Standard Pacific Corp. officials blamed declining home prices and increased sales incentives, in part, for $192.3 million in pretax impairment charges that contributed to a $216.4 million net loss for the quarter. The quarterly loss reported today, which amounted to a loss per share of $3.34, compares with a net loss of $40.8 million in first-quarter 2007 and a loss per share of 63 cents for that quarter. Revenues totaled $348.2 million in the first quarter, down 46.5 percent compared with revenues of $651.1 million in first-quarter 2007. Other major public builders have continued to take hits in earnings, too -- builder D.R. Horton Inc. reported a $1.3 billion quarterly net loss for the quarter ended March 31, for example, compared with net income of $51.7 million for the same ...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.