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Thursday, October 29, 2009

Standard Pacific Third-quarter Loss Narrows

By Sue Chang

MarketWatch Pulse

SAN FRANCISCO -- Standard Pacific Corp. late Thursday reported its third-quarter net loss narrowed to $23.8 million, or 10 cents a share, from $369.9 million, or $2.54 a share, a year earlier. Excluding asset impairment and restructuring charges, the homebuilder would have reported a quarterly loss of about a penny a share. Revenue fell to $327.4 million from $400.3 million. Analysts polled by FactSet Research had forecast a loss of 10 cents a share on revenue of $263.3 million. "With over $500 million of cash in the bank, anticipated near-term positive cash flows from operations and the significant reduction in the amount of our debt that is scheduled to mature in the next three years, we believe we have ample liquidity to acquire land assets to support our growth when the upturn in the housing market occurs," said Chief Executive Ken Campbell in a statement.

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