Delaware
|
33-0475989
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
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15360 Barranca Parkway, Irvine, CA
(Address of principal executive offices)
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92618-2215
(Zip Code)
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N/A
|
||
(Former name, former address and former fiscal year, if changed since last report) |
Large accelerated filer ¨
|
Accelerated filer x
|
Non-accelerated filer ¨ (Do not check if a smaller reporting company)
|
Smaller reporting company ¨
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Page No.
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|||||
|
|||||
PART I. | Financial Information | ||||
ITEM 1.
|
|
||||
2 | |||||
Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2013 and 2012 | 3 | ||||
4
|
|||||
5
|
|||||
6
|
|||||
ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 23 | |||
ITEM 3. |
33
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||||
ITEM 4. |
34
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||||
PART II. | Other Information |
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|||
ITEM 1. |
37
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||||
ITEM 1A.
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37
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||||
ITEM 2. |
37
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||||
ITEM 3. |
37
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||||
ITEM 4. |
37
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||||
ITEM 5. | Other Information | 37 | |||
ITEM 6. | Exhibits | 37 | |||
SIGNATURES |
38
|
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands, except per share amounts)
|
||||||||
(Unaudited)
|
||||||||
Homebuilding:
|
||||||||
Home sale revenues
|
$ | 355,126 | $ | 220,317 | ||||
Land sale revenues
|
2,595 | 3,385 | ||||||
Total revenues
|
357,721 | 223,702 | ||||||
Cost of home sales
|
(280,612 | ) | (175,595 | ) | ||||
Cost of land sales
|
(2,583 | ) | (3,366 | ) | ||||
Total cost of sales
|
(283,195 | ) | (178,961 | ) | ||||
Gross margin
|
74,526 | 44,741 | ||||||
Selling, general and administrative expenses
|
(46,294 | ) | (37,692 | ) | ||||
Income (loss) from unconsolidated joint ventures
|
1,134 | (1,522 | ) | |||||
Interest expense
|
― | (2,530 | ) | |||||
Other income (expense)
|
3,570 | 4,284 | ||||||
Homebuilding pretax income
|
32,936 | 7,281 | ||||||
Financial Services:
|
||||||||
Revenues
|
5,677 | 3,626 | ||||||
Expenses
|
(3,322 | ) | (2,260 | ) | ||||
Other income
|
102 | 63 | ||||||
Financial services pretax income
|
2,457 | 1,429 | ||||||
Income before taxes
|
35,393 | 8,710 | ||||||
Provision for income taxes
|
(13,569 | ) | (187 | ) | ||||
Net income
|
21,824 | 8,523 | ||||||
Less: Net income allocated to preferred shareholder
|
(8,903 | ) | (3,674 | ) | ||||
Less: Net income allocated to unvested restricted stock
|
(22 | ) | ― | |||||
Net income available to common stockholders
|
$ | 12,899 | $ | 4,849 | ||||
Income Per Common Share:
|
||||||||
Basic
|
$ | 0.06 | $ | 0.02 | ||||
Diluted
|
$ | 0.05 | $ | 0.02 | ||||
Weighted Average Common Shares Outstanding:
|
||||||||
Basic
|
214,166,912 | 195,109,252 | ||||||
Diluted
|
252,947,416 | 199,873,977 | ||||||
Weighted average additional common shares outstanding
|
||||||||
if preferred shares converted to common shares
|
147,812,786 | 147,812,786 | ||||||
Total weighted average diluted common shares outstanding
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||||||||
if preferred shares converted to common shares
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400,760,202 | 347,686,763 |
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
Net income
|
$ | 21,824 | $ | 8,523 | ||||
Other comprehensive income, net of tax:
|
||||||||
Unrealized gain on interest rate swaps
|
1,579 | 1,596 | ||||||
Comprehensive income
|
$ | 23,403 | $ | 10,119 |
March 31,
2013
|
December 31,
2012
|
|||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Homebuilding:
|
||||||||
Cash and equivalents
|
$ | 280,467 | $ | 339,908 | ||||
Restricted cash
|
27,562 | 26,900 | ||||||
Trade and other receivables
|
19,640 | 10,724 | ||||||
Inventories:
|
||||||||
Owned
|
2,049,702 | 1,971,418 | ||||||
Not owned
|
72,019 | 71,295 | ||||||
Investments in unconsolidated joint ventures
|
53,024 | 52,443 | ||||||
Deferred income taxes, net of valuation allowance of $22,696 at
|
||||||||
March 31, 2013 and December 31, 2012
|
441,344 | 455,372 | ||||||
Other assets
|
39,322 | 41,918 | ||||||
Total Homebuilding Assets
|
2,983,080 | 2,969,978 | ||||||
Financial Services:
|
||||||||
Cash and equivalents
|
5,846 | 6,647 | ||||||
Restricted cash
|
2,420 | 2,420 | ||||||
Mortgage loans held for sale, net
|
119,246 | 119,549 | ||||||
Mortgage loans held for investment, net
|
9,716 | 9,923 | ||||||
Other assets
|
5,391 | 4,557 | ||||||
Total Financial Services Assets
|
142,619 | 143,096 | ||||||
Total Assets
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$ | 3,125,699 | $ | 3,113,074 | ||||
LIABILITIES AND EQUITY
|
||||||||
Homebuilding:
|
||||||||
Accounts payable
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$ | 20,868 | $ | 22,446 | ||||
Accrued liabilities
|
186,712 | 198,144 | ||||||
Secured project debt and other notes payable
|
4,423 | 11,516 | ||||||
Senior notes payable
|
1,531,147 | 1,530,502 | ||||||
Total Homebuilding Liabilities
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1,743,150 | 1,762,608 | ||||||
Financial Services:
|
||||||||
Accounts payable and other liabilities
|
2,066 | 2,491 | ||||||
Mortgage credit facilities
|
93,276 | 92,159 | ||||||
Total Financial Services Liabilities
|
95,342 | 94,650 | ||||||
Total Liabilities
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1,838,492 | 1,857,258 | ||||||
Equity:
|
||||||||
Stockholders' Equity:
|
||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; 450,829 shares
|
||||||||
issued and outstanding at March 31, 2013 and December 31, 2012
|
5 | 5 | ||||||
Common stock, $0.01 par value; 600,000,000 shares authorized; 215,210,139
|
||||||||
and 213,245,488 shares issued and outstanding at March 31, 2013 and
|
||||||||
December 31, 2012, respectively
|
2,152 | 2,132 | ||||||
Additional paid-in capital
|
1,341,223 | 1,333,255 | ||||||
Accumulated deficit
|
(55,524 | ) | (77,348 | ) | ||||
Accumulated other comprehensive loss, net of tax
|
(649 | ) | (2,228 | ) | ||||
Total Equity
|
1,287,207 | 1,255,816 | ||||||
Total Liabilities and Equity
|
$ | 3,125,699 | $ | 3,113,074 |
|
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
Cash Flows From Operating Activities:
|
||||||||
Net income
|
$ | 21,824 | $ | 8,523 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||
(Income) loss from unconsolidated joint ventures
|
(1,134 | ) | 1,522 | |||||
Cash distributions of income from unconsolidated joint ventures
|
1,875 | ― | ||||||
Depreciation and amortization
|
656 | 606 | ||||||
Loss on disposal of property and equipment
|
