<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from N/A to
------------- -------------
Commission file number 1-10959
STANDARD PACIFIC CORP.
(Exact name of registrant as specified in its charter)
Delaware 33-0475989
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1565 W. MacArthur Blvd., Costa Mesa, CA 92626
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) (714) 668-4300
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No .
--------- ---------
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes No .
--------- ---------
APPLICABLE ONLY TO CORPORATE ISSUERS
Registrant's shares of common stock outstanding at May 1, 1996: 30,060,281
<PAGE>
STANDARD PACIFIC CORP. AND SUBSIDIARIES
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 1996
The consolidated condensed financial statements included herein have been
prepared by the Company, without audit, pursuant to the rules and regulations of
the Securities and Exchange Commission. Certain information normally included in
the financial statements prepared in accordance with generally accepted
accounting principles has been omitted pursuant to such rules and regulations,
although the Company believes that the disclosures are adequate to make the
information presented not misleading. The financial statements should be read in
conjunction with the financial statements and notes thereto included in the
Company's Annual Report on Form 10-K for the year ended December 31, 1995.
<PAGE>
STANDARD PACIFIC CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Dollars in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
------- -------
<S> <C> <C>
HOMEBUILDING AND CORPORATE:
Revenues $61,584 $66,352
Cost of sales 58,043 62,134
------- -------
Gross margin 3,541 4,218
------- -------
General and administrative expense 3,041 3,023
Income from unconsolidated joint venture 1,713 832
Interest expense 1,656 --
Other income 158 132
------- -------
Homebuilding and corporate pretax income 715 2,159
------- -------
MANUFACTURING:
Revenues 3,997 4,146
Cost of sales 2,601 2,677
------- -------
Gross margin 1,396 1,469
------- -------
Selling, general and administrative expense 1,208 1,385
Other income 50 44
------- -------
Manufacturing pretax income 238 128
------- -------
SAVINGS AND LOAN:
Interest income 5,312 6,835
Interest expense 4,814 6,108
------- -------
Net interest margin 498 727
------- -------
Provision for loan losses -- 50
General and administrative expense 570 765
(Loss) on sale of investments and
adjustment for lower of cost or market
on loans available for sale -- (156)
Other income (expense) 76 (160)
------- -------
Savings and loan pretax income (loss) 4 (404)
------- -------
CONSOLIDATED INCOME BEFORE TAXES 957 1,883
PROVISION FOR INCOME TAXES (384) (782)
------- -------
NET INCOME $ 573 $ 1,101
======= =======
NET INCOME PER SHARE $ .02 $ .04
======= =======
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
<PAGE>
STANDARD PACIFIC CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
ASSETS
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1996 1995
----------- ------------
<S> <C> <C>
HOMEBUILDING, CORPORATE
AND MANUFACTURING:
Cash and equivalents $ 3,557 $ 895
Investment securities held to maturity 6,069 5,410
Mortgage notes receivable and accrued
interest 3,077 3,203
Other notes and accounts receivable, net 10,565 8,821
Inventories:
Real estate in process of development
and completed model homes 361,532 354,290
Real estate held for sale 11,894 13,386
Manufacturing 1,433 1,332
Property and equipment, at cost, net of
accumulated depreciation of $6,004
in 1996 and $5,875 in 1995 6,165 6,263
Investment in and advances to unconsolidated
joint ventures 5,722 4,460
Deferred income taxes 16,005 17,605
Deferred charges and other assets 7,192 6,859
----------- ------------
Total assets - homebuilding, corporate
and manufacturing 433,211 422,524
----------- ------------
SAVINGS AND LOAN:
Cash and equivalents 11,060 36,702
Investment securities available for sale 33,493 28,635
Mortgage notes receivable and accrued
interest, net 253,264 269,128
Property and equipment, at cost, net 238 266
Real estate acquired in settlement of loans, net 3,042 2,704
Deferred income taxes 3,787 3,825
Investment in FHLB stock 7,614 7,500
Other assets 1,678 1,894
----------- ------------
Total assets - savings and loan 314,176 350,654
----------- ------------
TOTAL ASSETS $747,387 $773,178
=========== ============
</TABLE>
The accompanying notes are an integral part of these consolidated balance
sheets.
