Standard Pacific Corp. (SPF)

[eastunder]

UPDATE 1-Standard Pacific Q1 rev lags Street; shares down
Mon Apr 19, 2010 9:49am EDTStocks
Standard Pacific Corp.

http://www.reuters.com/article/idCNSGE63I0J820100419?rpc=44

* Q1 loss/shr $0.02 vs est loss/shr $0.06

* Rev down 16 pct to $175.4 mln vs est $184.1 mln

* Shares down as much as 4 pct

April 19 (Reuters) - Standard Pacific Corp (SPF.N) posted a narrower-than-expected quarterly loss, helped by lower expenses, but its revenue came in below analysts' estimates, sending the homebuilder's shares down as much as 4 percent.

For the first quarter, the company reported a loss of $5.1 million, or 2 cents a share, compared with a loss of $49.5 million, or 21 cents a share, a year ago.

Revenue fell 16 percent to $175.4 million, mainly due to a 22 percent decline in new home deliveries as the number of completed and unsold homes available for sale fell over last year, the company said.

Operating expenses fell 37 percent to $32.8 million.

Analysts on average had expected a loss of of 6 cents a share, before special items, on revenue of $184.1 million according to Thomson Reuters I/B/E/S.

Shares of the company were down 3 percent at $5.37 Monday morning on the New York Stock Exchange. They touched a low of $5.31 earlier in the session. (Reporting by Divya Sharma in Bangalore; Editing by Maju Samuel)