-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FJtw3TTKIhezDOL+fnEguYwqNvJl/B4AjAX8WXTUlcw6aLt0yIKxehyNaNQsiisD dOQ8gS0ngWaN7Iy/7JjO5w== 0000898430-96-001729.txt : 19960625 0000898430-96-001729.hdr.sgml : 19960625 ACCESSION NUMBER: 0000898430-96-001729 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960513 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: STANDARD PACIFIC CORP /DE/ CENTRAL INDEX KEY: 0000878560 STANDARD INDUSTRIAL CLASSIFICATION: 1531 IRS NUMBER: 330475989 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10959 FILM NUMBER: 96560958 BUSINESS ADDRESS: STREET 1: 1565 W MACARTHUR BLVD CITY: COSTA MESA STATE: CA ZIP: 92626 BUSINESS PHONE: 7146684300 MAIL ADDRESS: STREET 1: 1565 W MACARTHUR BLVD CITY: COSTA MESA STATE: CA ZIP: 92626 10-Q 1 10-Q DATED 03-31-96 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from N/A to ------------- ------------- Commission file number 1-10959 STANDARD PACIFIC CORP. (Exact name of registrant as specified in its charter) Delaware 33-0475989 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1565 W. MacArthur Blvd., Costa Mesa, CA 92626 (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) (714) 668-4300 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . --------- --------- APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No . --------- --------- APPLICABLE ONLY TO CORPORATE ISSUERS Registrant's shares of common stock outstanding at May 1, 1996: 30,060,281 STANDARD PACIFIC CORP. AND SUBSIDIARIES FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1996 The consolidated condensed financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information normally included in the financial statements prepared in accordance with generally accepted accounting principles has been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1995. STANDARD PACIFIC CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 (Dollars in thousands, except per share data) (Unaudited)
1996 1995 ------- ------- HOMEBUILDING AND CORPORATE: Revenues $61,584 $66,352 Cost of sales 58,043 62,134 ------- ------- Gross margin 3,541 4,218 ------- ------- General and administrative expense 3,041 3,023 Income from unconsolidated joint venture 1,713 832 Interest expense 1,656 -- Other income 158 132 ------- ------- Homebuilding and corporate pretax income 715 2,159 ------- ------- MANUFACTURING: Revenues 3,997 4,146 Cost of sales 2,601 2,677 ------- ------- Gross margin 1,396 1,469 ------- ------- Selling, general and administrative expense 1,208 1,385 Other income 50 44 ------- ------- Manufacturing pretax income 238 128 ------- ------- SAVINGS AND LOAN: Interest income 5,312 6,835 Interest expense 4,814 6,108 ------- ------- Net interest margin 498 727 ------- ------- Provision for loan losses -- 50 General and administrative expense 570 765 (Loss) on sale of investments and adjustment for lower of cost or market on loans available for sale -- (156) Other income (expense) 76 (160) ------- ------- Savings and loan pretax income (loss) 4 (404) ------- ------- CONSOLIDATED INCOME BEFORE TAXES 957 1,883 PROVISION FOR INCOME TAXES (384) (782) ------- ------- NET INCOME $ 573 $ 1,101 ======= ======= NET INCOME PER SHARE $ .02 $ .04 ======= =======
The accompanying notes are an integral part of these consolidated statements. STANDARD PACIFIC CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Dollars in thousands) (Unaudited) ASSETS
MARCH 31, DECEMBER 31, 1996 1995 ----------- ------------ HOMEBUILDING, CORPORATE AND MANUFACTURING: Cash and equivalents $ 3,557 $ 895 Investment securities held to maturity 6,069 5,410 Mortgage notes receivable and accrued interest 3,077 3,203 Other notes and accounts receivable, net 10,565 8,821 Inventories: Real estate in process of development and completed model homes 361,532 354,290 Real estate held for sale 11,894 13,386 Manufacturing 1,433 1,332 Property and equipment, at cost, net of accumulated depreciation of $6,004 in 1996 and $5,875 in 1995 6,165 6,263 Investment in and advances to unconsolidated joint ventures 5,722 4,460 Deferred income taxes 16,005 17,605 Deferred charges and other assets 7,192 6,859 ----------- ------------ Total assets - homebuilding, corporate and manufacturing 433,211 422,524 ----------- ------------ SAVINGS AND LOAN: Cash and equivalents 11,060 36,702 Investment securities available for sale 33,493 28,635 Mortgage notes receivable and accrued interest, net 253,264 269,128 Property and equipment, at cost, net 238 266 Real estate acquired in settlement of loans, net 3,042 2,704 Deferred income taxes 3,787 3,825 Investment in FHLB stock 7,614 7,500 Other assets 1,678 1,894 ----------- ------------ Total assets - savings and loan 314,176 350,654 ----------- ------------ TOTAL ASSETS $747,387 $773,178 =========== ============