<PAGE>
STANDARD PACIFIC CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
[CAPTION]
<TABLE>
March 31, December 31,
1996 1995
------------ ------------
<S> <C> <C>
HOMEBUILDING, CORPORATE
AND MANUFACTURING:
Unsecured notes payable $ 66,500 $ 48,500
Trust deed notes payable 12,626 14,854
Accounts payable and accrued expenses 20,784 24,547
10 1/2 percent senior notes due 2000 100,000 100,000
---------- -----------
Total liabilities - homebuilding, corporate
and manufacturing 199,910 187,901
---------- -----------
SAVINGS AND LOAN:
Savings accounts 150,764 157,542
FHLB advances 136,000 150,000
Securities sold subject to agreements
to repurchase -- 15,016
Accounts payable and accrued expenses 3,144 4,873
---------- -----------
Total liabilities - savings and loan 289,908 327,431
---------- -----------
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; 10,000,000
shares authorized; none issued -- --
Common stock, $.01 par value; 100,000,000
shares authorized; 30,060,281 and
30,060,281 shares outstanding in 1996
and 1995, respectively 301 301
Paid-in capital 285,655 285,655
Investment securities valuation adjustment (28) (80)
Retained deficit (28,359) (28,030)
---------- -----------
Total stockholders' equity 257,569 257,846
---------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 747,387 $ 773,178
========== ===========
</TABLE>
The accompanying notes are integral part of these consolidated balance sheets.
<PAGE>
STANDARD PACIFIC CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
-------- -------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 573 $ 1,101
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 161 122
Amortization of deferred income and discounts 17 128
Net (gain) loss on sale of investments, loans
and REO (91) 34
Provision for loan losses -- 50
Changes in cash and equivalents due to:
Inventories (5,851) 15,643
Receivables and accrued interest (1,538) 4,432
Investments in and advances to joint ventures (1,262) (1,937)
Accounts payable and accrued expenses (5,493) (13,341)
Deferred income taxes 1,675 550
Other, net (230) 509
-------- --------
Net cash provided by (used in) operating activities $(12,039) $ 7,291
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of investments and
principal repayments $ 6,147 $ 8,865
Net sales of real estate owned 993 376
Net (additions to) retirements from property
and equipment (36) (44)
Purchases of investment securities (11,622) (1,032)
New loan fundings and loan purchases -- (8,136)
Loan sales and principal repayments from loans 14,500 14,674
-------- --------
Net cash provided by (used in) investing activities $ 9,982 $ 14,703
-------- --------
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
<PAGE>
STANDARD PACIFIC CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
-------- --------
<S> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from (payments on) bank lines of
credit and term loans $ 18,000 $ 250
Proceeds from deposits to savings accounts 74,651 98,246
Payments on savings account withdrawals (83,090) (91,007)
Interest credited to savings accounts 1,661 957
Principal payments on FHLB advances (14,000) (28,000)
Proceeds from FHLB advances -- 30,000
Principal payments on bonds, notes and trust deed
notes payable (2,227) (4,394)
Dividends paid (902) (919)
Net change in securities sold subject to
agreements to repurchase (15,016) (26,257)
-------- --------
Net cash provided by (used in) financing
activities $(20,923) $(21,124)
-------- --------
Net increase (decrease) in cash and equivalents $(22,980) $ 870
Cash and equivalents at beginning of period 37,597 16,504
-------- --------
Cash and equivalents at end of period $ 14,617 $ 17,374
======== ========
SUMMARY OF CASH BALANCES:
Homebuilding and manufacturing $ 3,557 $ 3,343
Savings and loan 11,060 14,031
-------- --------
$ 14,617 $ 17,374
======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
Noncash transactions:
Loans receivable foreclosed on, net 1,239 --
Cash paid during the period for:
Interest, all entities 9,793 10,944
Income taxes 921 5
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
<PAGE>
STANDARD PACIFIC CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
MARCH 31, 1996
(Dollar amounts presented in tables are in thousands)
1. Basis of presentation
---------------------
In the opinion of management, the financial statements reflect all adjustments
(which include only normal recurring adjustments) necessary to present fairly
the financial position as of March 31, 1996 and December 31, 1995, and the
results of operations and cash flows for the periods shown.
