Standard Pacific Corp. Announces 2006 April and May Order Trends and Share Repurchases |
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By: ABC Posted: 2006-06-05 02:51:30 |
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Standard Pacific Corp. (NYSE: SPF), today reported 2006 orders for April and May and stock buybacks under the Company's $100 million repurchase authorization.
Net new home orders for the first two months of the 2006 second quarter were down 41% from the year earlier period, driven in large part by an increase in the Company's cancellation rate and continued softening of demand in many of the Company's larger markets. Orders were off in Southern California, Northern California, Florida and Arizona, up in Texas and Colorado and off slightly in the Carolinas. The Company's gross orders for the first two months of the 2006 second quarter were off 22% versus the year ago period. In light of the decreased order levels for the first two months of the 2006 second quarter, the Company expects to lower its earnings and delivery guidance for the full year and will provide the updated guidance in conjunction with its regularly scheduled earnings release at the end of July. The Company continued to repurchase shares of its common stock pursuant to the Board's $100 million authorization. For the two month period ended May 31, 2006, the Company repurchased over 1.7 million shares of its stock, bringing the year-to-date total to over 3.1 million shares, or nearly 5% of the Company's outstanding shares. Standard Pacific, one of the nation's largest homebuilders, has built homes for more than 85,000 families during its 40-year history. The Company constructs homes within a wide range of price and size targeting a broad range of homebuyers. Standard Pacific operates in many of the largest housing markets in the country with operations in major metropolitan areas in California, Florida, Arizona, the Carolinas, Texas, Colorado, and Nevada. The Company provides mortgage financing and title services to its homebuyers through its subsidiaries and joint ventures, Family Lending Services, Westfield Home Mortgage, Home First Funding, 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: http://www.standardpacifichomes.com. This news release contains forward-looking statements. 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. 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. |
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