The accompanying notes are an integral part of these consolidated balance sheets. STANDARD PACIFIC CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Dollars in thousands) (Unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY [CAPTION] March 31, December 31, 1996 1995 ------------ ------------ HOMEBUILDING, CORPORATE AND MANUFACTURING: Unsecured notes payable $ 66,500 $ 48,500 Trust deed notes payable 12,626 14,854 Accounts payable and accrued expenses 20,784 24,547 10 1/2 percent senior notes due 2000 100,000 100,000 ---------- ----------- Total liabilities - homebuilding, corporate and manufacturing 199,910 187,901 ---------- ----------- SAVINGS AND LOAN: Savings accounts 150,764 157,542 FHLB advances 136,000 150,000 Securities sold subject to agreements to repurchase -- 15,016 Accounts payable and accrued expenses 3,144 4,873 ---------- ----------- Total liabilities - savings and loan 289,908 327,431 ---------- ----------- STOCKHOLDERS' EQUITY: Preferred stock, $.01 par value; 10,000,000 shares authorized; none issued -- -- Common stock, $.01 par value; 100,000,000 shares authorized; 30,060,281 and 30,060,281 shares outstanding in 1996 and 1995, respectively 301 301 Paid-in capital 285,655 285,655 Investment securities valuation adjustment (28) (80) Retained deficit (28,359) (28,030) ---------- ----------- Total stockholders' equity 257,569 257,846 ---------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 747,387 $ 773,178 ========== ===========
The accompanying notes are integral part of these consolidated balance sheets. STANDARD PACIFIC CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 (Dollars in thousands) (Unaudited)
1996 1995 -------- ------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 573 $ 1,101 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 161 122 Amortization of deferred income and discounts 17 128 Net (gain) loss on sale of investments, loans and REO (91) 34 Provision for loan losses -- 50 Changes in cash and equivalents due to: Inventories (5,851) 15,643 Receivables and accrued interest (1,538) 4,432 Investments in and advances to joint ventures (1,262) (1,937) Accounts payable and accrued expenses (5,493) (13,341) Deferred income taxes 1,675 550 Other, net (230) 509 -------- -------- Net cash provided by (used in) operating activities $(12,039) $ 7,291 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from the sale of investments and principal repayments $ 6,147 $ 8,865 Net sales of real estate owned 993 376 Net (additions to) retirements from property and equipment (36) (44) Purchases of investment securities (11,622) (1,032) New loan fundings and loan purchases -- (8,136) Loan sales and principal repayments from loans 14,500 14,674 -------- -------- Net cash provided by (used in) investing activities $ 9,982 $ 14,703 -------- --------
The accompanying notes are an integral part of these consolidated statements. STANDARD PACIFIC CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 (Dollars in thousands) (Unaudited)
1996 1995 -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from (payments on) bank lines of credit and term loans $ 18,000 $ 250 Proceeds from deposits to savings accounts 74,651 98,246 Payments on savings account withdrawals (83,090) (91,007) Interest credited to savings accounts 1,661 957 Principal payments on FHLB advances (14,000) (28,000) Proceeds from FHLB advances -- 30,000 Principal payments on bonds, notes and trust deed notes payable (2,227) (4,394) Dividends paid (902) (919) Net change in securities sold subject to agreements to repurchase (15,016) (26,257) -------- -------- Net cash provided by (used in) financing activities $(20,923) $(21,124) -------- -------- Net increase (decrease) in cash and equivalents $(22,980) $ 870 Cash and equivalents at beginning of period 37,597 16,504 -------- -------- Cash and equivalents at end of period $ 14,617 $ 17,374 ======== ======== SUMMARY OF CASH BALANCES: Homebuilding and manufacturing $ 3,557 $ 3,343 Savings and loan 11,060 14,031 -------- -------- $ 14,617 $ 17,374 ======== ======== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Noncash transactions: Loans receivable foreclosed on, net 1,239 -- Cash paid during the period for: Interest, all entities 9,793 10,944 Income taxes 921 5
The accompanying notes are an integral part of these consolidated statements. STANDARD PACIFIC CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS MARCH 31, 1996 (Dollar amounts presented in tables are in thousands) 1. Basis of presentation --------------------- In the opinion of management, the financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position as of March 31, 1996 and December 31, 1995, and the results of operations and cash flows for the periods shown. 2. Capitalization of interest -------------------------- The following is a summary of interest capitalized and expensed related to real estate inventories for the three-month periods ended March 31, 1996 and 1995:
Three Months Ended March 31, ---------------------------- 1996 1995 ------------ ------------ Total interest incurred during the period $4,839 $4,837 Less-interest capitalized as a cost of real estate inventories 3,183 4,837 ------------ ------------ Net interest expensed $1,656 $ 0 ============ ============ Interest previously capitalized as a cost of real estate inventories, included in cost of sales $3,078 $7,314 ============ ============
