Standard Pacific reports Q1 net income of US$38.2M, up from US$21.8M a year earlier, on revenues up 28.6% to US$460.2B; net new orders down 6% to 1,311 units, dollar value of net new orders up 15.5% to US$633.8M
Allison Oesterle
IRVINE, California
,
May 2, 2014
(press release)
–
Q1 2014 pretax income of $61.6 million, up 74% from Q1 2013 (Note: Tables Follow) KEY STATISTICS AND FINANCIAL DATA1 As of or For the Three Months Ended March 31, March 31, Percentage December 31, Percentage 2014 2013 or % Change 2013 or % Change Operating Data (Dollars in thousands) Deliveries 995 947 5% 1,343 (26%) Average selling price $ 449 $ 375 20% $ 446 1% Home sale revenues $ 446,918 $ 355,126 26% $ 598,496 (25%) Gross margin % (including land sales) 25.8% 20.8% 5.0% 26.8% (1.0%) Gross margin % from home sales 26.6% 21.0% 5.6% 26.8% (0.2%) Gross margin % from home sales (excluding interest amortized to cost of home sales)* 32.0% 28.8% 3.2% 32.2% (0.2%) Incentive and stock-based compensation expense $ 5,028 $ 4,848 4% $ 9,442 (47%) Selling expenses $ 22,699 $ 18,444 23% $ 28,114 (19%) G&A expenses (excluding incentive and stock-based compensation expenses) $ 30,863 $ 23,002 34% $ 30,304 2% SG&A expenses $ 58,590 $ 46,294 27% $ 67,860 (14%) SG&A % from home sales 13.1% 13.0% 0.1% 11.3% 1.8% Operating margin from home sales $ 60,083 $ 28,220 113% $ 92,648 (35%) Operating margin % from home sales 13.4% 7.9% 5.5% 15.5% (2.1%) Net new orders (homes) 1,311 1,394 (6%) 878 49% Net new orders (dollar value) $ 633,818 $ 548,561 16% $ 418,828 51% Average active selling communities 174 158 10% 173 1% Monthly sales absorption rate per community 2.5 2.9 (15%) 1.7 48% Cancellation rate 14% 10% 4% 21% (7%) Gross cancellations 221 162 36% 234 (6%) Cancellations from current quarter sales 90 86 5% 64 41% Backlog (homes) 2,016 1,851 9% 1,700 19% Backlog (dollar value) $ 1,001,385 $ 719,651 39% $ 800,494 25% Cash flows (uses) from operating activities $ (117,563) $ (58,461) (101%) $ (27,820) (323%) Cash flows (uses) from investing activities $ 10,286 $ (1,601) $ (14,707) Cash flows (uses) from financing activities $ (50,902) $ (180) (28179%) $ 42,690 Land purchases (incl. seller financing and JV purchases) $ 144,744 $ 71,541 102% $ 116,856 24% Adjusted Homebuilding EBITDA* $ 89,008 $ 63,823 39% $ 135,469 (34%) Adjusted Homebuilding EBITDA Margin %* 19.3% 17.8% 1.5% 22.3% (3.0%) Homebuilding interest incurred $ 38,786 $ 35,027 11% $ 37,546 3% Homebuilding interest capitalized to inventories owned $ 38,213 $ 34,201 12% $ 36,889 4% Homebuilding interest capitalized to investments in JVs $ 573 $ 826 (31%) $ 657 (13%) Interest amortized to cost of sales (incl. cost of land sales) $ 24,983 $ 27,885 (10%) $ 32,909 (24%) As of March 31, December 31, Percentage 2014 2013 or % Change Balance Sheet Data (Dollars in thousands, except per share amounts) Homebuilding cash (including restricted cash) $ 221,400 $ 376,949 (41%) Inventories owned $ 2,741,269 $ 2,536,102 8% Homesites owned and controlled 35,715 35,175 2% Homes under construction 2,245 2,001 12% Completed specs 368 327 13% Deferred tax asset valuation allowance $ 4,591 $ 4,591 ― Homebuilding debt $ 1,839,994 $ 1,839,595 0% Stockholders' equity $ 1,513,087 $ 1,468,960 3% Stockholders' equity per share (including if-converted preferred stock)* $ 4.13 $ 4.02 3% Total consolidated debt to book capitalization 55.6% 56.9% (1.3%) Adjusted net homebuilding debt to total adjusted book capitalization* 51.7% 49.9% 1.8% 1All statistical numbers exclude unconsolidated joint ventures unless noted otherwise. *Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2014 2013 (Dollars in thousands, except per share