15 | ― | ||||||
Amortization of stock-based compensation
|
1,531 | 1,074 | ||||||
Deferred income taxes
|
13,374 | ― | ||||||
Deposit write-offs
|
― | 133 | ||||||
Changes in cash and equivalents due to:
|
||||||||
Trade and other receivables
|
(8,916 | ) | (6,991 | ) | ||||
Mortgage loans held for sale
|
140 | 8,533 | ||||||
Inventories - owned
|
(73,030 | ) | (44,201 | ) | ||||
Inventories - not owned
|
(4,940 | ) | (2,627 | ) | ||||
Other assets
|
1,829 | 1,028 | ||||||
Accounts payable
|
(1,578 | ) | 1,915 | |||||
Accrued liabilities
|
(10,107 | ) | (11,633 | ) | ||||
Net cash provided by (used in) operating activities
|
(58,461 | ) | (42,118 | ) | ||||
Cash Flows From Investing Activities:
|
||||||||
Investments in unconsolidated homebuilding joint ventures
|
(2,552 | ) | (2,867 | ) | ||||
Distributions of capital from unconsolidated homebuilding joint ventures
|
1,320 | 989 | ||||||
Other investing activities
|
(369 | ) | (468 | ) | ||||
Net cash provided by (used in) investing activities
|
(1,601 | ) | (2,346 | ) | ||||
Cash Flows From Financing Activities:
|
||||||||
Change in restricted cash
|
(662 | ) | 3,574 | |||||
Principal payments on secured project debt and other notes payable
|
(7,093 | ) | (466 | ) | ||||
Net proceeds from (payments on) mortgage credit facilities
|
1,117 | 2,721 | ||||||
Proceeds from the exercise of stock options
|
6,458 | 778 | ||||||
Net cash provided by (used in) financing activities
|
(180 | ) | 6,607 | |||||
Net increase (decrease) in cash and equivalents
|
(60,242 | ) | (37,857 | ) | ||||
Cash and equivalents at beginning of period
|
346,555 | 410,522 | ||||||
Cash and equivalents at end of period
|
$ | 286,313 | $ | 372,665 | ||||
Cash and equivalents at end of period
|
$ | 286,313 | $ | 372,665 | ||||
Homebuilding restricted cash at end of period
|
27,562 | 27,798 | ||||||
Financial services restricted cash at end of period
|
2,420 | 1,295 | ||||||
Cash and equivalents and restricted cash at end of period
|
$ | 316,295 | $ | 401,758 |
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Homebuilding revenues:
|
||||||||
California
|
$ | 199,190 | $ | 115,370 | ||||
Southwest
|
79,404 | 56,119 | ||||||
Southeast
|
79,127 | 52,213 | ||||||
Total homebuilding revenues
|
$ | 357,721 | $ | 223,702 | ||||
Homebuilding pretax income (loss):
|
||||||||
California
|
$ | 22,408 | $ | 5,569 | ||||
Southwest
|
6,511 | 1,762 | ||||||
Southeast
|
4,017 | (50 | ) | |||||
Total homebuilding pretax income (loss)
|
$ | 32,936 | $ | 7,281 |
March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Homebuilding assets:
|
||||||||
California
|
$ | 1,196,747 | $ | 1,192,249 | ||||
Southwest
|
537,567 | 496,902 | ||||||
Southeast
|
476,896 | 438,122 | ||||||
Corporate
|
771,870 | 842,705 | ||||||
Total homebuilding assets
|
$ | 2,983,080 | $ | 2,969,978 |
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands, except per share amounts)
|
||||||||
Numerator:
|
||||||||
Net income
|
$ | 21,824 | $ | 8,523 | ||||
Less: Net income allocated to preferred shareholder
|
(8,903 | ) | (3,674 | ) | ||||
Less: Net income allocated to unvested restricted stock
|
(22 | ) | ― | |||||
Net income available to common stockholders for basic
|
||||||||
earnings per common share
|
12,899 | 4,849 | ||||||
Effect of dilutive securities:
|
||||||||
Net income allocated to preferred shareholder
|
8,903 | 3,674 | ||||||
Interest on 1¼% convertible senior notes due 2032, included in cost of sales
|
41 | ― | ||||||
Net income available to common and preferred stock for diluted
|
||||||||
earnings per share
|
$ | 21,843 | $ | 8,523 | ||||
Denominator:
|
||||||||
Weighted average basic common shares outstanding
|
214,166,912 | 195,109,252 | ||||||
Weighted average additional common shares outstanding if preferred shares
|
||||||||
converted to common shares (if dilutive)
|
147,812,786 | 147,812,786 | ||||||
Total weighted average common shares outstanding if preferred shares
|
||||||||
converted to common shares
|
361,979,698 | 342,922,038 | ||||||
Effect of dilutive securities:
|
||||||||
Stock options
|
7,467,654 | 4,764,725 | ||||||
1¼% convertible senior notes due 2032
|
31,312,850 | ― | ||||||
Weighted average diluted shares outstanding
|
400,760,202 | 347,686,763 | ||||||
Income per share:
|
||||||||
Basic
|
$ | 0.06 | $ | 0.02 | ||||
Diluted
|
$ | 0.05 | $ | 0.02 |
March 31, 2013
|
||||||||||||||||
California
|
Southwest
|
Southeast
|
Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Land and land under development
|
$ | 752,155 | $ | 376,589 | $ | 322,218 | $ | 1,450,962 | ||||||||
Homes completed and under construction
|
267,433 | 109,036 | 118,641 | 495,110 | ||||||||||||
Model homes
|
67,697 | 18,766 | 17,167 | 103,630 | ||||||||||||
Total inventories owned
|
$ | 1,087,285 | $ | 504,391 | $ | 458,026 | $ | 2,049,702 | ||||||||
December 31, 2012
|
||||||||||||||||
California
|
Southwest
|
Southeast
|
Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Land and land under development
|
$ | 778,419 | $ | 352,705 | $ | 313,037 | $ | 1,444,161 | ||||||||
Homes completed and under construction
|
240,236 | 93,265 | 93,695 | 427,196 | ||||||||||||
Model homes
|
67,504 | 15,231 | 17,326 | 100,061 | ||||||||||||
Total inventories owned
|
$ | 1,086,159 | $ | 461,201 | $ | 424,058 | $ | 1,971,418 |
March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Land purchase and lot option deposits
|
$ | 26,556 | $ | 23,803 | ||||
Other lot option contracts, net of deposits
|
45,463 | 47,492 | ||||||
Total inventories not owned
|
$ | 72,019 | $ | 71,295 |
Three Months Ended March 31,
|
||||||
2013
|
2012
|
|||||
(Dollars in thousands)
|
||||||
|
||||||
Total interest incurred (1)
|
|
$
|
35,027
|
$
|
35,315
|
|
Less: Interest capitalized to inventories owned
|
|
(34,201)
|
(30,992)
|
|||
Less: Interest capitalized to investments in unconsolidated joint ventures
|
|
(826)
|
(1,793)
|
|||
Interest expense
|
|
$
|
―
|
$
|
2,530
|
|
|
||||||
Interest previously capitalized to inventories owned, included in cost of home sales
|
|
$
|
27,696
|
$
|
18,556
|
|
Interest previously capitalized to inventories owned, included in cost of land sales
|
|
$
|
189
|
$
|
19
|
|
Interest previously capitalized to investments in unconsolidated joint ventures,
|
|
|||||
included in income (loss) from unconsolidated joint ventures
|
|
$
|
169
|
$
|
204
|
|
Interest capitalized in ending inventories owned
|
|
$
|
227,718
|
$
|
200,943
|
|
Interest capitalized as a percentage of inventories owned
|
|
11.1%
|
13.2%
|
|||
Interest capitalized in ending investments in unconsolidated joint ventures
|
|
$
|
7,578
|
$
|
10,700
|
|
Interest capitalized as a percentage of investments in unconsolidated joint ventures
|
|
14.3%
|
13.0%
|
(1)
|
For each of the three months ended March 31, 2013 and 2012, interest incurred included the noncash amortization of $2.6 million, respectively, of interest related to interest rate swap agreements that were terminated in the 2010 fourth quarter (please see Note 15 “Derivative Instruments and Hedging Activities”).