3. Reclassifications ----------------- Certain reclassifications to 1995 financial information have been made to conform to current period presentation. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS DISCUSSION OF OPERATIONS BY SEGMENT - - ----------------------------------- RESIDENTIAL HOUSING AND CORPORATE SEGMENT A comparative summary of operating results for residential housing and corporate operations for the three-month periods ended March 31, 1996 and 1995 is as follows (dollar amounts in thousands):
THREE MONTHS ENDED MARCH 31, ----------------------------- 1996 1995 ----------- ----------- Revenues $ 61,584 $ 66,352 Cost of sales 58,043 62,134 ----------- ----------- Gross margin 3,541 4,218 ----------- ----------- Gross margin percentage 5.8% 6.4% General and administrative expense 3,041 3,023 Income from unconsolidated joint venture 1,713 832 Interest expense 1,656 - Other income 158 132 ----------- ----------- Homebuilding and corporate pretax income $ 715 $ 2,159 =========== ===========
A summary of residential housing key operating data for the three-month periods ended March 31, 1996 and 1995 is as follows:
THREE MONTHS ENDED MARCH 31, ------------------------------ 1996 1995 ----------- ----------- New homes delivered California 158 163 Texas 72 57 Joint Venture 59 24 ----------- ----------- Total 289 244 ----------- ----------- Average selling price - excluding joint venture $261,000 $299,000 Average selling price - including joint venture $248,000 $296,000 Net new orders 536 327 Backlog at quarter-end 571 354
During the quarter ended March 31, 1996, the Company delivered 289 new homes (including 59 homes delivered by the Company's unconsolidated joint venture) at an average selling price of $248,000 compared to 244 new homes (including 24 homes delivered by the Company's unconsolidated joint venture) at an average selling price of $296,000 for the 1995 first quarter. Because of the significance of the joint venture operations, the following selected operating information has been adjusted on a proforma basis to include the operating results of the Company's unconsolidated joint venture for the three months ended March 31, 1996 and 1995 (dollar amounts in thousands). Discussions of variations and trends in revenues, cost of sales and gross margins have been made utilizing a comparison of the "As Adjusted" amounts.
Three Months Ended March 31, 1996 Three Months Ended March 31, 1995 ----------------------------------- --------------------------------- As Reported As Adjusted (1) As Reported As Adjusted (1) --------------- ----------------- ------------- ----------------- Revenues $61,584 $73,259 $66,352 $72,619 Cost of sales 58,043 68,005 62,134 67,569 --------------- ----------------- ------------- ----------------- Gross margin $ 3,541 $ 5,254 $ 4,218 $ 5,050 =============== ================= ============= ================= Gross margin percentage 5.8% 7.2% 6.4% 7.0%
- - --------------- (1) Joint venture revenues for the three month periods ended March 31, 1996 and 1995 amounted to $11.7 million and $6.3 million, respectively. Residential housing sales for the quarter ended March 31, 1996 increased by approximately 0.9 percent from the comparable prior year period, while cost of sales attributed to residential housing increased by approximately 0.7 percent over the same period. The increase in residential housing sales of approximately $640,000 over the 1995 first quarter resulted primarily from an increase of $13.3 million due to an increase in the number of new homes delivered and an increase of $1.1 million due to higher revenues from sales of improved lots partially offset by a decrease of $13.8 million attributable to a 16.1 percent lower average selling price of homes delivered. The decrease in the average selling price of homes delivered was primarily due to increased deliveries of homes in the $150,000 to $300,000 price range in the Company's California markets. The Company expects its average selling price in the foreseeable future to fluctuate in approximately the $225,000 to $275,000 range. Residential housing cost of sales for the quarter ended March 31, 1996 increased by approximately $436,000 over the 1995 first quarter primarily as a result of an increase of $12.4 million due to an increase in the number of homes delivered and an increase of $1.1 million due to higher expenses associated with increased sales of improved lots partially offset by a decrease of $13.1 million attributable to a decrease in the average cost of new homes delivered. Income from the unconsolidated joint venture increased from $832,000 in the first quarter of 1995 to $1.7 million in the first quarter of 1996. The joint venture delivered 24 new homes in the first three months of 1995 versus 59 homes during the 1996 first quarter. It is expected that deliveries from this joint venture, and the Company's share of its results of operations, will decrease in 1996 as the venture delivers its lower priced product and nears the end of its inventory of lots. The Company's net new orders for the first quarter of 1996 were 64 percent higher than the comparable prior year period. The higher order level and backlog can be partially attributed to the unusually heavy rains in California in the first quarter of 1995. The increased order level is also due to the addition of new projects in the Company's northern California market and an improving economic climate in other parts of California. Inventory Financing Sources - - --------------------------- Sources of financing for the Company's real estate inventories at March 31, 1996 were: purchase money secured notes 3%; unsecured debt 45% and equity 52%. MANUFACTURING SEGMENT A summary of operations for the manufacturing segment for the three-month periods ended March 31, 1996 and 1995 is as follows (dollar amounts in thousands):