amounts) (Unaudited) Homebuilding: Home sale revenues $ 446,918 $ 355,126 Land sale revenues 13,281 2,595 Total revenues 460,199 357,721 Cost of home sales (328,245) (280,612) Cost of land sales (13,004) (2,583) Total cost of sales (341,249) (283,195) Gross margin 118,950 74,526 Gross margin % 25.8% 20.8% Selling, general and administrative expenses (58,590) (46,294) Income (loss) from unconsolidated joint ventures (437) 1,134 Other income (expense) (13) 3,570 Homebuilding pretax income 59,910 32,936 Financial Services: Revenues 4,984 5,677 Expenses (3,440) (3,322) Other income 161 102 Financial services pretax income 1,705 2,457 Income before taxes 61,615 35,393 Provision for income taxes (23,456) (13,569) Net income 38,159 21,824 Less: Net income allocated to preferred shareholder (9,147) (8,903) Less: Net income allocated to unvested restricted stock (59) (22) Net income available to common stockholders $ 28,953 $ 12,899 Income Per Common Share: Basic $ 0.10 $ 0.06 Diluted $ 0.09 $ 0.05 Weighted Average Common Shares Outstanding: Basic 277,948,342 214,166,912 Diluted 315,894,969 252,947,416 Weighted average additional common shares outstanding if preferred shares converted to common shares 87,812,786 147,812,786 Total weighted average diluted common shares outstanding if preferred shares converted to common shares 403,707,755 400,760,202 CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2014 2013 (Dollars in thousands) ASSETS (Unaudited) Homebuilding: Cash and equivalents $ 194,702 $ 355,489 Restricted cash 26,698 21,460 Trade and other receivables 31,896 14,431 Inventories: Owned 2,741,269 2,536,102 Not owned 83,601 98,341 Investments in unconsolidated joint ventures 49,720 66,054 Deferred income taxes, net 354,478 375,400 Other assets 45,442 45,977 Total Homebuilding Assets 3,527,806 3,513,254 Financial Services: Cash and equivalents 10,410 7,802 Restricted cash 1,295 1,295 Mortgage loans held for sale, net 70,093 122,031 Mortgage loans held for investment, net 13,165 12,220 Other assets 6,483 5,503 Total Financial Services Assets 101,446 148,851 Total Assets $ 3,629,252 $ 3,662,105 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 37,147 $ 35,771 Accrued liabilities 184,386 214,266 Secured project debt and other notes payable 6,015 6,351 Senior notes payable 1,833,979 1,833,244 Total Homebuilding Liabilities 2,061,527 2,089,632 Financial Services: Accounts payable and other liabilities 2,141 2,646 Mortgage credit facilities 52,497 100,867 Total Financial Services Liabilities 54,638 103,513 Total Liabilities 2,116,165 2,193,145 Equity: Stockholders' Equity: Preferred stock, $0.01 par value; 10,000,000 shares authorized; 267,829 shares issued and outstanding at March 31, 2014 and December 31, 2013 3 3 Common stock, $0.01 par value; 600,000,000 shares authorized; 278,776,082 and 277,618,177 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively 2,787 2,776 Additional paid-in capital 1,360,771 1,354,814 Accumulated earnings 149,526 111,367 Total Equity 1,513,087 1,468,960 Total Liabilities and Equity $ 3,629,252 $ 3,662,105 INVENTORIES March 31, December 31, 2014 2013 (Dollars in thousands) Inventories Owned: (Unaudited) Land and land under development $ 1,841,551 $ 1,771,661 Homes completed and under construction 769,786 628,371 Model homes 129,932 136,070 Total inventories owned $ 2,741,269 $ 2,536,102 Inventories Owned by Segment: California $ 1,237,357 $ 1,182,520 Southwest 678,499 603,303 Southeast 825,413 750,279 Total inventories owned $ 2,741,269 $ 2,536,102 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2014 2013 (Dollars in thousands) (Unaudited) Cash Flows From Operating Activities: Net income $ 38,159 $ 21,824 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Amortization of stock-based compensation 2,372 1,531 Deferred income tax provision 23,622 13,374 Other operating activities 1,616 1,412 Changes in cash and equivalents due to: Trade and other receivables (17,549) (8,916) Mortgage loans held for sale 51,938 140 Inventories - owned (188,759) (73,030) Inventories - not owned (8,165) (4,940) Other assets (833) 1,829 Accounts payable 1,376 (1,578) Accrued liabilities (21,340) (10,107) Net cash provided by (used in) operating activities (117,563) (58,461) Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (2,787) (2,552) Distributions of capital from unconsolidated joint ventures 14,808 1,320 Other investing activities (1,735) (369) Net cash provided by (used in) investing activities 10,286 (1,601) Cash Flows From Financing Activities: Change in restricted cash (5,238) (662) Principal payments on secured project debt and other notes payable (890) (7,093) Net proceeds from (payments on) mortgage credit facilities (48,370) 1,117 Proceeds from the exercise of stock options 3,596 6,458 Net cash provided by (used in) financing activities (50,902) (180) Net increase (decrease) in cash and equivalents (158,179) (60,242) Cash and equivalents at beginning of period 363,291 346,555 Cash and equivalents at end of period $ 205,112 $ 286,313 Cash and equivalents at end of period $ 205,112 $ 286,313 Homebuilding restricted cash at end of period 26,698 27,562 Financial services restricted cash at end of period 1,295 2,420 Cash and equivalents and restricted cash at end of period $ 233,105 $ 316,295 REGIONAL OPERATING DATA Three Months Ended March 31, 2014 2013 % Change New homes delivered: California 339 400 (15%) Arizona 63 63 ― Texas 149 133 12% Colorado 53 43 23% Southwest 265 239 11% Florida 235 183 28% Carolinas 156 125 25% Southeast 391 308 27% Consolidated total 995 947 5% Unconsolidated joint ventures ― 14 (100%) Total (including joint ventures) 995 961 4% Three Months Ended March 31, 2014 2013 % Change (Dollars in thousands) Average selling prices of homes delivered: California $ 624 $ 492 27% Arizona 305 249 22% Texas 415 348 19% Colorado 484 400 21% Southwest 403 331 22% Florida 350 259 35% Carolinas 298 254 17% Southeast 329 257 28% Consolidated 449 375 20% Unconsolidated joint ventures ― 510 ― Total (including joint ventures) $ 449 $ 377 19% Three Months Ended March 31, 2014 2013 % Change Net new orders: California 473 482 (2%) Arizona 67 75 (11%) Texas 235 242 (3%) Colorado 53 62 (15%) Southwest 355 379 (6%) Florida 283 293 (3%) Carolinas 200 240 (17%) Southeast 483 533 (9%) Consolidated total 1,311 1,394 (6%) Unconsolidated joint ventures ― 9 (100%) Total (including joint ventures) 1,311 1,403 (7%) Three Months Ended March 31, 2014 2013 % Change Average number of selling communities during the period: California 46 44 5% Arizona 11 8 38% Texas 35 29 21% Colorado 10 7 43% Southwest 56 44 27% Florida 41 37 11% Carolinas 31 33 (6%) Southeast 72 70 3% Consolidated total 174 158 10% At March 31, 2014 2013 % Change Homes Dollar Value Homes Dollar Value Homes Dollar Value (Dollars in thousands) Backlog: California 530 $ 360,371 522 $ 284,033 2% 27% Arizona 109 38,032 89 24,886 22% 53% Texas 376 184,452 313 126,276 20% 46% Colorado 108 55,930 94 42,374 15% 32% Southwest 593 278,414 496 193,536 20% 44% Florida 552 248,543 476 134,880 16% 84% Carolinas 341 114,057 357 107,202 (4%) 6% Southeast 893 362,600 833 242,082 7% 50% Consolidated total 2,016 1,001,385 1,851 719,651 9% 39% Unconsolidated joint ventures ― ― 7 3,241 (100%) (100%) Total (including joint ventures) 2,016 $ 1,001,385 1,858 $ 722,892 9% 