charge from Global Bondholder Services Corporation.


None of the Company, its board of directors, the Dealer Manager, the Depositary and Information Agent, or the trustee with respect to the Notes is making any recommendation as to whether holders of the Notes should tender any Notes in response to any of the Tender Offers or grant consents in the Consent Solicitation. Holders must make their own decision as to whether to tender their Notes, and, if so, the principal amount of Notes to tender.

[eastunder]

Not looking at the chart - they don't...

Oh wait. ;) What chart? ar!ar!

Use your imagination with the finviz chart.

[ScovilleUnits]

Did “homebuilders” historically rest during the Winter?

[eastunder]

Standard Pacific Corp. Announces Proposed Private Placement of $200 Million in Senior Notes

Wednesday, September 09, 2009 16:12ET

8k filed with that:
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6507921

IRVINE, Calif., Sept. 9, 2009 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) ("Standard Pacific" or the "Company") announced today that its wholly owned subsidiary, Standard Pacific Escrow LLC, intends to issue and sell $200 million aggregate principal amount of senior notes due 2016 in a private offering that is exempt from the registration requirements of the Securities Act of 1933. The proceeds from the offering of the notes will initially be held in escrow. If the conditions to the release of the funds from escrow are satisfied, the Company will use the net proceeds from the offering to finance the repurchase of certain outstanding notes of the Company through tender offers, and to the extent there are any remaining proceeds from the offering after the completion of the tender offers, for the redemption or repurchase of other outstanding debt of the Company.


The notes are being offered in the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act of 1933. The notes will not be registered under the Securities Act, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.


This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. This announcement is being issued pursuant to and in accordance with Rule 135c under the Securities Act.


About Standard Pacific Corp.

Standard Pacific Corp., one of the nation's largest homebuilders, has built more than 108,000 homes during its 43-year history. The Company constructs homes within a wide range of price and size targeting a broad range of homebuyers. Standard Pacific operates in many of the largest housing markets in the country with operations in major metropolitan areas in California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada. The Company provides mortgage financing and title services to its homebuyers through its subsidiaries and joint ventures, Standard Pacific Mortgage, Inc. and SPH Title. For more information about the Company and its new home developments, please visit our website at: http://www.standardpacifichomes.com.

[ScovilleUnits]

ClayTrader: Housing Sector Chart Analysis 9/4/2009 4:29:07 PM

http://investorshub.advfn.com/boards/playvideo.aspx?v_id=620

[eastunder]

SPF (FIN) DAILY

[eastunder]

Food for thought...Updated 9-2-09

Buy Numbers presenting themselves?

Bottom bollie currently $3.27 (was 3.41 on last update)
fifty day currently at $3.07 (was 3.01)
Open gap 7/22/09 @ $2.71 - still open and WAY CLOSER:

Oh Mon Dieu! :)

What will I do?

[eastunder]

If it wasn't Sept - I would be loving all this stuff. Charts all across my boards are starting to look perfect for KISS concept and yet - SEPTEMBER. YUCK!

[ScovilleUnits]

8-K Unregistered Sale of Equity Securities

Pursuant to two independently privately-negotiated exchange agreements, each dated August 26, 2009, entered into with noteholders of Standard Pacific Corp. (the “Company”), the Company agreed to exchange a total of $27,637,000 aggregate principal amount of its 6% Senior Subordinated Convertible Notes due 2012 for a number of shares of its common stock, par value $0.01 per share (“Common Stock”) equal to the sum of (i) 597,656 shares of Common Stock plus (ii) a number of shares of Common Stock equal to $21,160,084 divided by share prices to be determined based on the volume-weighted average price for the Common Stock as reported on the New York Stock Exchange for specified consecutive trading days on and after the execution date of the agreements. Accrued and unpaid interest will be paid in cash for a portion of the notes. Due to the structure of the exchange agreements, the exact number of shares of Common Stock issuable in these exchange transactions cannot yet be determined. The Company expects to close both of the exchange transactions on or before September 8, 2009, however, the closing of each of the exchange transactions is subject to standard closing conditions.

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6498854

Are they saying 10-days before and 10-days after August 26 for calculation of the 20-day average share price? If so, looks to me like we wait for Sept 9 to come and go before the final total number of shares can be calculated?
Scov

[eastunder]

Food for thought...