2. Capitalization of interest
--------------------------
The following is a summary of interest capitalized and expensed related to real
estate inventories for the three-month periods ended March 31, 1996 and 1995:
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------
<S> <C> <C>
1996 1995
------------ ------------
Total interest incurred during the
period $4,839 $4,837
Less-interest capitalized as a cost of
real estate inventories 3,183 4,837
------------ ------------
Net interest expensed $1,656 $ 0
============ ============
Interest previously capitalized as a
cost of real estate inventories,
included in cost of sales $3,078 $7,314
============ ============
</TABLE>
3. Reclassifications
-----------------
Certain reclassifications to 1995 financial information have been made to
conform to current period presentation.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
DISCUSSION OF OPERATIONS BY SEGMENT
- - -----------------------------------
RESIDENTIAL HOUSING AND CORPORATE SEGMENT
A comparative summary of operating results for residential housing and corporate
operations for the three-month periods ended March 31, 1996 and 1995 is as
follows (dollar amounts in thousands):
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31,
-----------------------------
1996 1995
----------- -----------
<S> <C> <C>
Revenues $ 61,584 $ 66,352
Cost of sales 58,043 62,134
----------- -----------
Gross margin 3,541 4,218
----------- -----------
Gross margin percentage 5.8% 6.4%
General and administrative
expense 3,041 3,023
Income from unconsolidated
joint venture 1,713 832
Interest expense 1,656 -
Other income 158 132
----------- -----------
Homebuilding and corporate
pretax income $ 715 $ 2,159
=========== ===========
</TABLE>
A summary of residential housing key operating data for the three-month
periods ended March 31, 1996 and 1995 is as follows:
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31,
------------------------------
1996 1995
----------- -----------
<S> <C> <C>
New homes delivered
California 158 163
Texas 72 57
Joint Venture 59 24
----------- -----------
Total 289 244
----------- -----------
Average selling price - excluding
joint venture $261,000 $299,000
Average selling price - including
joint venture $248,000 $296,000
Net new orders 536 327
Backlog at quarter-end 571 354
</TABLE>
<PAGE>
During the quarter ended March 31, 1996, the Company delivered 289 new homes
(including 59 homes delivered by the Company's unconsolidated joint venture) at
an average selling price of $248,000 compared to 244 new homes (including 24
homes delivered by the Company's unconsolidated joint venture) at an average
selling price of $296,000 for the 1995 first quarter.
Because of the significance of the joint venture operations, the following
selected operating information has been adjusted on a proforma basis to include
the operating results of the Company's unconsolidated joint venture for the
three months ended March 31, 1996 and 1995 (dollar amounts in thousands).
Discussions of variations and trends in revenues, cost of sales and gross
margins have been made utilizing a comparison of the "As Adjusted" amounts.
<TABLE>
<CAPTION>
Three Months Ended March 31, 1996 Three Months Ended March 31, 1995
----------------------------------- ---------------------------------
As Reported As Adjusted (1) As Reported As Adjusted (1)
--------------- ----------------- ------------- -----------------
<S> <C> <C> <C> <C>
Revenues $61,584 $73,259 $66,352 $72,619
Cost of sales 58,043 68,005 62,134 67,569
--------------- ----------------- ------------- -----------------
Gross margin $ 3,541 $ 5,254 $ 4,218 $ 5,050
=============== ================= ============= =================
Gross margin
percentage 5.8% 7.2% 6.4% 7.0%
</TABLE>
- - ---------------
(1) Joint venture revenues for the three month periods ended March 31, 1996 and
1995 amounted to $11.7 million and $6.3 million, respectively.
