New orders up 45% at Standard Pacific

Standard Pacific, one of the nation’s largest home builders, reported revenues of $274.9, a 35% rise over revenues of $204.2 million for the 2011 second quarter. This was due primarily due to a 34% increase in new home deliveries (excluding joint ventures) to 815 homes, the company said.

The increase in new home deliveries was driven by a 55% increase in the number of homes in backlog at the beginning of the quarter as compared with the prior-year period, and a 13% increase in speculative homes sold and delivered during the quarter to 285 homes, compared with 253 homes a year ago. The backlog of 1,266 homes was up 62%.

Net income for the quarter, which ended June 30, was $14.3 million, compared with a net loss of $10.5 million during the same quarter in 2011.

New orders were up 45% in the second quarter compared with the same quarter a year ago.

CEO and president Scott Stowell commented: "We are pleased that the positive momentum we experienced during the first quarter of 2012 continued into the second quarter. We earned $14.3 million,  with deliveries up 34%, revenues up 35%, orders up 45% and homes in backlog up 62% over the prior-year period. Our solid second-quarter results reflect the execution of our strategy and continued improvement in housing market conditions during the quarter."

The Irvine, Calif.-based company purchased $96.6 million of land (2,238 home sites) during the 2012 second quarter. Approximately 36% of land purchases (based on land value) were located in California and 32% in Florida, with the balance spread throughout the company's other operations. As of June 30, 2012, the company owned or controlled 27,757 homesites, of which 14,966 owned home sites are actively selling or under development. The home sites owned that are actively selling or under development represent a 5.1-year supply based on the company's deliveries for the trailing 12 months ended June 30, 2012.

Standard Pacific operates in major metropolitan areas in California, Florida, Arizona, the Carolinas, Texas and Colorado.

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