|
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Revenues
|
$ | 17,192 | $ | 2,599 | ||||
Cost of sales and expenses
|
(14,870 | ) | (2,699 | ) | ||||
Income (loss) of unconsolidated joint ventures
|
$ | 2,322 | $ | (100 | ) | |||
Income (loss) from unconsolidated joint ventures reflected in the
|
||||||||
accompanying condensed consolidated statements of operations
|
$ | 1,134 | $ | (1,522 | ) |
March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Assets:
|
||||||||
Cash
|
$ | 12,107 | $ | 15,627 | ||||
Inventories
|
147,942 | 129,477 | ||||||
Other assets
|
10,673 | 10,783 | ||||||
Total assets
|
$ | 170,722 | $ | 155,887 | ||||
Liabilities and Equity:
|
||||||||
Accounts payable and accrued liabilities
|
$ | 5,401 | $ | 5,796 | ||||
Non-recourse debt
|
16,410 | ― | ||||||
Standard Pacific equity
|
50,183 | 51,173 | ||||||
Other members' equity
|
98,728 | 98,918 | ||||||
Total liabilities and equity
|
$ | 170,722 | $ | 155,887 | ||||
Investments in unconsolidated joint ventures reflected in
|
||||||||
the accompanying condensed consolidated balance sheets
|
$ | 53,024 | $ | 52,443 |
Three Months Ended March 31,
|
|||||||
2013
|
2012
|
||||||
(Dollars in thousands)
|
|||||||
Warranty accrual, beginning of the period
|
$ | 15,514 | $ | 17,572 | |||
Warranty costs accrued during the period
|
414 | 334 | |||||
Warranty costs paid during the period
|
(796 | ) | (938 | ) | |||
Warranty accrual, end of the period
|
$ | 15,132 | $ | 16,968 |
March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
6¼% Senior Notes due April 2014
|
$ | 4,971 | $ | 4,971 | ||||
7% Senior Notes due August 2015
|
29,789 | 29,789 | ||||||
10¾% Senior Notes due September 2016, net of discount
|
266,585 | 265,823 | ||||||
8⅜% Senior Notes due May 2018, net of premium
|
579,651 | 579,832 | ||||||
8⅜% Senior Notes due January 2021, net of discount
|
397,151 | 397,087 | ||||||
1¼% Convertible Senior Notes due August 2032
|
253,000 | 253,000 | ||||||
$ | 1,531,147 | $ | 1,530,502 |
Fair Value Measurements at Reporting Date Using
|
||||||||||||
Quoted Prices in
|
Significant Other
|
Significant
|
||||||||||
Active Markets for
|
Observable
|
Unobservable
|
||||||||||
As of
|
Identical Assets
|
Inputs
|
Inputs
|
|||||||||
Description
|
March 31, 2013
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||
(Dollars in thousands)
|
||||||||||||
Mortgage loans held for sale
|
|
$
|
122,067
|
$
|
―
|
$
|
122,067
|
$
|
―
|
March 31, 2013
|
December 31, 2012
|
|||||||||||||||||
Description
|
Fair Value Hierarchy
|
Carrying
Amount
|
Fair Value
|
Carrying
Amount
|
Fair Value
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||||
Financial services assets:
|
||||||||||||||||||
Mortgage loans held for investment, net
|
Level 2
|
$ | 9,716 | $ | 9,716 | $ | 9,923 | $ | 9,923 | |||||||||
Homebuilding liabilities:
|
||||||||||||||||||
Senior notes payable, net
|
Level 2
|
$ | 1,531,147 | $ | 1,859,779 | $ | 1,530,502 | $ | 1,803,202 |
Three Months Ended March 31,
|
|||||||||
2013
|
2012
|
||||||||
(Dollars in thousands)
|
|||||||||
Supplemental Disclosures of Cash Flow Information:
|
|
||||||||
Cash paid during the period for:
|
|
||||||||
Interest
|
$ | 35,012 | $ | 33,370 | |||||
Income taxes
|
$ | 8 | $ | 44 |
Three Months Ended March 31, 2013
|
||||||||||||||||||||
Standard
Pacific Corp.
|
Guarantor Subsidiaries
|
Non-
Guarantor Subsidiaries
|
Consolidating Adjustments
|
Consolidated
Standard
Pacific Corp.
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Homebuilding:
|
||||||||||||||||||||
Revenues
|
$ | 175,235 | $ | 151,389 | $ | 31,097 | $ | ― | $ | 357,721 | ||||||||||
Cost of sales
|
(137,086 | ) | (120,400 | ) | (25,709 | ) | ― | (283,195 | ) | |||||||||||
Gross margin
|
38,149 | 30,989 | 5,388 | ― | 74,526 | |||||||||||||||
Selling, general and administrative expenses
|
(21,030 | ) | (22,046 | ) | (3,218 | ) | ― | (46,294 | ) | |||||||||||
Income (loss) from unconsolidated joint ventures
|
1,135 | (72 | ) | 71 | ― | 1,134 | ||||||||||||||
Equity income (loss) of subsidiaries
|
5,280 | ― | ― | (5,280 | ) | ― | ||||||||||||||
Interest expense
|
5,003 | (3,602 | ) | (1,401 | ) | ― | ― | |||||||||||||
Other income (expense)
|
3,507 | (16 | ) | 79 | ― | 3,570 | ||||||||||||||
Homebuilding pretax income (loss)
|
32,044 | 5,253 | 919 | (5,280 | ) | 32,936 | ||||||||||||||
Financial Services:
|
||||||||||||||||||||
Financial services pretax income
|
― | ― | 2,457 | ― | 2,457 | |||||||||||||||
Income (loss) before income taxes
|
32,044 | 5,253 | 3,376 | (5,280 | ) | 35,393 | ||||||||||||||
Provision for income taxes
|
(10,220 | ) | (2,405 | ) | (944 | ) | ― | (13,569 | ) | |||||||||||
Net income (loss)
|
$ | 21,824 | $ | 2,848 | $ | 2,432 | $ | (5,280 | ) | $ | 21,824 |
Three Months Ended March 31, 2012
|
||||||||||||||||||||
Standard
Pacific Corp.
|
Guarantor Subsidiaries
|
Non-
Guarantor Subsidiaries
|
Consolidating Adjustments
|
Consolidated
Standard
Pacific Corp.
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Homebuilding:
|
||||||||||||||||||||
Revenues
|
$ | 74,255 | $ | 124,889 | $ | 24,558 | $ | ― | $ | 223,702 | ||||||||||
Cost of sales
|
(57,955 | ) | (100,303 | ) | (20,703 | ) | ― | (178,961 | ) | |||||||||||
Gross margin
|
16,300 | 24,586 | 3,855 | ― | 44,741 | |||||||||||||||
Selling, general and administrative expenses
|
(17,222 | ) | (17,989 | ) | (2,481 | ) | ― | (37,692 | ) | |||||||||||
Loss from unconsolidated joint ventures
|
(682 | ) | (28 | ) | (812 | ) | ― | (1,522 | ) | |||||||||||
Equity income (loss) of subsidiaries
|
1,855 | ― | ― | (1,855 | ) | ― | ||||||||||||||
Interest expense
|
3,356 | (4,241 | ) | (1,645 | ) | ― | (2,530 | ) | ||||||||||||
Other income (expense)
|
4,013 | 49 | 222 | ― | 4,284 | |||||||||||||||
Homebuilding pretax income (loss)
|
7,620 | 2,377 | (861 | ) | (1,855 | ) | 7,281 | |||||||||||||
Financial Services:
|
||||||||||||||||||||
Financial services pretax income
|
― | ― | 1,429 | ― | 1,429 | |||||||||||||||
Income (loss) before income taxes
|
7,620 | 2,377 | 568 | (1,855 | ) | 8,710 | ||||||||||||||
(Provision) benefit for income taxes
|
903 | (757 | ) | (333 | ) | ― | (187 | ) | ||||||||||||
Net income (loss)
|
$ | 8,523 | $ | 1,620 | $ | 235 | $ | (1,855 | ) | $ | 8,523 |
March 31, 2013
|
||||||||||||||||||||
Standard
Pacific Corp.
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Consolidating
Adjustments
|
Consolidated
Standard
Pacific Corp.
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
Homebuilding:
|
||||||||||||||||||||
Cash and equivalents
|
$ | 118,043 | $ | 149 | $ | 162,275 | $ | ― | $ | 280,467 | ||||||||||
Restricted cash
|
― | ― | 27,562 | ― | 27,562 | |||||||||||||||
Trade and other receivables
|
909,407 | 6,636 | 19,430 | (915,833 | ) | 19,640 | ||||||||||||||
Inventories:
|
||||||||||||||||||||
Owned
|
754,827 | 811,917 | 482,958 | ― | 2,049,702 | |||||||||||||||
Not owned
|
6,045 | 35,251 | 30,723 | ― | 72,019 | |||||||||||||||
Investments in unconsolidated joint ventures
|
1,140 | 707 | 51,177 | ― | 53,024 | |||||||||||||||
Investments in subsidiaries
|
722,789 | ― | ― | (722,789 | ) | ― | ||||||||||||||
Deferred income taxes, net
|
441,196 | ― | ― | 148 | 441,344 | |||||||||||||||
Other assets
|
35,189 | 2,963 | 1,170 | ― | 39,322 | |||||||||||||||
Total Homebuilding Assets
|
2,988,636 | 857,623 | 775,295 | (1,638,474 | ) | 2,983,080 | ||||||||||||||
Financial Services:
|
||||||||||||||||||||
Cash and equivalents
|
― | ― | 5,846 | ― | 5,846 | |||||||||||||||
Restricted cash
|
― | ― | 2,420 | ― | 2,420 | |||||||||||||||
Mortgage loans held for sale, net
|
― | ― | 119,246 | ― | 119,246 | |||||||||||||||
Mortgage loans held for investment, net
|
― | ― | 9,716 | ― | 9,716 | |||||||||||||||
Other assets
|
― | ― | 8,083 | (2,692 | ) | 5,391 | ||||||||||||||
Total Financial Services Assets
|
― | ― | 145,311 | (2,692 | ) | 142,619 | ||||||||||||||
Total Assets
|
$ | 2,988,636 | $ | 857,623 | $ | 920,606 | $ | (1,641,166 | ) | $ | 3,125,699 | |||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||
Homebuilding:
|
||||||||||||||||||||
Accounts payable
|
$ | 8,147 | $ | 8,463 | $ | 4,258 | $ | ― | $ | 20,868 | ||||||||||
Accrued liabilities
|
162,135 | 564,283 | 360,136 | (899,842 | ) | 186,712 | ||||||||||||||
Secured project debt and other notes payable
|
― | ― | 4,423 | ― | 4,423 | |||||||||||||||
Senior notes payable
|
1,531,147 | ― | ― | ― | 1,531,147 | |||||||||||||||
Total Homebuilding Liabilities
|
1,701,429 | 572,746 | 368,817 | (899,842 | ) | 1,743,150 | ||||||||||||||
Financial Services:
|
||||||||||||||||||||
Accounts payable and other liabilities
|
― | ― | 10,601 | (8,535 | ) | 2,066 | ||||||||||||||
Mortgage credit facilities
|
― | ― | 103,276 | (10,000 | ) | 93,276 | ||||||||||||||
Total Financial Services Liabilities
|
― | ― | 113,877 | (18,535 | ) | 95,342 | ||||||||||||||
Total Liabilities
|
1,701,429 | 572,746 | 482,694 | (918,377 | ) | 1,838,492 | ||||||||||||||
Equity:
|
||||||||||||||||||||
Total Stockholders' Equity
|
1,287,207 | 284,877 | 437,912 | (722,789 | ) | 1,287,207 | ||||||||||||||
Total Liabilities and Equity
|
$ | 2,988,636 | $ | 857,623 | $ | 920,606 | $ | (1,641,166 | ) | $ | 3,125,699 |
December 31, 2012
|
||||||||||||||||||||
Standard
Pacific Corp.