Residential housing sales for the quarter ended March 31, 1996 increased by
approximately 0.9 percent from the comparable prior year period, while cost of
sales attributed to residential housing increased by approximately 0.7 percent
over the same period. The increase in residential housing sales of
approximately $640,000 over the 1995 first quarter resulted primarily from an
increase of $13.3 million due to an increase in the number of new homes
delivered and an increase of $1.1 million due to higher revenues from sales of
improved lots partially offset by a decrease of $13.8 million attributable to a
16.1 percent lower average selling price of homes delivered. The decrease in the
average selling price of homes delivered was primarily due to increased
deliveries of homes in the $150,000 to $300,000 price range in the Company's
California markets. The Company expects its average selling price in the
foreseeable future to fluctuate in approximately the $225,000 to $275,000 range.
Residential housing cost of sales for the quarter ended March 31, 1996 increased
by approximately $436,000 over the 1995 first quarter primarily as a result of
an increase of $12.4 million due to an increase in the number of homes delivered
and an increase of $1.1 million due to higher expenses associated with increased
sales of improved lots partially offset by a decrease of $13.1 million
attributable to a decrease in the average cost of new homes delivered.
<PAGE>
Income from the unconsolidated joint venture increased from $832,000 in the
first quarter of 1995 to $1.7 million in the first quarter of 1996. The joint
venture delivered 24 new homes in the first three months of 1995 versus 59 homes
during the 1996 first quarter. It is expected that deliveries from this joint
venture, and the Company's share of its results of operations, will decrease in
1996 as the venture delivers its lower priced product and nears the end of its
inventory of lots.
The Company's net new orders for the first quarter of 1996 were 64 percent
higher than the comparable prior year period. The higher order level and
backlog can be partially attributed to the unusually heavy rains in California
in the first quarter of 1995. The increased order level is also due to the
addition of new projects in the Company's northern California market and an
improving economic climate in other parts of California.
Inventory Financing Sources
- - ---------------------------
Sources of financing for the Company's real estate inventories at March 31, 1996
were: purchase money secured notes 3%; unsecured debt 45% and equity 52%.
MANUFACTURING SEGMENT
A summary of operations for the manufacturing segment for the three-month
periods ended March 31, 1996 and 1995 is as follows (dollar amounts in
thousands):
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31,
----------------------------
1996 1995
----------- -----------
<S> <C> <C>
Net product sales $3,997 $4,146
Cost of sales 2,601 2,677
----------- -----------
Gross margin 1,396 1,469
----------- -----------
Gross margin percentage 34.9% 35.4%
General and administrative
expense 1,208 1,385
Other income (1) 115 95
----------- -----------
Manufacturing pretax income $ 303 $ 179
=========== ===========
</TABLE>
_________________________________
(1) Includes intersegment income of $65,000 and $51,000 for the three months
ended March 31, 1996 and 1995, respectively. These intersegment transactions
are eliminated in consolidation with no effect on consolidated earnings.
Net product sales for the quarter ended March 31, 1996 were slightly below the
prior year first quarter. However, total bookings for the first quarter were 22
percent higher than the first quarter of 1995. The order backlog, which
amounted to $1.9 million at March 31, 1996, was at the highest level since March
31, 1992.
