Note 21 - Supplemental Guarantor Information

6 Months Ended

Jun. 30, 2012

Supplemental Guarantor Information [Text Block]

21.       Supplemental Guarantor Information

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior and senior subordinated notes payable.  The guarantees are full and unconditional and joint and several.  Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	113,416		$	141,476		$	19,980		$	―		$	274,872
Cost of sales		(88,545	)		(113,620	)		(16,421	)		―			(218,586	)
Gross margin		24,871			27,856			3,559			―			56,286
Selling, general and administrative expenses		(19,145	)		(20,533	)		(2,274	)		―			(41,952	)
Loss from unconsolidated joint ventures		(276	)		(91	)		(779	)		―			(1,146	)
Equity income (loss) of subsidiaries		2,867			―			―			(2,867	)		―
Interest expense		4,383			(4,343	)		(1,657	)		―			(1,617	)
Other income (expense)		(205	)		251			261			―			307
Homebuilding pretax income (loss)		12,495			3,140			(890	)		(2,867	)		11,878
Financial Services:
Financial services pretax income (loss)		(84	)		84			2,574			―			2,574
Income (loss) before income taxes		12,411			3,224			1,684			(2,867	)		14,452
(Provision) benefit for income taxes		1,852			(1,225	)		(816	)		―			(189	)
Net income (loss)	$	14,263		$	1,999		$	868		$	(2,867	)	$	14,263

	Three Months Ended June 30, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	82,010		$	110,863		$	11,472		$	―	$	204,345
Cost of sales		(66,305	)		(93,676	)		(9,566	)		―		(169,547	)
Gross margin		15,705			17,187			1,906			―		34,798
Selling, general and administrative expenses		(20,145	)		(17,309	)		(989	)		―		(38,443	)
Income (loss) from unconsolidated joint ventures		92			(10	)		(461	)		―		(379	)
Equity income (loss) of subsidiaries		(3,296	)		―			―			3,296		―
Interest expense		(1,779	)		(5,151	)		(514	)		―		(7,444	)
Other income (expense)		477			52			448			―		977
Homebuilding pretax income (loss)		(8,946	)		(5,231	)		390			3,296		(10,491	)
Financial Services:
Financial services pretax income (loss)		(41	)		41			147			―		147
Income (loss) before income taxes		(8,987	)		(5,190	)		537			3,296		(10,344	)
(Provision) benefit for income taxes		(1,532	)		1,230			127			―		(175	)
Net income (loss	$	(10,519	)	$	(3,960	)	$	664		$	3,296	$	(10,519	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Six Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	187,671		$	266,365		$	44,538		$	―		$	498,574
Cost of sales		(146,500	)		(213,923	)		(37,124	)		―			(397,547	)
Gross margin		41,171			52,442			7,414			―			101,027
Selling, general and administrative expenses		(36,367	)		(38,522	)		(4,755	)		―			(79,644	)
Loss from unconsolidated joint ventures		(958	)		(119	)		(1,591	)		―			(2,668	)
Equity income (loss) of subsidiaries		4,785			―			―			(4,785	)		―
Interest expense		7,739			(8,584	)		(3,302	)		―			(4,147	)
Other income (expense)		3,808			300			483			―			4,591
Homebuilding pretax income (loss)		20,178			5,517			(1,751	)		(4,785	)		19,159
Financial Services:
Financial services pretax income (loss)		(147	)		147			4,003			―			4,003
Income (loss) before income taxes		20,031			5,664			2,252			(4,785	)		23,162
(Provision) benefit for income taxes		2,755			(1,982	)		(1,149	)		―			(376	)
Net income (loss)	$	22,786		$	3,682		$	1,103		$	(4,785	)	$	22,786

