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Standard Pacific posts record earnings

Cancellation rate rises compared to Q1 '05

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Home builder Standard Pacific Corp. announced net income of $94.76 million for the first quarter of 2006, up 15.4 percent from $82.12 million in first-quarter 2005, with earnings up 17 percent to a record $1.38 per share. "This is on top of a 95 percent increase in earnings per share in last year's first quarter," said Stephen J. Scarborough, chairman and CEO. The company reported a record 2,473 new-home deliveries in the first quarter, up 5 percent from the same quarter last year. Home-building revenues were up 5 percent to a record $879 million compared to first-quarter 2005. Earnings before interest, taxes, depreciation, and amortization was $196 million for home-building operations in the first quarter, up 35 percent over first-quarter 2005. The backlog, valued at $2.4 billion, was up 6 percent year over year. Home-building pretax income for the 2006 first quarter increased to $152.6 million from $130.9 million in the year-earlier period. The increase in pretax income was driven ...