Standard Pacific Corp

Standard Pacific Corp. said it swung to a fourth-quarter loss due to sinking demand in major housing markets nationwide that led to massive asset impairment charges and land deposit write-offs. Quarterly losses totaled $98.4 million, or $1.53 a share, compared with net income of $154.9 million, or $2.22, a year earlier. The latest quarter includes impairment and write-off charges of $2.73 a share.

Shares of Irvine-based Standard Pacific Corp. tumbled 13% on Monday on speculation that the home builder's access to credit might be reduced. Standard Pacific had said in a regulatory filing Thursday that it was in compliance with the financial requirements of its loans through the first half of 2007. But it warned that it might violate such covenants on some loans should it write down inventory or make additional investments in joint ventures.

Standard Pacific Corp., a builder of homes in eight states including California and Texas, is in talks with lenders to amend its credit agreements. Banc of America Securities and JPMorgan Securities Inc. "have indicated their preliminary intent to approve" changes, Irvine-based Standard Pacific said in a regulatory filing. The housing slump is forcing some home builders to ask their banks for better terms to reduce the risk that they may default.

new york -- Normally a company might complain when speculators drive down its stock price. But home builder Standard Pacific Corp., underscoring the housing industry's woes, is helping investors place bets against its own shares. In a deal that's so counterintuitive it almost sounds illegal -- though experts say it isn't -- the Irvine-based company said Monday that it was selling $100 million in bonds that can be converted into its stock.

Standard Pacific Corp., the worst-performing U.S. home builder stock in the last year, on Thursday reported a third-quarter net loss after writing down the value of its land. The net loss totaled $119.7 million, or $1.85 a share, compared with net income of $31 million, or 47 cents, a year earlier. Revenue fell 19% to $675.5 million. The Irvine company said new-home sales in the U.S. dropped 23% in September from a year earlier as banks including Countrywide Financial Corp.

Standard Pacific Corp. has suspended sales of a downtown Los Angeles condominium complex and is letting buyers get their deposits back, citing construction delays by the project's builder. The project, called Axis at Union Station, is one of the Irvine-based home builder's first forays into urban housing. The complex has been touted as a prime example of so-called transit-oriented development because of its location next to a transportation hub.

Suburban home builder Standard Pacific Corp. has opted out of an agreement to buy a major Los Angeles condominium project, another sign that downtown's once-sizzling condo market might be losing steam. The condo development, adjacent to Union Station, was behind schedule and was having trouble attracting buyers for the units priced in the $600,000 range. Instead of being sold as condos, the 272 units will be leased as apartments beginning today by the project's owner, Lincoln Property Co.

Irvine-based home builder Standard Pacific Corp. raised its guidance for 2005 after reporting that its earnings in the fourth quarter rose 74% on higher margins. The Irvine company reported net income of $139 million, or $4.01 a share, compared with $79 million, or $2.33, a year earlier. Revenue rose 46% to a record $1.2 billion. The builder also reported a record number of new-home orders for the period ended Dec. 31 of 2,486. Standard Pacific now expects to earn $10.

Standard Pacific Corp., an Irvine-based home builder whose operating profit rose more than 50% last year, awarded its top executive $12.5 million in compensation in 2004, a 50% increase, according to a government filing Wednesday. Chairman and Chief Executive Stephen Scarborough earned an $11.5-million bonus on top of a salary of $956,000, according to the company's proxy filing with the Securities and Exchange Commission. That was considerably higher than the $8.

Irvine-based home builder Standard Pacific Corp. said it signed a letter of intent to buy Bakersfield-based builder Advantage Homes. If completed, the acquisition would be Standard Pacific's second purchase of a Bakersfield builder this year. In March, the company acquired Probuilt Homes' local operations. Terms of the Advantage deal were not disclosed. Standard Pacific is following other large builders into the Central Valley.