<PAGE>
SAVINGS AND LOAN SEGMENT ("SAVINGS")
The following is a summary of operations of Savings for the three-month periods
ended March 31, 1996 and 1995 (dollar amounts in thousands):
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31,
----------------------------
1996 1995
----------- -----------
<S> <C> <C>
Interest income $5,312 $6,835
Interest expense 4,814 6,108
----------- -----------
Net interest margin 498 727
----------- -----------
Provision for loan losses - 50
General and administrative
expense 570 765
(Loss) gain on sale of investments
and adjustment for lower
of cost or market on loans
available for sale - (156)
Other income (expense) 76 (160)
----------- -----------
Income (loss) before taxes 4 (404)
Provision (credit) for income taxes 2 (169)
----------- -----------
Net income (loss) $ 2 $ (235)
=========== ===========
</TABLE>
- - -----------------------------------
Savings' operating results for the quarter ended March 31, 1996 improved from
the prior year first quarter principally as a result of (1) the absence, in
1996, of losses on the sale of investments or adjustments for lower of cost or
market on loans available for sale compared to a net loss of $156,000 for the
same period in 1995, (2) a reduction in general and administrative expenses, and
(3) an improvement of $236,000 in other income (expense) between quarters
primarily as a result of the recognition of losses on the sale of loans in the
1995 first quarter. These positive comparisons were partially offset by a
reduction in the net interest margin due in part to the reducing level of
interest earning assets and liabilities.
Savings' assets were approximately $314.2 million at March 31, 1996, a decrease
of $36.5 million from the December 31, 1995 balance. The decrease in assets was
caused by a decrease in mortgage notes receivable and certain cash and
investment securities which were sold or paid off during the quarter in
accordance with Savings' goal of reducing the level of assets.
<PAGE>
The following table sets forth the weighted average interest rates on interest
earning assets, interest bearing liabilities and the interest rate spread for
the three months ended March 31, 1996 and 1995:
<TABLE>
<CAPTION>
1996 1995
-------- --------
<S> <C> <C>
Weighted Average Rate on:
Interest Earning Assets 6.67% 6.55%
Interest Bearing Liabilities 6.36 6.26
-------- --------
Interest Rate Spread 0.31% 0.29%
======== ========
</TABLE>
The weighted average interest rate on interest earning assets improved during
the first quarter of 1996 when compared to both the first quarter of 1995 and
the year ended December 31, 1995. This improvement is primarily a result of
upward repricing on certain adjustable rate mortgages which began in the fourth
quarter of 1995. The higher weighted average rate on interest earning assets
was partially offset by an increase in the weighted average rate on interest
bearing liabilities. The higher average cost of funds resulted from general
increases in interest rates experienced towards the end of 1995 and into 1996.
Congress still has pending proposed legislation to recapitalize the Federal
Deposit Insurance Corporation's (FDIC) Savings Association Insurance Fund
(SAIF). The proposed legislation would require all SAIF insured institutions to
pay a one time special assessment of approximately 0.85 percent of their
outstanding deposits as of March 31, 1995. Savings has estimated that the
amount of their special assessment would approximate $1.7 million. As of March
31, 1996, the Company had not provided for this potential assessment. It is
possible that this estimate could change.
For a more detailed discussion of Savings' operations, reference should be made
to the Company's Annual Report on Form 10-K for the year ended December 31,
1995.
CORPORATE SEGMENT
On April 23, 1996, the Board of Directors declared a quarterly dividend of $.03
per share of common stock. The cash dividend will be payable on May 28, 1996 to
shareholders of record on May 14, 1996.
Financial Condition
- - -------------------
Unsecured notes payable by the Corporate office (excluding the 10-1/2% Senior
Notes due 2000) totaled $66.5 million at March 31, 1996 versus $48.5 million at
December 31, 1995. Total commitments available under the Company's revolving
credit facilities aggregated $115 million at March 31, 1996, of which a total of
$85.6 million was unused and available for additional borrowings under the terms
and conditions of the agreements.
<PAGE>
Shelf Registration Statement
- - ----------------------------
In January 1992, the Company filed a shelf registration statement with the
Securities and Exchange Commission which was declared effective in March 1992.
In connection therewith, the Company may, after issuing the $100 million
principal amount of the 10-1/2% Senior Notes in March 1993, issue up to an
additional $100 million of either senior or subordinated debt securities from
time to time, at prices and terms acceptable to the Company.
