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Standard Pacific Corp. Reports New Home Orders for 2005
First Quarter
IRVINE, Calif., April 5, 2005 --
Standard Pacific Corp. (SPF) announced today preliminary new home orders for
the three-month period ended March 31, 2005.
Preliminary
Average Number of
New Home Orders Active Selling
Communities
January - March January - March
2005 2004
2005 2004
Southern California
547 664
26 25
Northern California
319 432
19 26
Total California
866 1,096
45 51
Florida
750 915
53 45
Arizona
518 432
15 21
Carolinas
259 158
19 11
Texas
280 158
25 20
Colorado
152 131
12 11
Total Company
2,825 2,890
169 159
New home orders companywide for the first quarter of 2005 were down slightly
from the record level achieved a year ago, consistent with our expectations
for the quarter. The order levels reflect generally healthy housing market
conditions in the Company's three largest markets: California, Florida, and
Arizona, and flat to gradually improving housing market conditions in the
Carolinas, Texas, and Colorado.
Although new home orders were down year over year in Southern California,
absorption rates in the first quarter improved over the sales rates
experienced in the second half of last year. The Company generated 1.6 sales
per week in the first quarter of 2005 compared to 1.1 sales per week in the
second half of 2004, reflecting an improved tone and the generally
supply-constrained nature of the Southern California region.
In Northern California, new home sales were down 26% on a 27% lower active
community count. The Company continues to experience healthy demand for new
homes in this region.
New home orders were down 18% on an 18% increase in active selling
communities in Florida. The lower sales rate per community during the
quarter reflected a conscious decision by the Company to reduce the number
of new homes for sale due to strong backlog levels. This adjustment in our
rate of new home releases should better align sales with our production
capabilities. The Company is generally experiencing healthy housing market
conditions in all of its Florida markets.
In Arizona, new home orders were up 20% on a 29% lower community count,
resulting in a 68% increase on a same store basis. The total for the 2005
first quarter includes 36 orders from 3 communities from our new Tucson
division, which we acquired in August 2004.
Orders were up 64% in the Carolinas on a 73% higher community count, up 77%
in Texas on a 25% higher community count, and up 16% in Colorado on a 9%
higher community count. Conditions in these three markets are flat to
gradually improving compared to the year earlier period.
The Company's cancellation rate for the 2005 first quarter was 16% compared
to 15% for the year earlier period.
The Company's orders for the 2005 first quarter include 82 homes from 6
joint venture communities, compared to 53 homes from 4 joint venture
communities last year.
Standard Pacific, one of the nation's largest homebuilders, has built homes
for more than 73,000 families during its 39-year history. The Company
constructs homes within a wide range of price and size targeting a broad
range of homebuyers. Standard Pacific operates in some of the strongest
housing markets in the country with operations in major metropolitan areas
in California, Texas, Arizona, Colorado, Florida and the Carolinas. The
Company provides mortgage financing and title services to its homebuyers
through its subsidiaries and joint ventures, Family Lending Services, WRT
Financial, Westfield Home Mortgage, Universal Land Title of South Florida
and SPH Title. For more information about the Company and its new home
developments please visit our website at:
www.standardpacifichomes.com.
This news release contains forward-looking statements.
These statements include but are not limited to statements regarding new
home orders. Such statements involve known and unknown risks, uncertainties,
assumptions and other factors that may cause actual results to differ
materially from those that may be described or implied. Such factors include
but are not limited to: local and general economic and market conditions,
including consumer confidence, employment rates and interest rates. In
addition, orders are typically subject to cancellation and may not result in
sales. For a discussion of certain of the risks, uncertainties and other
factors affecting the statements contained in this news release, see the
Company's most recent Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q.
SOURCE Standard Pacific Corp.
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