|
Guarantor
Subsidiaries
|
Non-Guarantor
Subsidiaries
|
Consolidating
Adjustments
|
Consolidated
Standard
Pacific Corp.
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
Homebuilding:
|
||||||||||||||||||||
Cash and equivalents
|
$ | 154,722 | $ | 114 | $ | 185,072 | $ | ― | $ | 339,908 | ||||||||||
Restricted cash
|
― | ― | 26,900 | ― | 26,900 | |||||||||||||||
Trade and other receivables
|
845,549 | 4,219 | 19,981 | (859,025 | ) | 10,724 | ||||||||||||||
Inventories:
|
||||||||||||||||||||
Owned
|
759,553 | 766,188 | 445,677 | ― | 1,971,418 | |||||||||||||||
Not owned
|
4,495 | 36,991 | 29,809 | ― | 71,295 | |||||||||||||||
Investments in unconsolidated joint ventures
|
1,649 | 622 | 50,172 | ― | 52,443 | |||||||||||||||
Investments in subsidiaries
|
717,205 | ― | ― | (717,205 | ) | ― | ||||||||||||||
Deferred income taxes, net
|
455,224 | ― | ― | 148 | 455,372 | |||||||||||||||
Other assets
|
37,817 | 3,267 | 834 | ― | 41,918 | |||||||||||||||
Total Homebuilding Assets
|
2,976,214 | 811,401 | 758,445 | (1,576,082 | ) | 2,969,978 | ||||||||||||||
Financial Services:
|
||||||||||||||||||||
Cash and equivalents
|
― | ― | 6,647 | ― | 6,647 | |||||||||||||||
Restricted cash
|
― | ― | 2,420 | ― | 2,420 | |||||||||||||||
Mortgage loans held for sale, net
|
― | ― | 119,549 | ― | 119,549 | |||||||||||||||
Mortgage loans held for investment, net
|
― | ― | 9,923 | ― | 9,923 | |||||||||||||||
Other assets
|
― | ― | 7,249 | (2,692 | ) | 4,557 | ||||||||||||||
Total Financial Services Assets
|
― | ― | 145,788 | (2,692 | ) | 143,096 | ||||||||||||||
Total Assets
|
$ | 2,976,214 | $ | 811,401 | $ | 904,233 | $ | (1,578,774 | ) | $ | 3,113,074 | |||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||
Homebuilding:
|
||||||||||||||||||||
Accounts payable
|
$ | 8,038 | $ | 10,537 | $ | 3,871 | $ | ― | $ | 22,446 | ||||||||||
Accrued liabilities
|
175,054 | 519,139 | 343,485 | (839,534 | ) | 198,144 | ||||||||||||||
Secured project debt and other notes payable
|
6,804 | ― | 4,712 | ― | 11,516 | |||||||||||||||
Senior notes payable
|
1,530,502 | ― | ― | ― | 1,530,502 | |||||||||||||||
Total Homebuilding Liabilities
|
1,720,398 | 529,676 | 352,068 | (839,534 | ) | 1,762,608 | ||||||||||||||
Financial Services:
|
||||||||||||||||||||
Accounts payable and other liabilities
|
― | ― | 11,026 | (8,535 | ) | 2,491 | ||||||||||||||
Mortgage credit facilities
|
― | ― | 105,659 | (13,500 | ) | 92,159 | ||||||||||||||
Total Financial Services Liabilities
|
― | ― | 116,685 | (22,035 | ) | 94,650 | ||||||||||||||
Total Liabilities
|
1,720,398 | 529,676 | 468,753 | (861,569 | ) | 1,857,258 | ||||||||||||||
Equity:
|
||||||||||||||||||||
Total Stockholders' Equity
|
1,255,816 | 281,725 | 435,480 | (717,205 | ) | 1,255,816 | ||||||||||||||
Total Liabilities and Equity
|
$ | 2,976,214 | $ | 811,401 | $ | 904,233 | $ | (1,578,774 | ) | $ | 3,113,074 |
Three Months Ended March 31, 2013
|
||||||||||||||||||||
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
|
$ | (35,758 | ) | $ | 253 | $ | (22,956 | ) | $ | ― | $ | (58,461 | ) | |||||||
Cash Flows From Investing Activities:
|
||||||||||||||||||||
Investments in unconsolidated homebuilding joint ventures
|
(232 | ) | (26 | ) | (2,294 | ) | ― | (2,552 | ) | |||||||||||
Distributions of capital from unconsolidated homebuilding joint ventures
|
― | ― | 1,320 | ― | 1,320 | |||||||||||||||
Other investing activities
|
(343 | ) | (192 | ) | 166 | ― | (369 | ) | ||||||||||||
Net cash provided by (used in) investing activities
|
(575 | ) | (218 | ) | (808 | ) | ― | (1,601 | ) | |||||||||||
Cash Flows From Financing Activities:
|
||||||||||||||||||||
Change in restricted cash
|
― | ― | (662 | ) | ― | (662 | ) | |||||||||||||
Principal payments on secured project debt and other notes payable
|
(6,804 | ) | ― | (289 | ) | ― | (7,093 | ) | ||||||||||||
Net proceeds from (payments on) mortgage credit facilities
|
― | ― | 1,117 | ― | 1,117 | |||||||||||||||
Proceeds from the exercise of stock options
|
6,458 | ― | ― | ― | 6,458 | |||||||||||||||
Net cash provided by (used in) financing activities
|
(346 | ) | ― | 166 | ― | (180 | ) | |||||||||||||
Net increase (decrease) in cash and equivalents
|
(36,679 | ) | 35 | (23,598 | ) | ― | (60,242 | ) | ||||||||||||
Cash and equivalents at beginning of period
|
154,722 | 114 | 191,719 | ― | 346,555 | |||||||||||||||
Cash and equivalents at end of period
|
$ | 118,043 | $ | 149 | $ | 168,121 | $ | ― | $ | 286,313 |
Three Months Ended March 31, 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
|
$ | (58,808 | ) | $ | 183 | $ | 16,507 | $ | ― | $ | (42,118 | ) | ||||||||
Cash Flows From Investing Activities:
|
||||||||||||||||||||
Investments in unconsolidated homebuilding joint ventures
|
(878 | ) | (54 | ) | (1,935 | ) | ― | (2,867 | ) | |||||||||||
Distributions of capital from unconsolidated homebuilding joint ventures
|
750 | ― | 239 | ― | 989 | |||||||||||||||
Other investing activities
|
(391 | ) | (130 | ) | 53 | ― | (468 | ) | ||||||||||||
Net cash provided by (used in) investing activities
|
(519 | ) | (184 | ) | (1,643 | ) | ― | (2,346 | ) | |||||||||||
Cash Flows From Financing Activities:
|
||||||||||||||||||||
Change in restricted cash
|
― | ― | 3,574 | ― | 3,574 | |||||||||||||||
Principal payments on secured project debt and other notes payable
|
― | ― | (466 | ) | ― | (466 | ) | |||||||||||||
Net proceeds from (payments on) mortgage credit facilities
|
― | ― | 2,721 | ― | 2,721 | |||||||||||||||
Distributions from (contributions to) Corporate and subsidiaries
|
18,000 | ― | (18,000 | ) | ― | ― | ||||||||||||||
Proceeds from the exercise of stock options
|
778 | ― | ― | ― | 778 | |||||||||||||||
Net cash provided by (used in) financing activities
|
18,778 | ― | (12,171 | ) | ― | 6,607 | ||||||||||||||
Net increase (decrease) in cash and equivalents
|
(40,549 | ) | (1 | ) | 2,693 | ― | (37,857 | ) | ||||||||||||
Cash and equivalents at beginning of period
|
66,757 | 176 | 343,589 | ― | 410,522 | |||||||||||||||
Cash and equivalents at end of period
|
$ | 26,208 | $ | 175 | $ | 346,282 | $ | ― | $ | 372,665 |
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands, except per share amounts)
|
||||||||
Homebuilding:
|
||||||||
Home sale revenues
|
$ | 355,126 | $ | 220,317 | ||||
Land sale revenues
|
2,595 | 3,385 | ||||||
Total revenues
|
357,721 | 223,702 | ||||||
Cost of home sales
|
(280,612 | ) | (175,595 | ) | ||||
