Note 21 - Supplemental Guarantor Information

6 Months Ended

Jun. 30, 2013

Supplemental Guarantor Information [Text Block]

Supplemental Guarantor Information [Text Block]

21.     Supplemental Guarantor Information

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable. The guarantees are full and unconditional and joint and several. Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended June 30, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	195,697		$	192,595		$	50,389		$	―		$	438,681
Cost of sales		(147,969	)		(146,740	)		(41,210	)	―				(335,919	)
Gross margin		47,728			45,855			9,179		―				102,762
Selling, general and administrative expenses		(22,921	)		(26,630	)		(5,047	)	―				(54,598	)
Income (loss) from unconsolidated joint ventures		360			(52	)		(161	)	―				147
Equity income (loss) of subsidiaries		15,991		―			―				(15,991	)	―
Interest income (expense), net		4,282			(3,089	)		(1,193	)	―			―
Other income (expense)		(1,509	)		(141	)		403		―				(1,247	)
Homebuilding pretax income (loss)		43,931			15,943			3,181			(15,991	)		47,064
Financial Services:
Financial services pretax income	―			―				4,080		―				4,080
Income (loss) before income taxes		43,931			15,943			7,261			(15,991	)		51,144
Provision for income taxes		(795	)		(5,555	)		(1,658	)	―				(8,008	)
Net income (loss)	$	43,136		$	10,388		$	5,603		$	(15,991	)	$	43,136

	Three Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	113,416		$	141,476		$	19,980		$	―		$	274,872
Cost of sales		(88,545	)		(113,620	)		(16,421	)	―				(218,586	)
Gross margin		24,871			27,856			3,559		―				56,286
Selling, general and administrative expenses		(19,145	)		(20,533	)		(2,274	)	―				(41,952	)
Loss from unconsolidated joint ventures		(276	)		(91	)		(779	)	―				(1,146	)
Equity income (loss) of subsidiaries		2,783		―			―				(2,783	)	―
Interest income (expense), net		4,383			(4,343	)		(1,657	)	―				(1,617	)
Other income (expense)		(205	)		251			261		―				307
Homebuilding pretax income (loss)		12,411			3,140			(890	)		(2,783	)		11,878
Financial Services:
Financial services pretax income	―			―				2,574		―				2,574
Income (loss) before income taxes		12,411			3,140			1,684			(2,783	)		14,452
(Provision) benefit for income taxes		1,852			(1,225	)		(816	)	―				(189	)
Net income (loss)	$	14,263		$	1,915		$	868		$	(2,783	)	$	14,263

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable. The guarantees are full and unconditional and joint and several. Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Six Months Ended June 30, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	370,932		$	343,984		$	81,486		$	―		$	796,402
Cost of sales		(285,055	)		(267,140	)		(66,919	)	―				(619,114	)
Gross margin		85,877			76,844			14,567		―				177,288
Selling, general and administrative expenses		(43,951	)		(48,676	)		(8,265	)	―				(100,892	)
Income (loss) from unconsolidated joint ventures		1,495			(124	)		(90	)	―				1,281
Equity income (loss) of subsidiaries		21,271		―			―				(21,271	)	―
Interest income (expense), net		9,285			(6,691	)		(2,594	)	―			―
Other income (expense)		1,998			(157	)		482		―				2,323
Homebuilding pretax income (loss)		75,975			21,196			4,100			(21,271	)		80,000
Financial Services:
Financial services pretax income	―			―				6,537		―				6,537
Income (loss) before income taxes		75,975			21,196			10,637			(21,271	)		86,537
Provision for income taxes		(11,015	)		(7,960	)		(2,602	)	―				(21,577	)
Net income (loss)	$	64,960		$	13,236		$	8,035		$	(21,271	)	$	64,960

