Note 21 - Supplemental Guarantor Information

3 Months Ended

Mar. 31, 2013

Supplemental Guarantor Information [Text Block]

21.       Supplemental Guarantor Information

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior 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 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

CONDENSED CONSOLIDATING BALANCE SHEET

	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
Inventories - 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

CONDENSED CONSOLIDATING BALANCE SHEET

	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
Inventories - 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

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	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