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Standard Pacific Reports 24% Drop in Profits

January 24, 2002

Irvine-based home builder Standard Pacific Corp. reported that net income for the fourth quarter declined 24% below record results a year ago.

Net income totaled $31.3 million, or $1.04 a share, down from $41 million, or $1.34 a share, for the same period last year. Revenue dropped 14% to $431 million.

Analysts surveyed by Thomson Financial/First Call expected earnings of 97 cents a share.

Standard Pacific said it expects 2002 earnings will be in the range of $3 a share, assuming the U.S. economy recovers during the year.

The stock climbed 38 cents a share to $24.10 on the NYSE.

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Other Orange County companies reporting earnings were:

* Westcorp, the Irvine financial-services holding company whose principal subsidiaries are WFS Financial Inc. and Western Financial Bank, reported net income of $12.9 million, or 36 cents a share, for the fourth quarter, 32% lower than the $19 million, or 59 cents a share, for the period a year ago. Revenue rose 28% to $150 million. WFS Financial said net income for its fourth quarter totaled $14 million, or 40 cents a share, down 23% from the $18.2 million, or 64 cents a share, recorded for the previous-year period. Revenue rose 29% to $124.3 million.

* Health Care Property Investors Inc., a Newport Beach health-care real estate investment trust, said net income for the fourth quarter totaled $29.9 million, or 53 cents a share, down 3% from $30.7 million, or 60 cents a share, for the year-earlier quarter. Revenue rose 2% to $85.5 million.

* Nationwide Health Properties Inc., a Newport Beach real estate trust that invests in health-care facilities, posted fourth-quarter net income of $13.7 million, or 29 cents a share, a decline of 13% from $15.7 million, or 34 cents a share, for the 2000 fourth quarter. Revenue fell 4% to $41 million.

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