Irvine, Calif.-based Standard Pacific Corp. reported first-quarter net income of $8.5 million, compared with a net loss of $14.8 million in the first quarter of 2011.
Home sale revenues for the first quarter ended March 31 increased 53% to $220.3 million from $143.7 million in year-ago period. This was driven by a 46% increase in new home deliveries (excluding joint ventures) to 642 homes and a 5% increase in the company's consolidated average home price to $343,000.
"After a strong finish to 2011, we are pleased to report that the positive momentum has continued into the first quarter. We believe our solid first quarter results reflect the execution of our strategy and suggest that there may be some stabilization in the economy and the overall housing market," said Scott Stowell, CEO and president.
"We have achieved a profitable first quarter, with net new orders, new home deliveries, home sale revenues and homes in backlog up over the prior year by 43%, 46%, 53% and 55%, respectively,” he added.” In addition to these significant year-over-year improvements, I am also particularly pleased with our gross margin from home sales, which was 20.3% for the 2012 first quarter."
Net new orders (excluding joint ventures) for the 2012 first quarter increased 43% to 934 homes on a 14% increase in the number of average active selling communities, from 138 to 158. The Company's cancellation rate for the 2012 first quarter was 13%, compared with 14% in the year-ago period and 19% for the 2011 fourth quarter.