	Six Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	187,671		$	266,365		$	44,538		$	―		$	498,574
Cost of sales		(146,500	)		(213,923	)		(37,124	)	―				(397,547	)
Gross margin		41,171			52,442			7,414		―				101,027
Selling, general and administrative expenses		(36,367	)		(38,522	)		(4,755	)	―				(79,644	)
Loss from unconsolidated joint ventures		(958	)		(119	)		(1,591	)	―				(2,668	)
Equity income (loss) of subsidiaries		4,638		―			―				(4,638	)	―
Interest income (expense), net		7,739			(8,584	)		(3,302	)	―				(4,147	)
Other income (expense)		3,808			300			483		―				4,591
Homebuilding pretax income (loss)		20,031			5,517			(1,751	)		(4,638	)		19,159
Financial Services:
Financial services pretax income	―			―				4,003		―				4,003
Income (loss) before income taxes		20,031			5,517			2,252			(4,638	)		23,162
(Provision) benefit for income taxes		2,755			(1,982	)		(1,149	)	―				(376	)
Net income (loss)	$	22,786		$	3,535		$	1,103		$	(4,638	)	$	22,786

CONDENSED CONSOLIDATING BALANCE SHEET

	June 30, 2013
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	43,511	$	231	$	21,385	$	―		$	65,127
Restricted cash	―		―			25,462	―				25,462
Trade, intercompany and other receivables		1,127,189		13,871		145,690		(1,256,378	)		30,372
Inventories - owned		796,168		895,154		634,168	―				2,325,490
Inventories - not owned		3,537		38,825		37,772	―				80,134
Investments in unconsolidated joint ventures		75		672		56,739	―				57,486
Investments in subsidiaries		742,671	―		―			(742,671	)	―
Deferred income taxes, net		432,669	―		―			148			432,817
Other assets		39,805		4,213		2,801	―				46,819
Total Homebuilding Assets		3,185,625		952,966		924,017		(1,998,901	)		3,063,707
Financial Services:
Cash and equivalents	―		―			15,509	―				15,509
Restricted cash	―		―			1,795	―				1,795
Mortgage loans held for sale, net	―		―			107,580	―				107,580
Mortgage loans held for investment, net	―		―			11,264	―				11,264
Other assets	―		―			7,250		(2,692	)		4,558
Total Financial Services Assets	―		―			143,398		(2,692	)		140,706
Total Assets	$	3,185,625	$	952,966	$	1,067,415	$	(2,001,593	)	$	3,204,413
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	9,992	$	5,828	$	6,246	$	―		$	22,066
Accrued liabilities and intercompany payables		171,005		651,873		500,523		(1,115,056	)		208,345
Secured project debt and other notes payable		135,331	―			5,192		(135,331	)		5,192
Senior notes payable		1,531,829	―		―		―				1,531,829
Total Homebuilding Liabilities		1,848,157		657,701		511,961		(1,250,387	)		1,767,432
Financial Services:
Accounts payable and other liabilities	―		―			11,084		(8,535	)		2,549
Mortgage credit facilities	―		―			96,964	―				96,964
Total Financial Services Liabilities	―		―			108,048		(8,535	)		99,513
Total Liabilities		1,848,157		657,701		620,009		(1,258,922	)		1,866,945
Equity:
Total Stockholders' Equity		1,337,468		295,265		447,406		(742,671	)		1,337,468
Total Liabilities and Equity	$	3,185,625	$	952,966	$	1,067,415	$	(2,001,593	)	$	3,204,413