Cost of land sales
|
(2,583 | ) | (3,366 | ) | ||||
Total cost of sales
|
(283,195 | ) | (178,961 | ) | ||||
Gross margin
|
74,526 | 44,741 | ||||||
Gross margin percentage
|
20.8 | % | 20.0 | % | ||||
Selling, general and administrative expenses
|
(46,294 | ) | (37,692 | ) | ||||
Income (loss) from unconsolidated joint ventures
|
1,134 | (1,522 | ) | |||||
Interest expense
|
― | (2,530 | ) | |||||
Other income (expense)
|
3,570 | 4,284 | ||||||
Homebuilding pretax income
|
32,936 | 7,281 | ||||||
Financial Services:
|
||||||||
Revenues
|
5,677 | 3,626 | ||||||
Expenses
|
(3,322 | ) | (2,260 | ) | ||||
Other income
|
102 | 63 | ||||||
Financial services pretax income
|
2,457 | 1,429 | ||||||
Income before taxes
|
35,393 | 8,710 | ||||||
Provision for income taxes
|
(13,569 | ) | (187 | ) | ||||
Net income
|
21,824 | 8,523 | ||||||
Less: Net income allocated to preferred shareholder
|
(8,903 | ) | (3,674 | ) | ||||
Less: Net income allocated to unvested restricted stock
|
(22 | ) | ― | |||||
Net income available to common stockholders
|
$ | 12,899 | $ | 4,849 | ||||
Income Per Common Share:
|
||||||||
Basic
|
$ | 0.06 | $ | 0.02 | ||||
Diluted
|
$ | 0.05 | $ | 0.02 | ||||
Weighted Average Common Shares Outstanding:
|
||||||||
Basic
|
214,166,912 | 195,109,252 | ||||||
Diluted
|
252,947,416 | 199,873,977 | ||||||
Weighted average additional common shares outstanding
|
||||||||
if preferred shares converted to common shares
|
147,812,786 | 147,812,786 | ||||||
Total weighted average diluted common shares outstanding
|
||||||||
if preferred shares converted to common shares
|
400,760,202 | 347,686,763 | ||||||
Net cash provided by (used in) operating activities
|
$ | (58,461 | ) | $ | (42,118 | ) | ||
Net cash provided by (used in) investing activities
|
$ | (1,601 | ) | $ | (2,346 | ) | ||
Net cash provided by (used in) financing activities
|
$ | (180 | ) | $ | 6,607 | |||
Adjusted Homebuilding EBITDA (1) | $ | 63,823 | $ | 31,768 |
(1)
|
Adjusted Homebuilding EBITDA means net income (loss) (plus cash distributions of income from unconsolidated joint ventures) before (a) income taxes, (b) homebuilding interest expense, (c) expensing of previously capitalized interest included in cost of sales, (d) impairment charges and deposit write-offs, (e) gain (loss) on early extinguishment of debt, (f) homebuilding depreciation and amortization, (g) amortization of stock-based compensation, (h) income (loss) from unconsolidated joint ventures and (i) income (loss) from financial services subsidiary. Other companies may calculate Adjusted Homebuilding EBITDA (or similarly titled measures) differently. We believe Adjusted Homebuilding EBITDA information is useful to management and investors as one measure of our ability to service debt and obtain financing. However, it should be noted that Adjusted Homebuilding EBITDA is not a U.S. generally accepted accounting principles (“GAAP”) financial measure. Due to the significance of the GAAP components excluded, Adjusted Homebuilding EBITDA should not be considered in isolation or as an alternative to cash flows from operations or any other liquidity performance measure prescribed by GAAP.
|
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Net cash provided by (used in) operating activities
|
$ | (58,461 | ) | $ | (42,118 | ) | ||
Add:
|
||||||||
Provision for income taxes
|
195 | 187 | ||||||
Homebuilding interest amortized to cost of sales and interest expense
|
27,885 | 21,105 | ||||||
Less:
|
||||||||
Income from financial services subsidiary
|
2,355 | 1,366 | ||||||
Depreciation and amortization from financial services subsidiary
|
28 | 16 | ||||||
Loss on disposal of property and equipment
|
15 | ― | ||||||
Net changes in operating assets and liabilities:
|
||||||||
Trade and other receivables
|
8,916 | 6,991 | ||||||
Mortgage loans held for sale
|
(140 | ) | (8,533 | ) | ||||
Inventories-owned
|
73,030 | 44,201 | ||||||
Inventories-not owned
|
4,940 | 2,627 | ||||||
Other assets
|
(1,829 | ) | (1,028 | ) | ||||
Accounts payable
|
1,578 | (1,915 | ) | |||||
Accrued liabilities
|
10,107 | 11,633 | ||||||
Adjusted Homebuilding EBITDA
|
$ | 63,823 | $ | 31,768 |
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Homebuilding revenues:
|
||||||||
California
|
$ | 199,190 | $ | 115,370 | ||||
Southwest
|
79,404 | 56,119 | ||||||
Southeast
|
79,127 | 52,213 | ||||||
Total homebuilding revenues
|
$ | 357,721 | $ | 223,702 | ||||
Homebuilding pretax income (loss):
|
||||||||
California
|
$ | 22,408 | $ | 5,569 | ||||
Southwest
|
6,511 | 1,762 | ||||||
Southeast
|
4,017 | (50 | ) | |||||
Total homebuilding pretax income (loss)
|
$ | 32,936 | $ | 7,281 |
Three Months Ended March 31,
|
||||||||||
2013
|
2012
|
% Change
|
||||||||
New homes delivered:
|
||||||||||
California
|
400
|
225
|
78%
|
|||||||
Arizona
|
63
|
46
|
37%
|
|||||||
Texas
|
133
|
124
|
7%
|
|||||||
Colorado
|
43
|
24
|
79%
|
|||||||
Nevada
|
―
|
3
|
(100%)
|
|||||||
Total Southwest
|
239
|
197
|
21%
|
|||||||
Florida
|
183
|
126
|
45%
|
|||||||
Carolinas
|
125
|
94
|
33%
|
|||||||
Total Southeast
|
308
|
220
|
40%
|
|||||||
Total
|
947
|
642
|
48%
|
Three Months Ended March 31,
|
|||||||||||
2013
|
2012
|
% Change
|
|||||||||
(Dollars in thousands)
|
|||||||||||
Average selling prices of homes delivered: | |||||||||||
California
|
$
|
492
|
$
|
498
|
(1%)
|
||||||
Arizona
|
249
|
208
|
20%
|
||||||||
Texas
|
348
|
298
|
17%
|
||||||||
Colorado
|
400
|
377
|
6%
|
||||||||
Nevada
|
―
|
190
|
―
|
||||||||
Total Southwest
|
331
|
285
|
16%
|
||||||||
Florida
|
259
|
246
|
5%
|
||||||||
Carolinas
|
254
|
226
|
12%
|
||||||||
Total Southeast
|
257
|
237
|
8%
|
||||||||
Total
|
$
|
375
|
$
|
343
|
9%
|
|
Three Months Ended March 31,
|
|||||||||||
2013
|
2012
|
% Change
|
% Absorption Change (1)
|
||||||||
Net new orders (2):
|
|||||||||||
California
|
482
|
327
|
47%
|
71%
|
|||||||
Arizona
|
75
|
83
|
(10%)
|
2%
|
|||||||
Texas
|
242
|
141
|
72%
|
12%
|
|||||||
Colorado
|
62
|
26
|
138%
|
104%
|
|||||||
Nevada
|
―
|
5
|
(100%)
|
―
|
|||||||
Total Southwest
|
379
|
255
|
49%
|
18%
|
|||||||
Florida
|
293
|
186
|
58%
|
58%
|
|||||||
Carolinas
|
240
|
166
|
45%
|
53%
|
|||||||
Total Southeast
|
533
|
352
|
51%
|
56%
|
|||||||
Total
|
1,394
|
934
|
49%
|
49%
|
(1)
|
Represents the percentage change of net new orders per average number of selling communities during the period.
