Standard Pacific reports $21.9 million Q4 loss
Standard Pacific, a production home builder with operations in eight states, reported a net loss of $21.9 million for the fourth quarter of 2010, compared with net income of $82.7 million for the same quarter a year ago. The 2010 fourth quarter included a $23.8 million charge related to the early extinguishment of debt and $2.3 million of asset impairments. Excluding these one-time charges, the company generated net income of $4.3 million for the 2010 fourth quarter.
For the full year, Standard Pacific reported net income of $11.7 million compared with $13.8 million in fiscal 2009. Excluding debt restructuring charges and other impairments, net income for fiscal 2010 was $20.6 million.
Home-building revenues for the 2010 fourth quarter were $212.4 million, down 37% from $339.8 million for the 2009 fourth quarter. The decrease in revenues was driven primarily by a 34% decline in new home deliveries, which dropped to 619 homes from 943 home a year ago.
Home-building revenues for 2010 were $912.4 million, compared with $1.17 billion for the prior year.
Net new orders were also down 22% in the quarter to 428 homes. The average home price rose 7%, from $318,000 to $340,000. The company said this increase was largely due to the delivery of more higher-priced homes in California and a reduction in deliveries in Florida and Arizona, as compared with the 2009 fourth quarter.
In a prepared statement, Standard Pacific’s president and CEO, Ken Campbell, said the home builder has “a substantial amount of capital and liquidity to continue our land acquisition strategy” as a result of its debt refinancing. “As a result of our land buying efforts, we expect to open over 55 new communities in 2011, 35 of which are slated for the first half of the year,” Campbell said.
Line-X helps with ‘Extreme Makeover’
Huntsville, Ala.-based Line-X Protective Coatings will join the ‘Extreme Makeover: Home Edition’ list of suppliers on an upcoming project in Hampton Roads, Va. The company will donate its spray-on insulation Foam-Guard and Aspart-X floor coating.
"Our local Virginia Beach franchisee will be on site and working closely with the designers of the show to support the project by donating both Aspart-X floor coating and our spray on insulation Foam-Guard," said Line-X CEO Kevin Heronimus. "These products will help maintain the house and make it a more affordable and enjoyable place to live."
The family chosen by the ABC television show’s producers for the Hampton Roads, Va., home makeover is that of Beverly Hill and Fred Burdette, who have each made it their calling to help foster children in the local community.
iLevel expands distribution of X-Beam
iLevel by Weyerhaeuser distribution centers serving California, Colorado, Oregon and Utah are now offering the Rosboro X-Beam, the only full framing-width stock glulam in an architectural appearance. Rosboro X-Beam includes 3.5-in. and 5.5-in. beams, columns and I-joist compatible depths.
iLevel, a full-service distributor of structural framing materials for homes, multi-family and light construction, now serves customers through 27 distribution centers in the United States.