	Six Months Ended June 30, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	144,700		$	185,895		$	17,449		$	―	$	348,044
Cost of sales		(113,408	)		(156,780	)		(13,671	)		―		(283,859	)
Gross margin		31,292			29,115			3,778			―		64,185
Selling, general and administrative expenses		(37,755	)		(31,339	)		(1,610	)		―		(70,704	)
Income (loss) from unconsolidated joint ventures		70			(36	)		(670	)		―		(636	)
Equity income (loss) of subsidiaries		(8,282	)		―			―			8,282		―
Interest expense		(6,907	)		(10,032	)		(1,020	)		―		(17,959	)
Other income (expense)		394			22			853			―		1,269
Homebuilding pretax income (loss)		(21,188	)		(12,270	)		1,331			8,282		(23,845	)
Financial Services:
Financial services pretax income (loss)		(56	)		56			(1,196	)		―		(1,196	)
Income (loss) before income taxes		(21,244	)		(12,214	)		135			8,282		(25,041	)
(Provision) benefit for income taxes		(4,072	)		3,252			545			―		(275	)
Net income (loss)	$	(25,316	)	$	(8,962	)	$	680		$	8,282	$	(25,316	)

CONDENSED CONSOLIDATING BALANCE SHEET

	June 30, 2012
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	17,371	$	213	$	274,523	$	―		$	292,107
Restricted cash		―		―		25,135		―			25,135
Trade and other receivables		571,475		5,226		24,366		(582,080	)		18,987
Inventories - Owned		693,965		665,486		245,687		―			1,605,138
Inventories - Not owned		44,489		39,717		2,228		―			86,434
Investments in unconsolidated joint ventures		23,475		2,326		59,664		―			85,465
Investments in subsidiaries		698,281		―		―		(698,281	)		―
Deferred income taxes, net		3,212		―		―		148			3,360
Other assets		31,065		3,130		630		―			34,825
Total Homebuilding Assets		2,083,333		716,098		632,233		(1,280,213	)		2,151,451
Financial Services:
Cash and equivalents		―		―		6,775		―			6,775
Restricted cash		―		―		1,295		―			1,295
Mortgage loans held for sale, net		―		―		70,091		―			70,091
Mortgage loans held for investment, net		―		―		9,522		―			9,522
Other assets		―		―		6,329		(3,142	)		3,187
Total Financial Services Assets		―		―		94,012		(3,142	)		90,870
Total Assets	$	2,083,333	$	716,098	$	726,245	$	(1,283,355	)	$	2,242,321
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	5,674	$	8,650	$	2,052	$	―		$	16,376
Accrued liabilities		106,287		433,219		226,525		(562,644	)		203,387
Secured project debt and other notes payable		―		―		4,934		―			4,934
Senior notes payable		1,276,258		―		―		―			1,276,258
Senior subordinated notes payable		38,490		―		―		―			38,490
Total Homebuilding Liabilities		1,426,709		441,869		233,511		(562,644	)		1,539,445
Financial Services:
Accounts payable and other liabilities		―		―		8,255		(6,430	)		1,825
Mortgage credit facilities		―		―		60,427		(16,000	)		44,427
Total Financial Services Liabilities		―		―		68,682		(22,430	)		46,252
Total Liabilities		1,426,709		441,869		302,193		(585,074	)		1,585,697
Equity:
Total Stockholders' Equity		656,624		274,229		424,052		(698,281	)		656,624
Total Liabilities and Equity	$	2,083,333	$	716,098	$	726,245	$	(1,283,355	)	$	2,242,321