|
(2)
|
Net new orders are new orders for the purchase of homes during the period, less cancellations of existing contracts during such period.
|
Three Months Ended March 31,
|
|||||||||
2013
|
2012
|
% Change
|
|||||||
Average number of selling communities during the period:
|
|||||||||
California
|
44
|
51
|
(14%)
|
||||||
Arizona
|
8
|
9
|
(11%)
|
||||||
Texas
|
29
|
19
|
53%
|
||||||
Colorado
|
7
|
6
|
17%
|
||||||
Nevada
|
―
|
1
|
(100%)
|
||||||
Total Southwest
|
44
|
35
|
26%
|
||||||
Florida
|
37
|
37
|
―
|
||||||
Carolinas
|
33
|
35
|
(6%)
|
||||||
Total Southeast
|
70
|
72
|
(3%)
|
||||||
Total
|
158
|
158
|
―
|
At March 31,
|
|||||||||||||||||||||
|
2013
|
2012
|
% Change
|
||||||||||||||||||
Homes
|
Dollar Value
|
Homes
|
Dollar Value
|
Homes
|
Dollar Value
|
||||||||||||||||
Backlog ($ in thousands): | |||||||||||||||||||||
California
|
522
|
$
|
284,033
|
276
|
$
|
142,152
|
89%
|
100%
|
|||||||||||||
Arizona
|
89
|
24,886
|
94
|
18,384
|
(5%)
|
35%
|
|||||||||||||||
Texas
|
313
|
126,276
|
166
|
53,438
|
89%
|
136%
|
|||||||||||||||
Colorado
|
94
|
42,374
|
35
|
14,118
|
169%
|
200%
|
|||||||||||||||
Nevada
|
―
|
―
|
5
|
953
|
(100%)
|
(100%)
|
|||||||||||||||
Total Southwest
|
496
|
193,536
|
300
|
86,893
|
65%
|
123%
|
|||||||||||||||
Florida
|
476
|
134,880
|
222
|
57,632
|
114%
|
134%
|
|||||||||||||||
Carolinas
|
357
|
107,202
|
175
|
45,207
|
104%
|
137%
|
|||||||||||||||
Total Southeast
|
833
|
242,082
|
397
|
102,839
|
110%
|
135%
|
|||||||||||||||
Total
|
1,851
|
$
|
719,651
|
973
|
$
|
331,884
|
90%
|
117%
|
At March 31,
|
|||||||||
2013
|
2012
|
% Change
|
|||||||
Homesites owned and controlled:
|
|||||||||
California
|
10,407
|
9,031
|
15%
|
||||||
Arizona
|
1,902
|
1,826
|
4%
|
||||||
Texas
|
5,165
|
4,199
|
23%
|
||||||
Colorado
|
1,174
|
666
|
76%
|
||||||
Nevada
|
1,124
|
1,130
|
(1%)
|
||||||
Total Southwest
|
9,365
|
7,821
|
20%
|
||||||
Florida
|
8,445
|
6,276
|
35%
|
||||||
Carolinas
|
3,906
|
2,989
|
31%
|
||||||
Total Southeast
|
12,351
|
9,265
|
33%
|
||||||
Total (including joint ventures)
|
32,123
|
26,117
|
23%
|
||||||
Homesites owned
|
25,689
|
19,935
|
29%
|
||||||
Homesites optioned or subject to contract
|
5,837
|
4,960
|
18%
|
||||||
Joint venture homesites (1)
|
597
|
1,222
|
(51%)
|
||||||
Total (including joint ventures)
|
32,123
|
26,117
|
23%
|
||||||
Homesites owned:
|
|||||||||
Raw lots
|
5,722
|
2,749
|
108%
|
||||||
Homesites under development
|
8,371
|
5,897
|
42%
|
||||||
Finished homesites
|
5,616
|
5,531
|
2%
|
||||||
Under construction or completed homes
|
2,583
|
1,872
|
38%
|
||||||
Held for sale
|
3,397
|
3,886
|
(13%)
|
||||||
Total
|
25,689
|
19,935
|
29%
|
(1)
|
Joint venture homesites represent our expected share of land development joint venture homesites and all of the homesites of our homebuilding joint ventures.
|
At March 31,
|
|||||||||
2013
|
2012
|
% Change
|
|||||||
Homes under construction and spec homes:
|
|||||||||
Homes under construction (excluding specs)
|
1,217
|
520
|
134%
|
||||||
Spec homes under construction
|
690
|
470
|
47%
|
||||||
Total homes under construction
|
1,907
|
990
|
93%
|
||||||
Completed and unsold homes (excluding models)
|
200
|
349
|
(43%)
|
Three Months Ended March 31,
|
||||||
2013
|
2012
|
|||||
(Dollars in thousands)
|
||||||
Total Originations:
|
||||||
Loans
|
|
669
|
439
|
|||
Principal
|
$ 200,440
|
$ 111,824
|
||||
Capture Rate
|
82%
|
80%
|
||||
Loans Sold to Third Parties:
|
||||||
Loans
|
669
|
475
|
||||
Principal
|
|
$ 198,209
|
$ 123,929
|
|||
Mortgage Loan Origination Product Mix:
|
||||||
FHA loans
|
21%
|
26%
|
||||
Other government loans (VA & USDA)
|
18%
|
20%
|
||||
Total government loans
|
39%
|
46%
|
||||
Conforming loans
|
60%
|
54%
|
||||
Jumbo loans
|
|
1%
|
0%
|
|||
100%
|
100%
|
|||||
Loan Type:
|
||||||
Fixed
|
98%
|
97%
|
||||
ARM
|
2%
|
3%
|
||||
Credit Quality:
|
||||||
Avg. FICO score
|
742
|
747
|
||||
Other Data:
|
||||||
Avg. combined LTV ratio
|
86%
|
86%
|
||||
Full documentation loans
|
100%
|
100%
|
· land acquisition
· construction and development
· operating expenses
|
· principal and interest payments on debt
· cash collateralization
|
· internally generated funds
· bank revolving credit and term loans
· land option contracts and seller notes
· public and private sales of our equity
· public and private note offerings
|
· joint venture financings
· assessment district bond financings
· letters of credit and surety bonds
· mortgage credit facilities
· tax refunds
|
Covenant and Other Requirements
|
Actual at
March 31, 2013
|
Covenant
Requirements at
March 31, 2013
|
|||||
(Dollars in millions) | |||||||
Consolidated Tangible Net Worth (1)
|
$1,287.2 | ≥ | $784.9 | ||||
Leverage Ratio:
|
|
|
|
||||
Net Homebuilding Debt to Adjusted Consolidated Tangible Net Worth Ratio (2)
|
1.00 | ≤ | 2.50 | ||||
Land Not Under Development Ratio:
|
|
||||||
Land Not Under Development to Consolidated Tangible Net Worth Ratio (3) | 0.26 | ≤ |
1.00
|
||||
Interest Coverage Ratio (4): | |||||||
EBITDA (as defined in the Revolving Facility) to Consolidated Interest Incurred (5) | 1.90 | ≥ | 1.00 | ||||
Investments in Homebuilding Joint Ventures or Consolidated Homebuilding Non-Guarantor Entities (6) | $189.7 | ≤ | $530.5 | ||||
Actual/Permitted Borrowings under the Revolving Facility (7) | $0 | ≤ | $350.0 |
(1)
|
The minimum covenant requirement amount is subject to increase over time based on subsequent earnings (without deductions for losses) and proceeds from equity offerings.
|
(2)
|
This covenant requirement decreases to 2.25 for the period ending March 31, 2014 and thereafter. Net Homebuilding Debt represents Consolidated Homebuilding Debt reduced for certain cash balances in excess of $5 million.
