IRVINE, Calif., June 16 /PRNewswire-FirstCall/ -- In anticipation of an upcoming homebuilder investor conference and in compliance with Regulation FD, Standard Pacific Corp. today reported preliminary new home order comparisons for April and May 2008.
Overall, net new home orders (excluding discontinued operations) for the first two months of the 2008 second quarter were down 12% from the year earlier period. Adjusting for the number of active selling communities, new home orders (excluding discontinued operations) were down 18% on a "same store" basis. The Company's cancellation rate (excluding discontinued operations) for the 2008 two-month period was 25% compared to 28% in the year earlier period and 24% in the 2008 first quarter. Orders were up slightly on a same-store basis in California for the April and May period versus the year earlier period. Orders were up 42% year over year on a same-store basis in Florida, and up 10% in Arizona, while down 34% in Texas, down 59% in the Carolinas and down 64% in Colorado. Despite the positive comparisons in some of our markets, our absolute sales absorption rates continue to reflect the difficult housing conditions in most of our markets. The Company's cancellation rate in California was 26% for the first two months of the quarter compared to 29% during the same period last year and 25% in the 2008 first quarter. The Company's Florida cancellation rate for April and May was 23% while it was 24% in Arizona.
Standard Pacific Corp., one of the nation's largest homebuilders, has built homes for more than 100,000 families during its 42-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, Standard Pacific Mortgage, Inc., SPH Home Mortgage, 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, including statements regarding our orders. 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, interest rates, and the cost and availability of financing. In addition, orders are typically subject to cancellation and may not result in sales. 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 and Quarterly Reports on form 10-Q.
Contact:
Andrew H. Parnes, Executive Vice President-Finance & CFO (949) 789-1616,