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2012
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	154,722	$	114	$	185,072	$	―		$	339,908
Restricted cash	―		―			26,900	―				26,900
Trade, intercompany and other receivables		845,549		4,219		19,981		(859,025	)		10,724
Inventories - owned		759,553		766,188		445,677	―				1,971,418
Inventories - not owned		4,495		36,991		29,809	―				71,295
Investments in unconsolidated joint ventures		1,649		622		50,172	―				52,443
Investments in subsidiaries		717,205	―		―			(717,205	)	―
Deferred income taxes, net		455,224	―		―			148			455,372
Other assets		37,817		3,267		834	―				41,918
Total Homebuilding Assets		2,976,214		811,401		758,445		(1,576,082	)		2,969,978
Financial Services:
Cash and equivalents	―		―			6,647	―				6,647
Restricted cash	―		―			2,420	―				2,420
Mortgage loans held for sale, net	―		―			119,549	―				119,549
Mortgage loans held for investment, net	―		―			9,923	―				9,923
Other assets	―		―			7,249		(2,692	)		4,557
Total Financial Services Assets	―		―			145,788		(2,692	)		143,096
Total Assets	$	2,976,214	$	811,401	$	904,233	$	(1,578,774	)	$	3,113,074
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	8,038	$	10,537	$	3,871	$	―		$	22,446
Accrued liabilities and intercompany payables		175,054		519,139		343,485		(839,534	)		198,144
Secured project debt and other notes payable		6,804	―			4,712	―				11,516
Senior notes payable		1,530,502	―		―		―				1,530,502
Total Homebuilding Liabilities		1,720,398		529,676		352,068		(839,534	)		1,762,608
Financial Services:
Accounts payable and other liabilities	―		―			11,026		(8,535	)		2,491
Mortgage credit facilities	―		―			105,659		(13,500	)		92,159
Total Financial Services Liabilities	―		―			116,685		(22,035	)		94,650
Total Liabilities		1,720,398		529,676		468,753		(861,569	)		1,857,258
Equity:
Total Stockholders' Equity		1,255,816		281,725		435,480		(717,205	)		1,255,816
Total Liabilities and Equity	$	2,976,214	$	811,401	$	904,233	$	(1,578,774	)	$	3,113,074

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Six Months Ended June 30, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(131,237	)	$	1,671		$	(19,638	)	$	―		$	(149,204	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(305	)		(43	)		(10,404	)	―				(10,752	)
Distributions of capital from unconsolidated homebuilding joint ventures		―		―				1,569		―				1,569
Net cash paid for acquisitions		(113,793	)	―				―		―				(113,793	)
Loan to parent		―		―				(135,000	)	135,000				―
Other investing activities		(669	)		(1,511	)		(1,698	)	―				(3,878	)
Net cash provided by (used in) investing activities		(114,767	)		(1,554	)		(145,533	)	135,000				(126,854	)
Cash Flows From Financing Activities:
Change in restricted cash	―			―				2,063		―				2,063
Principal payments on secured project debt and other notes payable		(6,804)		―				(413	)		―			(7,217	)
Loan from subsidiary		135,000		―				―			(135,000	)		―
Net proceeds from (payments on) mortgage credit facilities	―			―				4,805		―				4,805
(Contributions to) distributions from Corporate and subsidiaries		(3,891	)	―				3,891		―			―
Payment of issuance costs in connection with preferred shareholder equity transactions		(347	)	―			―			―				(347	)
Proceeds from the exercise of stock options		10,835		―			―			―				10,835
Net cash provided by (used in) financing activities		134,793		―				10,346			(135,000	)		10,139
Net increase (decrease) in cash and equivalents		(111,211	)		117			(154,825	)	―				(265,919	)
Cash and equivalents at beginning of period		154,722			114			191,719		―				346,555
Cash and equivalents at end of period	$	43,511		$	231		$	36,894		$	―		$	80,636

	Six Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(112,860	)	$	405		$	13,737		$	―	$	(98,718	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(1,717	)		(105	)		(6,459	)	―			(8,281	)
Distributions of capital from unconsolidated homebuilding joint ventures		1,206		―				589		―			1,795
Other investing activities		(772	)		(263	)		(370	)	―			(1,405	)
Net cash provided by (used in) investing activities		(1,283	)		(368	)		(6,240	)	―			(7,891	)
Cash Flows From Financing Activities:
Change in restricted cash	―			―				6,237		―			6,237
Principal payments on secured project debt and other notes payable	―			―				(644	)	―			(644	)
Principal payments on senior subordinated notes payable		(9,990	)	―			―			―			(9,990	)
Net proceeds from (payments on) mortgage credit facilities	―			―				(2,381	)	―			(2,381	)
Distributions from (contributions to) Corporate and subsidiaries		73,000		―				(73,000	)	―		―
Proceeds from the exercise of stock options		1,747		―			―			―			1,747
Net cash provided by (used in) financing activities		64,757		―				(69,788	)	―			(5,031	)
Net increase (decrease) in cash and equivalents		(49,386	)		37			(62,291	)	―			(111,640	)
Cash and equivalents at beginning of period		66,757			176			343,589		―			410,522
Cash and equivalents at end of period	$	17,371		$	213		$	281,298		$	―	$	298,882