|
(3)
|
Land not under development is land that has not yet undergone physical site improvement and has not been sold to a homebuyer or other third party.
|
(4)
|
As of March 31, 2013, we were in compliance with the interest coverage covenant. However, if we fail to meet the required interest coverage ratio, it is not an event of default but rather upon such occurrence, the amount we can borrow under the Revolving Facility is limited by a mandatory prepayment requirement that limits our permitted borrowings to $100 million plus 90% of the book value of our completed model home inventory. As of March 31, 2013, if we had not been in compliance with the interest coverage covenant, our permitted borrowings would have been limited to $193.3 million using this formula.
|
(5)
|
This covenant requirement increases to 1.25 beginning with the quarter ending March 31, 2014. Consolidated Interest Incurred excludes noncash interest expense.
|
(6)
|
Net investments in unconsolidated homebuilding joint ventures or consolidated homebuilding non-guarantor entities must not exceed 35% of consolidated tangible net worth plus $80 million.
|
(7)
|
As of March 31, 2013 our borrowing base availability was $350.0 million.
|
March 31, 2013
|
||||
(Dollars in thousands)
|
||||
6¼% Senior Notes due April 2014
|
$ | 4,971 | ||
7% Senior Notes due August 2015
|
29,789 | |||
10¾% Senior Notes due September 2016
|
280,000 | |||
8⅜% Senior Notes due May 2018
|
575,000 | |||
8⅜% Senior Notes due January 2021
|
400,000 | |||
1¼% Convertible Senior Notes due August 2032
|
253,000 | |||
$ | 1,542,760 |
Covenant Requirements
|
Actual at
March 31, 2013
|
Covenant
Requirements at
March 31, 2013
|
||||
Total Leverage Ratio:
|
||||||
Indebtedness to Consolidated Tangible Net Worth Ratio (1)
|
1.13
|
|
≤ 2.25
|
|||
Interest Coverage Ratio:
|
||||||
EBITDA (as defined in the indenture) to Consolidated Interest Incurred
|
1.68
|
|
≥ 2.00
|
(1)
|
Indebtedness represents consolidated homebuilding debt reduced by cash held by Standard Pacific Corp. and its restricted subsidiaries in excess of $5 million. As of March 31, 2013, our unrestricted subsidiaries had approximately $165.2 million of unrestricted cash. As of March 31, 2013, we retained the ability, at our option, to distribute substantially all of this cash to Standard Pacific Corp. If such a distribution were to occur, the Leverage Ratio would be positively impacted.
|
· accessing larger or highly desirable lot positions
· establishing strategic alliances
· leveraging our capital base
|
· expanding our market opportunities
· managing the financial and market risk associated with land holdings
|
·
|
Segment reporting;
|
·
|
Inventories and impairments;
|
·
|
Stock-based compensation;
|
·
|
Homebuilding revenue and cost of sales;
|
·
|
Variable interest entities;
|
·
|
Unconsolidated homebuilding and land development joint ventures;
|
·
|
Warranty accruals;
|
·
|
Insurance and litigation accruals; and
|
·
|
Income taxes.
|
·
|
our strategy;
|
·
|
our plans to continue to make substantial investments in land;
|
·
|
housing market conditions and trends in the geographic markets in which we operate;
|
·
|
our expectation to convert year-end backlog in 2013;
|
·
|
the sufficiency of our warranty and other reserves;
|
·
|
trends in new home deliveries, orders, backlog, home pricing, leverage and gross margins;
|
·
|
housing market conditions and trends in the geographic markets in which we operate;
|
·
|
the sufficiency of our liquidity to implement our strategy and our ability to access additional capital and renew existing credit facilities;
|
·
|
litigation outcomes and related costs;
|
·
|
plans to purchase our notes prior to maturity and to engage in debt exchange transactions;
|
·
|
changes to our unrecognized tax benefits and uncertain tax positions and the timing of our recognition of these benefits;
|
·
|
the timing of the amortization of equity award unrecognized compensation expense;
|
·
|
our ability to utilize our deferred tax asset;
|
·
|
amounts remaining to complete relating to existing surety bonds; and
|
·
|
the impact of recent accounting standards.
|
·
|
adverse economic developments that negatively impact the demand for homes and the uncertain pace and scope of the current recovery in the United States economy;
|
·
|
the market value and availability of land;
|
·
|
our dependence on the California market;
|
·
|
the willingness of customers to purchase homes at times when mortgage-financing costs are high or when credit is difficult to obtain;
|
·
|
competition with other homebuilders as well as competition from the sellers of existing homes, short-sale homes and foreclosed homes;
|
·
|
high cancellation rates;
|
·
|
the risk of our longer term acquisition strategy;
|
·
|
our ability to obtain suitable bonding for development of our communities;
|
·
|
the cost and availability of labor and materials;
|
·
|
adverse weather conditions and natural disasters;
|
·
|
litigation and warranty claims;
|
·
|
our reliance on subcontractors and the adverse impact of their ability to construct our homes;
|
·
|
risks relating to our mortgage financing activities, including our obligation to repurchase loans we previously sold in the secondary market and exposure to regulatory investigations or lawsuits claiming improper lending practices;
|
·
|
our dependence on key employees;
|
·
|
risks relating to acquisitions, including integration risks;
|
·
|
our failure to maintain the security of our electronic and other confidential information;
|
·
|
government regulation, including environmental, building, climate change, worker health, safety, zoning and land use regulation;
|
·
|
increased regulation of the mortgage industry;
|
·
|
changes to tax laws that make homeownership more expensive;
|
·
|
the impact of “slow growth”, “no growth” or similar initiatives;
|
·
|
our ability to obtain additional capital when needed and at an acceptable cost;
|
·
|
the impact of restrictive covenants in our credit agreements, public notes and private term loans and our ability to comply with these covenants, including our ability to incur additional indebtedness;
|
·
|
the amount of, and our ability to repay, renew or extend, our outstanding debt;
|
·
|
risks relating to our unconsolidated joint ventures, including our ability and the ability of our partners to contribute funds to our joint ventures when needed or contractually agreed to, entitlement and development risks for the land owned by our joint ventures, the availability of financing to the joint ventures, our completion obligations to the joint venture, the illiquidity of our joint venture investments, partner disputes, and risks relating to our determinations concerning the consolidation or non-consolidation of our joint venture investments;
|
·
|
the influence of our principal stockholder;
|
·
|
the provisions of our charter, bylaws and stockholders’ rights agreements that could prevent a third party from acquiring us or limit the price investors might be willing to pay for shares of our common stock; and
|
·
|
other risks discussed in this report and our other filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2012.