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2011
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	66,757	$	176	$	339,852	$	―		$	406,785
Restricted cash		―		―		31,372		―			31,372
Trade and other receivables		485,835		5,435		23,898		(503,643	)		11,525
Inventories - Owned		647,577		623,945		205,717		―			1,477,239
Inventories - Not owned		6,123		51,684		2,033		―			59,840
Investments in unconsolidated joint ventures		24,082		2,340		55,385		―			81,807
Investments in subsidiaries		766,496		―		―		(766,496	)		―
Deferred income taxes, net		5,178		―		―		148			5,326
Other assets		32,496		2,965		232		―			35,693
Total Homebuilding Assets		2,034,544		686,545		658,489		(1,269,991	)		2,109,587
Financial Services:
Cash and equivalents		―		―		3,737		―			3,737
Restricted cash		―		―		1,295		―			1,295
Mortgage loans held for sale, net		―		―		73,811		―			73,811
Mortgage loans held for investment, net		―		―		10,115		―			10,115
Other assets		―		―		4,901		(3,063	)		1,838
Total Financial Services Assets		―		―		93,859		(3,063	)		90,796
Total Assets	$	2,034,544	$	686,545	$	752,348	$	(1,273,054	)	$	2,200,383
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	6,911	$	9,887	$	1,031	$	―		$	17,829
Accrued liabilities		82,462		406,111		181,082		(483,765	)		185,890
Secured project debt and other notes payable		―		―		3,531		―			3,531
Senior notes payable		1,275,093		―		―		―			1,275,093
Senior subordinated notes payable		46,324		―		―		―			46,324
Total Homebuilding Liabilities		1,410,790		415,998		185,644		(483,765	)		1,528,667
Financial Services:
Accounts payable and other liabilities		―		―		5,947		(4,793	)		1,154
Mortgage credit facilities		―		―		64,808		(18,000	)		46,808
Total Financial Services Liabilities		―		―		70,755		(22,793	)		47,962
Total Liabilities		1,410,790		415,998		256,399		(506,558	)		1,576,629
Equity:
Total Stockholders' Equity		623,754		270,547		495,949		(766,496	)		623,754
Total Liabilities and Equity	$	2,034,544	$	686,545	$	752,348	$	(1,273,054	)	$	2,200,383

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Six Months Ended June 30, 2012
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries				Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(112,860	)	$	405			$	13,737		$	―	$	(98,718	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(1,717	)		(105	)			(6,459	)		―		(8,281	)
Distributions from unconsolidated homebuilding joint ventures		1,206			―				589			―		1,795
Other investing activities		(772	)		(263	)			(370	)		―		(1,405	)
Net cash provided by (used in) investing activities		(1,283	)		(368	)			(6,240	)		―		(7,891	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―				6,237			―		6,237
Principal payments on secured project debt and other notes payable		―			―				(644	)		―		(644	)
Principal payments on senior subordinated notes payable		(9,990	)		―				―			―		(9,990	)
Net proceeds from (payments on) mortgage credit facilities		―			―				(2,381	)		―		(2,381	)
Distributions from (contributions to) Corporate and subsidiaries		73,000			―				(73,000	)		―		―
Proceeds from the exercise of stock options		1,747			―				―			―		1,747
Net cash provided by (used in) financing activities		64,757			―				(69,788	)		―		(5,031	)
Net increase (decrease) in cash and equivalents		(49,386	)		37				(62,291	)		―		(111,640	)
Cash and equivalents at beginning of period		66,757			176				343,589			―		410,522
Cash and equivalents at end of period	$	17,371		$	213			$	281,298		$	―	$	298,882

	Six Months Ended June 30, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(228,051	)	$	401		$	(4,463	)	$	―	$	(232,113	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(5,251	)		(97	)		(3,472	)		―		(8,820	)
Distributions from unconsolidated homebuilding joint ventures		―			―			49			―		49
Other investing activities		(860	)		(57	)		164			―		(753	)
Net cash provided by (used in) investing activities		(6,111	)		(154	)		(3,259	)		―		(9,524	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			(5,576	)		―		(5,576	)
Principal payments on secured project debt and other notes payable		―			(218	)		(305	)		―		(523	)
Payment of debt issuance costs		(4,575	)		―			―			―		(4,575	)
Net proceeds from (payments on) mortgage credit facilities		―			―			4,529			―		4,529
Payment of common stock issuance costs		(324	)		―			―			―		(324	)
Proceeds from the exercise of stock options		410			―			―			―		410
Net cash provided by (used in) financing activities		(4,489	)		(218	)		(1,352	)		―		(6,059	)
Net increase (decrease) in cash and equivalents		(238,651	)		29			(9,074	)		―		(247,696	)
Cash and equivalents at beginning of period		260,869			217			470,285			―		731,371
Cash and equivalents at end of period	$	22,218		$	246		$	461,211		$	―	$	483,675