39% At March 31, 2014 2013 % Change Homesites owned and controlled: California 9,545 10,407 (8%) Arizona 2,302 1,902 21% Texas 4,555 5,165 (12%) Colorado 1,254 1,174 7% Nevada 1,124 1,124 ― Southwest 9,235 9,365 (1%) Florida 12,257 8,445 45% Carolinas 4,678 3,906 20% Southeast 16,935 12,351 37% Total (including joint ventures) 35,715 32,123 11% Homesites owned 28,743 25,689 12% Homesites optioned or subject to contract 6,707 5,837 15% Joint venture homesites 265 597 (56%) Total (including joint ventures) 35,715 32,123 11% Homesites owned: Raw lots 6,892 5,722 20% Homesites under development 9,811 8,371 17% Finished homesites 6,341 5,616 13% Under construction or completed homes 3,198 2,583 24% Held for sale 2,501 3,397 (26%) Total 28,743 25,689 12% RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Each of the below measures are non-GAAP financial measures and other companies may calculate such non-GAAP measures differently. Due to the significance of the GAAP components excluded, such measures should not be considered in isolation or as an alternative to operating performance measures prescribed by GAAP. The table set forth below reconciles the Company's gross margin percentage from home sales to the gross margin percentage from home sales, excluding interest amortized to cost of home sales. We believe these measures are useful to management and investors as they provide perspective on the underlying operating performance of the business excluding these charges and provide comparability with the Company's peer group. Three Months Ended March 31, Gross March 31, Gross December 31, Gross (Dollars in thousands) Home sale revenues $ 446,918 $ 355,126 $ 598,496 Less: Cost of home sales (328,245) (280,612) (437,988) Gross margin from home sales 118,673 26.6% 74,514 21.0% 160,508 26.8% Add: Capitalized interest included in cost of home sales 24,368 5.4% 27,696 7.8% 32,378 5.4% Gross margin from home sales, excluding interest amortized to cost of home sales $ 143,041 32.0% $ 102,210 28.8% $ 192,886 32.2% The table set forth below reconciles the Company's total consolidated debt to adjusted net homebuilding debt and provides the Company's total consolidated debt to book capitalization and adjusted net homebuilding debt to total adjusted book capitalization ratios. In addition, the table set forth below calculates homebuilding debt to adjusted homebuilding EBITDA. We believe these ratios are useful to management and investors as a measure of the Company's ability to obtain financing. For purposes of the ratio of adjusted net homebuilding debt to total adjusted book capitalization, total adjusted book capitalization is adjusted net homebuilding debt plus stockholders' equity. Adjusted net homebuilding debt excludes indebtedness of the Company's financial services subsidiary and additionally reflects the offset of cash and equivalents. March 31, December 31, March 31, (Dollars in thousands) Total consolidated debt $ 1,892,491 $ 1,940,462 $ 1,628,846 Less: Financial services indebtedness (52,497) (100,867) (93,276) Homebuilding cash (221,400) (376,949) (308,029) Adjusted net homebuilding debt 1,618,594 1,462,646 1,227,541 Stockholders' equity 1,513,087 1,468,960 1,287,207 Total adjusted book capitalization $ 3,131,681 $ 2,931,606 $ 2,514,748 Total consolidated debt to book capitalization 55.6% 56.9% 55.9% Adjusted net homebuilding debt to total adjusted book capitalization 51.7% 49.9% 48.8% Homebuilding debt $ 1,839,994 $ 1,535,570 LTM adjusted homebuilding EBITDA 408,806 225,958 Homebuilding debt to adjusted homebuilding EBITDA 4.5x 6.8x The table set forth below calculates pro forma stockholders' equity per common share. The