|
31.1
|
Certification of the CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification of the CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101
|
The following materials from Standard Pacific Corp.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, formatted in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Statements of Operations, (ii) Condensed Consolidated Statements of Comprehensive Income, (iii) Condensed Consolidated Balance Sheets, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to Unaudited Condensed Consolidated Financial Statements. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
Dated: May 3, 2013
|
By:
|
/s/ Scott D. Stowell
|
Scott D. Stowell
Chief Executive Officer
(Principal Executive Officer)
|
||
Dated: May 3, 2013
|
By:
|
/s/ Jeff J. McCall
|
Jeff J. McCall
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
|
|
Exhibit 31.1
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Standard Pacific Corp.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
Date: May 3, 2013
|
/s/ Scott D. Stowell
|
Scott D. Stowell
|
Chief Executive Officer and President
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Standard Pacific Corp.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Jeff J. McCall
|
Jeff J. McCall
|
Executive Vice President and Chief Financial Officer
|
•
|
the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
|
•
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Scott D. Stowell
|
Scott D. Stowell
|
Chief Executive Officer and President
|
/s/ Jeff J. McCall
|
Jeff J. McCall
|
Executive Vice President and Chief Financial Officer
|
Note 3 - Segment Reporting (Detail)
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Number of Reportable Segments | 3 |
Note 11 - Revolving Credit Facility and Letter of Credit Facilities (Detail) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2013
|
Oct. 19, 2012
|
---|---|---|
Cash Collateral Deposits | $ 27.1 | |
Matures in October 2015 [Member] | Unsecured Revolving Credit Facility [Member]
|
||
Line of Credit Facility, Maximum Borrowing Capacity | 320 | |
Matures in February 2014 [Member] | Unsecured Revolving Credit Facility [Member]
|
||
Line of Credit Facility, Maximum Borrowing Capacity | 30 | |
Unsecured Revolving Credit Facility [Member]
|
||
Line of Credit Facility, Maximum Borrowing Capacity | 350 | |
Aggregate Borrowing Commitment | 550 | |
Line of Credit Facility, Current Borrowing Capacity | 350.0 | |
Letter of Credit [Member]
|
||
Line of Credit Facility, Maximum Borrowing Capacity | 11 | |
Letters of Credit Outstanding, Amount | 7.2 | |
Uncommitted Letter of Credit [Member]
|
||
Line of Credit Facility, Maximum Borrowing Capacity | 30 | |
Letters of Credit Outstanding, Amount | $ 19.5 |
Note 8 - Capitalization of Interest (Detail) (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Amount by Which Qualified Assets Exceed Debt | $ 186,400,000 | |
Interest Expense | 2,530,000 | |
Term Loan B Non Cash Interest Amortization | $ 2,600,000 | $ 2,600,000 |
Note 12 - Secured Project Debt and Other Notes Payable (Detail) (Homebuilding [Member], USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Homebuilding [Member]
|
||
Secured Debt | $ 4,423 | $ 11,516 |
Note 7 - Inventories (Detail) - Inventories Owned (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Homebuilding: California [Member]
|
||
Land and land under development | $ 752,155 | $ 778,419 |
Homes completed and under construction | 267,433 | 240,236 |
Model homes | 67,697 | 67,504 |
Total inventories owned | 1,087,285 | 1,086,159 |
Homebuilding: Southwest [Member]
|
||
Land and land under development | 376,589 | 352,705 |
Homes completed and under construction | 109,036 | 93,265 |
Model homes | 18,766 | 15,231 |
Total inventories owned | 504,391 | 461,201 |
Homebuilding: Southeast [Member]
|
||
Land and land under development | 322,218 | 313,037 |
Homes completed and under construction | 118,641 | 93,695 |
Model homes | 17,167 | 17,326 |
Total inventories owned | 458,026 | 424,058 |
Homebuilding [Member]
|
||
Land and land under development | 1,450,962 | 1,444,161 |
Homes completed and under construction | 495,110 | 427,196 |
Model homes | 103,630 | 100,061 |
Total inventories owned | $ 2,049,702 | $ 1,971,418 |
Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
|
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Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block] |
|
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Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block] |
|
Note 13 - Senior Notes Payable (Detail) - Senior Notes Payable (Homebuilding [Member], USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Senior Notes | $ 1,531,147 | $ 1,530,502 |
6.25% Senior Notes due April 2014 [Member]
|
||
Senior Notes | 4,971 | 4,971 |
7% Senior Notes due August 2015 [Member]
|
||
Senior Notes | 29,789 | 29,789 |
10.75% Senior Notes due September 2016 [Member]
|
||
Senior Notes | 266,585 | 265,823 |
8.375% Senior Notes due May 2018 [Member]
|
||
Senior Notes | 579,651 | 579,832 |
8.375% Senior Notes due January 2021 [Member]
|
||
Senior Notes | 397,151 | 397,087 |
1.25% Convertible Senior Notes Due August 2032 [Member]
|
||
Senior Notes | $ 253,000 | $ 253,000 |
Note 19 - Income Taxes
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Income Tax Disclosure [Text Block] |
19. Income
Taxes
We
account for income taxes in accordance with ASC Topic 740,
Income
Taxes (“ASC 740”). ASC 740
requires an asset and liability approach for measuring
deferred taxes based on temporary differences between the
financial statement and tax bases of assets and liabilities
existing at each balance sheet date using enacted tax rates
for years in which taxes are expected to be paid or
recovered.
Each
quarter we assess our deferred tax asset to determine whether
all or any portion of the asset is more likely than not
unrealizable under ASC 740. We are required to
establish a valuation allowance for any portion of the asset
we conclude is more likely than not to be
unrealizable. Our assessment considers, among
other things, the nature, frequency and severity of our
current and cumulative losses, forecasts of our future
taxable income, the duration of statutory carryforward
periods, our utilization experience with operating loss and
tax credit carryforwards, and tax planning
alternatives.
As
of March 31, 2013, we had a $464.0 million deferred tax asset
which was partially offset by a valuation allowance of $22.7
million relating primarily to potential Internal
Revenue Code Section 382 (“Section 382”)
limitations that expire during the 2013 second quarter and to
state net operating loss carryforwards. Our
deferred tax asset included $285.6 million of tax effected
net operating loss carryforwards, of which $149.6 million (or
approximately $366.0 million and $429.2 million,
respectively, of federal and state net operating loss
carryforwards on a gross basis) is subject to a $15.6 million
gross annual limitation under Section 382. The
remaining $136.0 million (or approximately $282.1 million and
$696.2 million, respectively, of federal and state net
operating loss carryforwards on a gross basis) is not subject
to an annual limitation.
As
of March 31, 2013, our liability for gross unrecognized tax
benefits was $13.5 million, all of which, if recognized,
would reduce our effective tax rate. We believe
that it is reasonably possible that the full amount of our
unrecognized tax benefits may be recognized by the end of
fiscal 2013 as a result of a lapse of the statute of
limitations. As of March 31, 2013, we remained
subject to examination by various tax jurisdictions for the
tax years ended December 31, 2008 through 2012.
|
Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
Mar. 31, 2012
|
---|---|---|---|
Interest capitalized in ending investments in unconsolidated joint ventures | $ 7,578 | $ 6,900 | $ 10,700 |
Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
|
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Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] |
|
Note 9 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Detail) - Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Assets: | ||
Cash | $ 12,107 | $ 15,627 |
Inventories | 147,942 | 129,477 |
Other assets | 10,673 | 10,783 |
Total assets | 170,722 | 155,887 |
Liabilities and Equity: | ||
Accounts payable and accrued liabilities | 5,401 | 5,796 |
Non-recourse debt | 16,410 | |
Standard Pacific equity | 50,183 | 51,173 |
Other members' equity | 98,728 | 98,918 |
Total liabilities and equity | 170,722 | 155,887 |
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets | $ 53,024 | $ 52,443 |
Note 17 - Disclosures about Fair Value (Detail) - Fair Value of Mortgage Loans (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
---|---|
Mortgage loans held for sale | $ 122,067 |
Fair Value, Inputs, Level 2 [Member]
|
|
Mortgage loans held for sale | $ 122,067 |
Note 7 - Inventories (Detail) - Inventories Not Owned (Homebuilding [Member], USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Homebuilding [Member]
|
||
Land purchase and lot option deposits | $ 26,556 | $ 23,803 |
Other lot option contracts, net of deposits | 45,463 | 47,492 |
Total inventories not owned | $ 72,019 | $ 71,295 |
Note 3 - Segment Reporting
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
|
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Segment Reporting Disclosure [Text Block] |
3. Segment
Reporting
We operate two
principal businesses: homebuilding and financial
services.
Our homebuilding
operations construct and sell single-family attached and
detached homes. In accordance with the aggregation
criteria defined in ASC Topic 280, Segment
Reporting, our homebuilding operating segments have
been grouped into three reportable segments: California;
Southwest, consisting of our operating divisions in Arizona,
Texas, Colorado and Nevada; and Southeast, consisting of our
operating divisions in Florida and the Carolinas.
Our mortgage
financing operation provides mortgage financing to our
homebuyers in substantially all of the markets in which we
operate, and sells substantially all of the loans it
originates in the secondary mortgage market. Our
title service operation provides title examinations for our
homebuyers in Texas. Our mortgage financing and
title services operations are included in our financial
services reportable segment, which is separately reported in
our condensed consolidated financial statements under
“Financial Services.”
Corporate is a
non-operating segment that develops and implements strategic
initiatives and supports our operating divisions by
centralizing key administrative functions such as accounting,
finance and treasury, information technology, insurance and
risk management, litigation, marketing and human
resources. Corporate also provides the necessary
administrative functions to support us as a publicly traded
company. All of the expenses incurred by Corporate
are allocated to each of our operating divisions based on
their respective percentage of revenues.
Segment financial
information relating to the Company’s homebuilding
operations was as follows:
Segment
financial information relating to the Company’s
homebuilding assets was as follows:
|
Note 17 - Disclosures about Fair Value (Detail) - Carrying Values and Estimated Fair Value of Other Financial Instruments (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Financial Services [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Mortgage loans held for investment, net | $ 9,716 | $ 9,923 |
Mortgage loans held for investment, net | 9,716 | 9,923 |
Financial Services [Member]
|
||
Mortgage loans held for investment, net | 9,716 | 9,923 |
Homebuilding [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Senior notes payable, net | 1,531,147 | 1,530,502 |
Senior notes payable, net | 1,859,779 | 1,803,202 |
Homebuilding [Member]
|
||
Senior notes payable, net | $ 1,531,147 | $ 1,530,502 |
6QE/3-$)V)A8VMG