National Builder Standard Pacific Posts 120M Loss

International Business Times reports that:

Standard Pacific, a large publicly traded builder, posted $120 million quarterly loss. Some analysts have suggested they may be heading toward bankruptcy. The company's debt load, coupled with the troubled housing market has worried most analysts. Revenue from homebuilding declined to $675.5 million from its year-ago total of $834.1 million, while gross margins on home sales plummeted to 0.9% from 19.2%. New home deliveries also fell 25% during the 3 month period.

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.

Revenue from homebuilding declined to $675.5 million from its year-ago total of $834.1 million, while gross margins on home sales plummeted to 0.9% from 19.2%. New home deliveries fell 25% during the 3-month period.....MORE

http://www.ibtimes.com/articles/20071026/standard-pacific-takes-quarterly-loss-on-impairment-charges.htm

Posted on November 03, 2007 17:39:36 by Blog Author