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Standard Pacific Says No to Chapter 11
Standard Pacific Corp. will not file Chapter 11 bankruptcy protection according to CEO Stephen J. Scarborough. In fact, Scarborough called the recent mumblings about the builder's future as "speculation" on Tuesday at the JPMorgan Homebuilding and Building Products Conference in Las Vegas.
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Standard Pacific Corp. Weighs in with 2Q Losses
Standard Pacific Corp is reporting a $165.9 million loss for the second quarter ending June 30. Home building revenue for the California-based company plunged to $694.8 million from $1 billion a year ago. "Challenging market conditions across most of the country continue to put pressure on our operating results," said CEO Stephen J. Scarborough. "High levels of new and existing home inventory on the market, increasing mortgage interest rates, a tightening of lending standards and reduced housing affordability in many markets have all contributed to weak new home sales."
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Standard Pacific Corp. Ranked 11
Standard Pacific Homes entered Florida with a splash in 2002 by acquiring four builders there. Three years later it's still making waves in the Sunshine State, where the company projects its closings this year will increase 68 percent to 4,700 units, and where the homes its Florida divisions build should exceed Standard Pacific's construction activity in California, its headquarters state. The builder relies on local managers to set their divisions' expansion pace.
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