Standard Pacific Posts Loss Despite Rise in Home Orders
COSTA MESA — Home builder Standard Pacific Corp. posted a third quarter net loss of $476,000, or 2 cents a share, compared with a net loss of $2.1 million, or 7 cents a share, for the corresponding quarter last year. Revenue dropped slightly to $111.6 million from $111.9 million.
The company attributed the loss to the pretax loss of Standard Pacific Savings, which included a previously announced special charge of $2.8 million.
Third-quarter orders for new homes rose 45%, however, from orders a year ago as a result of favorable interest rates, said Arthur E. Svendsen, chairman and chief executive.
Net income for the first three quarters declined to $1.8 million, or 6 cents a share, from $3.8 million, or 12 cents a share. Revenue was down 6% to $281.9 million from $299.2 million.
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