IRVINE, CA—Standard  Pacific Corp. recently announced results for the fourth quarter and year ended December 31, 2012. Visit the firm’s website for a complete discussion.

2012 Fourth Quarter Highlights and Comparisons to the 2011 Fourth Quarter

  –  Net income of $486.9 million, or $1.22 per diluted share, vs. $15.3
      million, or $0.04 per diluted share
      –  Diluted earnings per share of $0.08*, excluding $454 million
          deferred tax asset valuation allowance reversal
  –  Net new orders of 983, up 60%
  –  Backlog of 1,404 homes, up 106%; Dollar value of backlog up 122%
  –  150 average active selling communities, down 6%
      –  156 active selling communities at year end
  –  Homebuilding revenues up 43%
      –  Average selling price of $388 thousand, up 4%
      –  973 new home deliveries, up 24%
  –  Gross margin from home sales of 20.8%, compared to 20.4%
  –  SG&A rate from home sales of 13.1%, a 210 basis point improvement
  –  $267.6 million of land purchases and development costs compared to $86.3
      million
  –  Adjusted Homebuilding EBITDA of $68.8 million*, or 16.4%* of
      homebuilding revenues, compared to $42.8 million*, or 14.6%* of
      homebuilding revenues
  –  Homebuilding cash balance of $367 million
2012 Fiscal Year Highlights and Comparisons to Fiscal Year 2011

  –  Net income of $531.4 million, or $1.44 per diluted share, vs. net loss
      of $16.4 million, or $0.05 per share
      –  Diluted earnings per share of $0.21*, excluding $454 million
          deferred tax asset valuation allowance reversal
  –  Net new orders of 4,014, up 44%
  –  Homebuilding revenues of $1,237.0 million, up 40% from $883.0 million
      –  Average selling price of $362 thousand, up 4%
      –  3,291 new home deliveries, up 30%
  –  Gross margin from home sales of 20.5%, compared to 18.4%
  –  SG&A rate from home sales of 14.5%, compared to 17.5%
  –  Operating cash outflows of $283.1 million vs. $322.6 million
      –  Excluding land purchases and development costs, cash inflows of
          $322.1 million* vs. $114.5 million*
  –  Adjusted Homebuilding EBITDA of $193.9 million*, or 15.7%* of
      homebuilding revenues, compared to $105.9 million*, or 12.0%* of
      homebuilding revenues