Company believes that the pro forma stockholders' equity per common share information is useful to management and investors as a measure to determine the book value per common share after giving effect to the conversion of our outstanding preferred shares assuming full conversion to common stock. March 31, December 31, 2014 2013 Actual common shares outstanding 278,776,082 277,618,177 Add: Conversion of preferred shares to common shares 87,812,786 87,812,786 Pro forma common shares outstanding 366,588,868 365,430,963 Stockholders' equity (Dollars in thousands) $ 1,513,087 $ 1,468,960 Divided by pro forma common shares outstanding ÷ 366,588,868 ÷ 365,430,963 Pro forma stockholders' equity per common share $ 4.13 $ 4.02 The table set forth below calculates EBITDA and Adjusted Homebuilding EBITDA. Adjusted Homebuilding EBITDA means net income (loss) (plus cash distributions of income from unconsolidated joint ventures) before (a) income taxes, (b) homebuilding interest expense (c) expensing of previously capitalized interest included in cost of sales, (d) impairment charges and deposit write-offs, (e) (gain) loss on early extinguishment of debt (f) homebuilding depreciation and amortization, (g) amortization of stock-based compensation, (h) income (loss) from unconsolidated joint ventures and (i) income (loss) from financial services subsidiary. Other companies may calculate Adjusted Homebuilding EBITDA (or similarly titled measures) differently. We believe Adjusted Homebuilding EBITDA information is useful to management and investors as one measure of the Company's ability to service debt and obtain financing. Adjusted Homebuilding EBITDA is a non-GAAP financial measure and due to the significance of the GAAP components excluded, should not be considered in isolation or as an alternative to net income, cash flow from operations or any other operating or liquidity performance measure prescribed by GAAP. Three Months Ended LTM Ended March 31, March 31, March 31, December 31, 2014 2013 (Dollars in thousands) Net income $ 38,159 $ 21,824 $ 64,820 $ 205,050 $ 544,722 Provision (benefit) for income taxes 23,456 13,569 36,205 78,870 (439,852) Homebuilding interest amortized to cost of sales and interest expense 24,983 27,885 32,909 118,876 117,078 Homebuilding depreciation and amortization 1,145 628 1,094 3,972 2,410 Amortization of stock-based compensation 2,372 1,531 2,359 9,856 7,608 EBITDA 90,115 65,437 137,387 416,624 231,966 Add: Cash distributions of income from unconsolidated joint ventures ― 1,875 ― 1,500 5,785 Less: Income (loss) from unconsolidated joint ventures (437) 1,134 (300) (622) 566 Income from financial services subsidiary 1,544 2,355 2,218 9,940 11,227 Adjusted Homebuilding EBITDA $ 89,008 $ 63,823 $ 135,469 $ 408,806 $ 225,958 Homebuilding revenues $ 460,199 $ 357,721 $ 606,451 $ 2,017,087 $ 1,370,977 Adjusted Homebuilding EBITDA Margin % 19.3% 17.8% 22.3% 20.3% 16.5% The table set forth below reconciles net cash provided by (used in) operating activities, calculated and presented in accordance with GAAP, to Adjusted Homebuilding EBITDA: Three Months Ended LTM Ended March 31, March 31, March 31, December 31, 2014 2013 (Dollars in thousands) Net cash provided by (used in) operating activities $ (117,563) $ (58,461) $ (27,820) $ (213,318) $ (299,459) Add: Provision (benefit) for income taxes 23,456 13,569 36,205 78,870 (439,852) Deferred income tax benefit (provision) (23,622) (13,374) (35,725) (94,462) 440,626 Homebuilding interest amortized to cost of sales and interest expense 24,983 27,885 32,909 118,876 117,078 Less: Income from financial services subsidiary 1,544 2,355 2,218 9,940 11,227 