Standard Pacific sees positive Q4 results
Irvine, Calif.-based Standard Pacific has reported fourth-quarter net income of $15.3 million, compared with a net loss of $21.9 million in the prior-year quarter. Home-building revenues increased 38% to $293.2 million in the fourth quarter, compared with $212.4 million in the fourth quarter of 2010. This increase was driven by a 26% increase in new home deliveries to 782 homes.
Net new orders for the quarter ended Dec. 31, 2011, totaled 615, up 44% compared with the fourth quarter of 2010.
For the full year of 2011, the company posted a net loss of $16.4 million, compared with a net loss of $11.7 million in 2010. Home-building revenues for the year totaled $883.0 million, down 3.2% from $912.4 million for the full year of 2010.
"I am pleased with the results for the quarter,” said CEO and president Scott Stowell. “Our strategic focus on growing community count in the move-up segment, our continued dedication to quality home design, and our commitment to creating a superior customer experience have all contributed to our solid fourth-quarter results.
"While we believe the home-building industry will face ongoing headwinds throughout 2012, I am confident that with our focus on execution at every level of our organization we will continue to drive improved profitability despite these challenging market conditions."