Standard Pacific loss narrows in 4th quarter
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Irvine home builder Standard Pacific Corp. on Friday reported a $396.6-million loss for the fourth quarter.
The company’s loss per share was $1.65, compared with a $6.10-per-share loss the same quarter a year earlier. Revenue fell 60% from a year earlier, to $376.4 million.
“The well-publicized economic and housing downturn has had a profound impact on the company’s operating results,” said Ken Campbell, Standard Pacific’s chief executive.
“We saw our sales absorption rates, our cancellation rate and general traffic levels deteriorate beyond normal seasonal changes.”
New-home sales have plunged as foreclosures rise and existing-home prices fall. Standard Pacific’s new-home deliveries fell 47% in the fourth quarter, to 1,146.
One of the nation’s largest home builders, Standard Pacific operates in California and seven other states.
The company’s shares fell 3 cents to $1.38 on Friday. They are down 62% in 12 months.
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