Depreciation and amortization from financial services subsidiary 33 28 32 126 120 Loss on disposal of property and equipment 1 15 1 3 52 Net changes in operating assets and liabilities: Trade and other receivables 17,549 8,916 (5,218) 11,877 1,124 Mortgage loans held for sale (51,938) (140) 46,722 (49,255) 54,732 Inventories-owned 188,759 73,030 100,937 531,041 344,468 Inventories-not owned 8,165 4,940 11,619 46,544 33,864 Other assets 833 (1,829) (564) 1,697 (3,419) Accounts payable (1,376) 1,578 (6,470) (16,279) (1,124) Accrued liabilities 21,340 10,107 (14,875) 3,284 (10,681) Adjusted Homebuilding EBITDA $ 89,008 $ 63,823 $ 135,469 $ 408,806 $ 225,958
Q1 2014 backlog value of $1.0 billion, up 39% from Q1 2013
Standard Pacific Corp. (NYSE: SPF) today announced results for the first quarter ended March 31, 2014.
2014 First Quarter Highlights and Comparisons to the 2013 First Quarter
Scott Stowell, the Company's Chief Executive Officer commented, "The strong operating performance we achieved during the last two years has continued into the first quarter, with pretax income, backlog value, home sale revenues and new order value up 74%, 39%, 26% and 16%, respectively." Mr. Stowell added, "In addition to these solid results, I am particularly pleased with our operating margin from home sales, which was 13.4% for the 2014 first quarter, a 550 basis point improvement from the prior year."
Revenues from home sales for the 2014 first quarter increased 26%, to $446.9 million, as compared to the prior year period, resulting primarily from a 20% increase in the Company's consolidated average home price to $449 thousand and a 5% increase in new home deliveries. The increase in average home price was primarily attributable to general price increases within a majority of the Company's markets, a shift to more move-up product and a decrease in the use of sales incentives. The increase in new home deliveries was driven by a 10% year-over-year increase in the number of homes in beginning backlog expected to close during the quarter.
Gross margin from home sales for the 2014 first quarter increased to 26.6% compared to 21.0% in the prior year period. The 560 basis point year-over-year increase was primarily attributable to price increases and a decrease in the use of sales incentives. Excluding previously capitalized interest costs, gross margin from home sales was 32.0%* for the 2014 first quarter versus 28.8%* for the 2013 first quarter.
While net new orders for the 2014 first quarter decreased 6% from the 2013 first quarter to 1,311 homes, the dollar value of these orders was up 16%. The Company's monthly sales absorption rate was 2.5 per community for the 2014 first quarter, compared to 1.7 per community for the 2013 fourth quarter. The increase in sales absorption rate from the 2013 fourth quarter to the 2014 first quarter was above the seasonality we typically experience in our business. The Company's cancellation rate for the 2014 first quarter was 14%, compared to 21% for the 2013 fourth quarter. Our 2014 first quarter cancellation rate was below our average historical cancellation rate of approximately 21% over the last 10 years.
The dollar value of homes in backlog increased 39% to $1.0 billion, or 2,016 homes, compared to $719.7 million, or 1,851 homes, for the 2013 first quarter, and increased 25% compared to $800.5 million, or 1,700 homes, as of the end of 2013. The increase in year-over-year backlog value was driven primarily by a 28% increase in the average selling price of the homes in backlog, reflecting the continued execution of our strategy to focus on the move-up buyer and pricing opportunities in select markets.