Buy Numbers presenting themselves?

Bottom bollie currently $3.41
fifty day currently at $3.01
Open gap 7/22/09 @ $2.71

[eastunder]

Standard Pacific downgraded; builder shares fall

BOSTON (MarketWatch) -- Standard Pacific Corp. shares led residential housing stocks lower on Monday after a Wall Street analyst downgraded the home builder on valuation concerns.

Standard Pacific (SPF 3.62, -0.52, -12.56%) was off 10% in afternoon trading. Raymond James & Co. analyst Buck Horne downgraded the stock to underperform from market perform.

Separately, the analyst raised the rating on KB (KBH 18.10, -0.10, -0.55%) and lifted the price target on Lennar (LEN 15.11, -0.62, -3.95%) .

Horne said the Standard Pacific downgrade was driven by "a material premium valuation relative to the industry," and recent figures showing new-home sales in the West lagged the rest of the country in July. Standard Pacific's core markets include California, Arizona, Texas and Colorado.

The analyst said demand in California was likely hit by the expiration of the state's tax credit for some home buyers.

"Specifically, Standard Pacific shares have been among the industry's top performers recently, surging 113% in just the past seven weeks," Horne wrote in a research note Monday. "Much of that performance was likely driven by strong evidence of a remarkable turnaround at the company following its second-quarter results, as well as the tailwind of improving industry data points."

There have been signs that the housing downturn, currently in its third year, is moderating. Yet housing bears say any recovery will be fleeting as a result of economic headwinds and rising foreclosures.

"While Standard Pacific has certainly come a long way, we are not convinced yet that its shares merit such a large premium to the group, nor a valuation we view as reflecting a near-peak multiple on fully normalized earnings power," Raymond James said.

KB Home, Lennar
Also Monday, Horne upgraded KB Home to market perform from underperform. The stock has lagged the broader sector recently, but the company is poised to benefit from strength in sales of entry-level homes, the analyst said.

"We note, though, that we still expect a meaningful drop-off in new orders as tax-credit-driven demand begins to taper off in the coming months," Horne wrote. "Thus, with those factors in mind, we believe a market perform rating is more appropriate for KB Home shares in the near-term."

The analyst again cited valuation in raising the target price on Lennar shares to $17.50 from $16. Lennar's discount to peers "can continue to narrow as the implied need for significant future impairments on Lennar's land portfolio and joint venture equity gradually wanes, assuming that future housing data continues to point towards price stabilization."

Home-builder stocks have enjoyed a summer bounce as investors have cheered better-than-expected housing data.

"Against the backdrop of this rising tide, we acknowledge that home-builder stock performance usually tends to be far more correlated than less macro-economically-driven sectors," Horne said. "However, we believe the recent performance gap between home-building equities over the past few weeks highlights the importance of proactive stock-picking and risk management between specific names."

[eastunder]

I was looking at this earlier

[56Chevy]

It's quickly entering a re-entry point.

[eastunder]

SPF: Short Interest UP 1.5% to 7.5M in Mid Aug 2009

Wednesday, August 26, 2009 06:00ET

According to new short interest data from NYSE, short interest for Standard Pacific Corp. (NYSE: SPF) INCREASED 1.5% to 7,513,657 shares as reported in mid-August, 2009.

SYMBOL          END JULY      MID AUGUST          CHANGE       %CHANGE  DAYS/COVER 
 --------   -------------   -------------   -------------  ------------  ---------- 
 SPF            7,402,175       7,513,657        +111,482        +1.51%           4

Based on SPF's 20-day average daily share volume of 2,280,085, it would require approximately 4 day(s) of buying to cover this short interest.

[56Chevy]

This market has legs like a chicken but up she goes...go figure. Congrats to those who hung in there.

[eastunder]

Well, it's not playing fair with us, is it now?

[eastunder]

I was 1.98 to 3.41 - I am also hoping for a pull back.

I do not like an open gap.

[56Chevy]

Roger that eastunder.

I was in at $2.51..sold at $3.73 and am looking to get back in on the next pullback or if it moves sideways for a few days. I should of held but my trailing stop was set a little too tight. I won't make that mistake again.