EX-99.1 3 e16548ex99-1.txt PRESS RELEASE Exhibit 99.1 TO BUSINESS AND REAL ESTATE EDITORS: Standard Pacific Corp. Reports Record 2003 Fourth Quarter New Home Orders, Up 35% Year-Over-Year, and Expects to Exceed Upper End of Fourth Quarter Earnings' Guidance IRVINE, Calif., Jan. 7 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE: SPF) announced today preliminary new home orders for the three-month period and fiscal year ended December 31, 2003, the highest for any fourth quarter and year in the Company's history. The Company ended the year with strong December orders, up 62% year-over-year. In addition, the Company expects to exceed the upper end of its fourth quarter earnings' guidance of $1.95 to $2.05 per share. The Company's fourth quarter earnings will reflect the Company's decision to begin to expense the cost of stock option grants on a prospective basis effective with options granted during fiscal year 2003. The Company also expects to exceed the 2,575 new home deliveries, including 200 joint venture deliveries, reflected in its 2003 fourth quarter earnings' guidance and the 8,100 new home deliveries, including 600 joint venture deliveries, reflected in its 2003 full year earnings' guidance. Preliminary Average Number of New Home Orders Active Selling Communities October - December October - December 2003 2002 2003 2002 Southern California 571 546 24 31 Northern California 313 91 24 15 Total California 884 637 48 46 Florida 739 404 43 24 Arizona 266 286 16 20 Carolinas 93 106 9 9 Texas 93 115 18 25 Colorado 92 62 13 12 Total Company 2,167 1,610 147 136 New home orders for the Company's 2003 fourth quarter continue to be strong in the Company's three largest markets -- California, Florida and Arizona. In Southern California orders were up 5% year-over-year despite a 23% decline in the number of active selling communities due to rapid project sellouts. In Northern California new home orders were up 244% on a 60% increase in active selling communities and reflect improving housing market conditions in the Bay area as well as the success of many of the Company's newer projects in well-located, more affordable sub markets. In Florida, orders were up 83% on a 79% higher community count and reflect healthy market conditions in all of the Company's operating divisions. The total for the 2003 fourth quarter also includes 40 orders from Coppenbarger Homes in Jacksonville, which was acquired on October 29, 2003. While our orders were off 7% in Arizona for the fourth quarter, our community count was down 20% year-over-year, resulting in a 16% increase on a same store basis. Orders for the full year in Arizona were up 18% on a flat community count, reflecting strong housing market conditions in Phoenix. The Company's cancellation rate for the 2003 fourth quarter was 19% compared to 22% for the year earlier period. The Company's orders for the 2003 fourth quarter include 111 homes from 7 joint venture communities, compared to 136 homes from 10 joint venture communities in the 2002 fourth quarter. Preliminary Average Number of New Home Orders Active Selling Communities Year Ended December 31 Year Ended December 31 2003 2002 2003 2002 Southern California 2,312 2,478 25 30 Northern California 1,132 763 20 15 Total California 3,444 3,241 45 45 Florida 2,676 1,115 33 13 Arizona 1,740 1,473 20 20 Carolinas 522 177 9 4 Texas 459 519 19 25 Colorado 350 287 12 11 Total Company 9,191 6,812 138 118 The Company's cancellation rate for the 2003 fiscal year was 18% compared to 20% for the 2002 fiscal year. The Company's orders for the 2003 fiscal year include 579 homes from 9 joint venture communities, compared to 583 homes from 9 joint venture communities the year earlier. Standard Pacific, one of the nation's largest homebuilders, has built homes for more than 61,000 families during its 38-year history. The Company constructs homes within a wide range of price and size targeting a broad range of homebuyers. Standard Pacific operates in some of the strongest housing markets in the country with operations in major metropolitan areas in California, Texas, Arizona, Colorado, Florida and the Carolinas. The Company provides mortgage financing and title services to its homebuyers through its subsidiaries and joint ventures, Family Lending Services, SPH Mortgage, WRT Financial, Westfield 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: www.standardpacifichomes.com . This news release contains forward-looking statements. These statements include but are not limited to statements regarding orders and expected earnings and new home deliveries. 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 and interest rates. 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. SOURCE Standard Pacific Corp. -0- 01/07/2004 /CONTACT: Andrew H. Parnes, Senior Vice President of Standard Pacific Corp., +1-949-789-1616/ /Web site: http://www.standardpacifichomes.com / (SPF) CO: Standard Pacific Corp.; Coppenbarger Homes ST: California, Arizona, Florida IN: CST RLT FIN SU: SLS