The Company purchased $144.7 million of land (2,190 homesites) during the 2014 first quarter, of which 34% (based on homesites) was located in Florida, 20% in Arizona, 19% in the Carolinas, 14% in California and 12% in Texas. As of March 31, 2014, the Company owned or controlled 35,715 homesites, of which 23,783 are owned and actively selling or under development, 6,972 are controlled or under option, and the remaining 4,960 homesites are held for future development or for sale. The homesites owned that are actively selling or under development represent a 5.1 year supply based on the Company's deliveries for the trailing twelve months ended March 31, 2014.
The Company ended the quarter with $635 million of available liquidity, including $195 million of unrestricted homebuilding cash and a $440 million untapped revolving credit facility. Cash used in operating activities was $117.6 million for the 2014 first quarter versus $58.5 million in the 2013 first quarter. During the 2014 first quarter, the Company spent $224.1 million on land purchases and development costs, compared to $124.4 million for the 2013 first quarter. The Company's homebuilding debt to book capitalization as of March 31, 2014 and 2013 was 54.9% and 54.4%, respectively, and adjusted net homebuilding debt to adjusted book capitalization was 51.7%* and 48.8%*, respectively. In addition, the Company's homebuilding debt to adjusted homebuilding EBITDA for the LTM period ending March 31, 2014 and 2013 was 4.5x* and 6.8x*, respectively.
Earnings Conference Call
A conference call to discuss the Company's 2014 first quarter results will be held at 12:00 p.m. Eastern time May 2, 2014. The call will be broadcast live over the Internet and can be accessed through the Company's website at http://ir.standardpacifichomes.com. The call will also be accessible via telephone by dialing (877) 545-1414 (domestic) or (719) 325-4831 (international); Passcode: 8923683. The audio transmission with the slide presentation will be available on our website for replay within 2 to 3 hours following the live broadcast, and can be accessed by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international); Passcode: 8923683.
About Standard Pacific
Standard Pacific Homes (NYSE: SPF) has been building beautiful, high-quality homes and neighborhoods since its founding in Southern California in 1965. With a trusted reputation for quality craftsmanship, an outstanding customer experience and exceptional architectural design, the Company utilizes its decades of land acquisition, development and homebuilding expertise to successfully navigate today's complex landscape to acquire and build desirable communities in locations that meet the high expectations of the Company's targeted move-up homebuyers. Currently offering new homes in major metropolitan areas in Arizona, California, Colorado, Florida, North Carolina, South Carolina, and Texas, we invite you to learn more about us by visiting standardpacifichomes.com.
This news release contains forward-looking statements. These statements include but are not limited to statements regarding new home orders, deliveries, backlog, absorption rates, average home price, pricing power, revenue, profitability, cash flow, liquidity, gross margin, overhead expenses and other costs; community count; product mix; the benefit of, and execution on, our strategy; supply; demand; our future performance and the future condition of the economy and the housing market. Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast 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, interest rates, the cost and availability of mortgage financing, and stock market, home and land valuations; the impact on economic conditions, terrorist attacks or the outbreak or escalation of armed conflict involving the United States; the cost and availability of suitable undeveloped land, building materials and labor; the cost and availability of construction financing and corporate debt and equity capital; our significant amount of debt and the impact of restrictive covenants in our debt agreements; our ability to repay our debt as it comes due; changes in our credit rating or outlook; the demand for and affordability of single-family homes; the supply of housing for sale; cancellations of purchase contracts by homebuyers; the cyclical and competitive nature of the Company's business; governmental regulation, including the impact of "slow growth" or similar initiatives; delays in the land entitlement process, development, construction, or the opening of new home communities; adverse weather conditions and natural disasters; environmental matters; risks relating to the Company's mortgage banking operations; future business decisions and the Company's ability to successfully implement the Company's operational and other strategies; litigation and warranty claims; and other risks discussed in the Company's filings with the Securities and Exchange Commission, including in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2013 and subsequent Quarterly Reports on Form 10-Q. The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements. The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.
Contact:
Jeff McCall, EVP & CFO (949) 789-1655, jmccall@stanpac.com
*Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release.
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