3. Standard Pacific Group is a geographically diversified builder of single-family homes with operations in markets like California, Florida, Arizona and Texas.
Excluding previously capitalized interest costs and inventory impairment charges, gross margin from home sales for 2011 second quarter was 27.9%, vs. 27.5% in the corresponding period prior year.
Selling communities grew to 157 from 127 in the second quarter of 2010. The company was able to increase communities during this period with no appreciable rise in overhead costs. The company intends to open more than 20 new communities by the year end.For the 2011 second quarter, revenue from home sales was $204 million compared to $143.7 million in the prior quarter. Net loss improved to $10.5 million from $14.8 million in the prior quarter. The company holds $507 million in cash with $122 million in operating cash flows. Based on analystsâ¿¿ consensus estimate, the stock is expected to appreciate 59% over the next year.
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