Industry News

Standard Pacific reports $120 million quarterly loss

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Standard Pacific Corp. (NYSE:SPF), a home-building company that some analysts have suggested may be heading toward bankruptcy, on Thursday reported a net loss of $119.7 million in the third quarter, or $1.85 per share. The company's debt load, coupled with the troubled housing market has worried some analysts, and the company's quarterly earnings did not meet Wall Street expectations -- some analysts were expecting the company to post a loss of about $1.54 per share for the quarter, according to an average of analyst expectations gathered by Thomson Financial Network. Several other public builders also reported major quarterly losses this week. CreditSights analysts Frank Lee and Sarah Rowin have speculated that Standard Pacific could be first among the large public builders to file for Chapter 11 bankruptcy protection, reported this week. Mike Shedlock, a registered investment advisor for SitkaPacific Capital Management, suggested in a September article at the...