STATEMENT REGARDING FORWARD LOOKING DISCLOSURE
The foregoing "Management's Discussion and Analysis of Financial Condition and
Results of Operations" contains "forward looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which represent the Company's
expectations or beliefs concerning future events, including, but not limited to,
the following: statements regarding the price range of future homes constructed
by the Company, statements regarding the future home deliveries and income from
the Company's unconsolidated joint venture, statements regarding the
realizability of the manufacturing segment's backlog and statements regarding
proposed legislation to recapitalize the SAIF, and its resultant impact on the
Company. The Company cautions that these statements are further qualified by
important factors that could cause actual results to differ materially from
those in the forward looking statements, including, without limitation, the
following: change in the demand for new homes attributable to the cyclical and
competitive nature of the homebuilding business; uncertainty in or changes in
the continued availability of suitable undeveloped land at reasonable prices;
adverse local market conditions; existing and changing governmental regulations,
including regulations concerning environmental matters and the permitting
process for home construction; increases in prevailing interest rates; the level
of real estate taxes and energy costs; the cost of materials and labor; the
availability of construction financing and home mortgage financing attractive to
the purchasers of homes; and inclement weather and other natural disasters.
Results actually achieved thus may differ materially from expected results
included in these and any other forward looking statements contained herein.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
STANDARD PACIFIC CORP.
(Registrant)
Dated: May 3, 1996 By: /s/ Arthur E. Svendsen
---------------------------------
Arthur E. Svendsen
Chairman of the Board and
Chief Executive Officer
Dated: May 3, 1996 By: /s/ April J. Morris
---------------------------------
April J. Morris
Vice President - Finance
<PAGE>
PART II OTHER INFORMATION
Item 1. Legal proceedings
None
Item 2. Change in Securities
None
Item 3. Default upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
11. Statement of computation of earnings per share.
27. Financial Data Schedule.
(b) Current Reports on Form 8-K
None
<PAGE>
STANDARD PACIFIC CORP. AND SUBSIDIARIES
---------------------------------------
EARNINGS PER SHARE CALCULATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
--------------------------------------------------
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Primary Earnings Per Share
and Equivalent Share:
Income before Taxes.............. $ 957,000 $ 1,883,000
Provision for Income Taxes....... 384,000 782,000
----------- -----------
Net Income........................ $ 573,000 $ 1,101,000
=========== ===========
Shares and Equivalent Shares:
Average Shares Outstanding...... 30,060,281 30,621,931
Equivalent Shares............... 3,951 1,800
----------- -----------
Total.......................... 30,064,232 30,623,731
=========== ===========
Primary Earnings Per Share........ $ 0.02 $ 0.04
=========== ===========
Fully-diluted Earnings Per Share
and Equivalent Share
Net Income........................ $ 573,000 $ 1,101,000
=========== ===========
Shares and Equivalent Shares:
Average Shares Outstanding...... 30,060,281 30,621,931
Equivalent Shares............... 11,977 2,308
----------- -----------
Total.......................... 30,072,258 30,624,239
=========== ===========
Fully-Diluted Earnings Per
Share........................... $ 0.02 $ 0.04
=========== ===========
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MAR-31-1996
10Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 14,617
<SECURITIES> 39,562
<RECEIVABLES> 269,684
<ALLOWANCES> 2,778
<INVENTORY> 374,859
<CURRENT-ASSETS> 0<F1>
<PP&E> 13,416
<DEPRECIATION> 7,013
<TOTAL-ASSETS> 747,387
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 100,000
0
0
<COMMON> 301
<OTHER-SE> 257,268
<TOTAL-LIABILITY-AND-EQUITY> 747,387
<SALES> 65,581
<TOTAL-REVENUES> 70,893
<CGS> 60,644
<TOTAL-COSTS> 70,277
<OTHER-EXPENSES> (1,997)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,656
<INCOME-PRETAX> 957
<INCOME-TAX> 384
<INCOME-CONTINUING> 573
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 573
<EPS-PRIMARY> .02
<EPS-DILUTED> .02
<FN>
<F1>Amounts for current assets and current liabilities are not shown since balance
sheet is presented in nonclassified format.
</FN>
</TABLE>
