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Exhibit 99.1
[STANDARD News Release
PACIFIC Standard Pacific Corp.
CORP. LOGO] 15326 Alton Parkway, Irvine, California 92618-2338
Contact: Andrew H. Parnes, Vice President-Finance (949) 789-1616
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FOR IMMEDIATE RELEASE ON FRIDAY, AUGUST 25, 2000
STANDARD PACIFIC CORP. COMPLETES ACQUISITION OF THE WRITER CORPORATION
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IRVINE, CALIFORNIA, Friday, August 25, 2000.....................................
Standard Pacific Corp. (NYSE symbol "SPF") today announced that it has completed
its acquisition of The Writer Corporation (OTC symbol "WRTC"). At a special
meeting of shareholders held today, Writer shareholders approved the merger
transaction, in which Writer was merged into a wholly owned subsidiary of
Standard Pacific. Writer is a longtime homebuilder in the Denver metropolitan
area, and more recently has expanded its operations into the emerging Ft.
Collins/Northern Colorado market. For the year ended December 31, 1999, Writer
had revenues of $82 million and delivered 383 homes.
The purchase price paid by Standard Pacific for each share of Writer common
stock was $3.35 in cash, or .2481 shares of Standard Pacific common stock, or a
combination of the two, for a total merger consideration of approximately $27.9
million (based on the most recent closing price of Standard Pacific common
stock), plus the repayment of approximately $37.5 million of outstanding Writer
indebtedness.
Standard Pacific, one of the nation's largest homebuilders, has built homes for
more than 40,000 families during its 34-year history. Standard Pacific focuses
its efforts on constructing move-up homes within a wide range of price and size
with homes generally selling for $150,000 to over $1 million. Standard Pacific
operates in some of the strongest housing markets in the country with operations
throughout the major metropolitan areas in California, Texas, Arizona and, with
the completion of the Writer acquisition, Colorado. Standard Pacific also
provides mortgage financing and title services to its homebuyers through its
subsidiaries, Family Lending Services, SPH Mortgage, WRT Financial and SPH
Title.