THREE MONTHS ENDED MARCH 31, ---------------------------- 1996 1995 ----------- ----------- Net product sales $3,997 $4,146 Cost of sales 2,601 2,677 ----------- ----------- Gross margin 1,396 1,469 ----------- ----------- Gross margin percentage 34.9% 35.4% General and administrative expense 1,208 1,385 Other income (1) 115 95 ----------- ----------- Manufacturing pretax income $ 303 $ 179 =========== ===========
_________________________________ (1) Includes intersegment income of $65,000 and $51,000 for the three months ended March 31, 1996 and 1995, respectively. These intersegment transactions are eliminated in consolidation with no effect on consolidated earnings. Net product sales for the quarter ended March 31, 1996 were slightly below the prior year first quarter. However, total bookings for the first quarter were 22 percent higher than the first quarter of 1995. The order backlog, which amounted to $1.9 million at March 31, 1996, was at the highest level since March 31, 1992. SAVINGS AND LOAN SEGMENT ("SAVINGS") The following is a summary of operations of Savings for the three-month periods ended March 31, 1996 and 1995 (dollar amounts in thousands):
THREE MONTHS ENDED MARCH 31, ---------------------------- 1996 1995 ----------- ----------- Interest income $5,312 $6,835 Interest expense 4,814 6,108 ----------- ----------- Net interest margin 498 727 ----------- ----------- Provision for loan losses - 50 General and administrative expense 570 765 (Loss) gain on sale of investments and adjustment for lower of cost or market on loans available for sale - (156) Other income (expense) 76 (160) ----------- ----------- Income (loss) before taxes 4 (404) Provision (credit) for income taxes 2 (169) ----------- ----------- Net income (loss) $ 2 $ (235) =========== ===========
- - ----------------------------------- Savings' operating results for the quarter ended March 31, 1996 improved from the prior year first quarter principally as a result of (1) the absence, in 1996, of losses on the sale of investments or adjustments for lower of cost or market on loans available for sale compared to a net loss of $156,000 for the same period in 1995, (2) a reduction in general and administrative expenses, and (3) an improvement of $236,000 in other income (expense) between quarters primarily as a result of the recognition of losses on the sale of loans in the 1995 first quarter. These positive comparisons were partially offset by a reduction in the net interest margin due in part to the reducing level of interest earning assets and liabilities. Savings' assets were approximately $314.2 million at March 31, 1996, a decrease of $36.5 million from the December 31, 1995 balance. The decrease in assets was caused by a decrease in mortgage notes receivable and certain cash and investment securities which were sold or paid off during the quarter in accordance with Savings' goal of reducing the level of assets. The following table sets forth the weighted average interest rates on interest earning assets, interest bearing liabilities and the interest rate spread for the three months ended March 31, 1996 and 1995:
1996 1995 -------- -------- Weighted Average Rate on: Interest Earning Assets 6.67% 6.55% Interest Bearing Liabilities 6.36 6.26 -------- -------- Interest Rate Spread 0.31% 0.29% ======== ========
The weighted average interest rate on interest earning assets improved during the first quarter of 1996 when compared to both the first quarter of 1995 and the year ended December 31, 1995. This improvement is primarily a result of upward repricing on certain adjustable rate mortgages which began in the fourth quarter of 1995. The higher weighted average rate on interest earning assets was partially offset by an increase in the weighted average rate on interest bearing liabilities. The higher average cost of funds resulted from general increases in interest rates experienced towards the end of 1995 and into 1996. Congress still has pending proposed legislation to recapitalize the Federal Deposit Insurance Corporation's (FDIC) Savings Association Insurance Fund (SAIF). The proposed legislation would require all SAIF insured institutions to pay a one time special assessment of approximately 0.85 percent of their outstanding deposits as of March 31, 1995. Savings has estimated that the amount of their special assessment would approximate $1.7 million. As of March 31, 1996, the Company had not provided for this potential assessment. It is possible that this estimate could change. For a more detailed discussion of Savings' operations, reference should be made to the Company's Annual Report on Form 10-K for the year ended December 31, 1995. CORPORATE SEGMENT On April 23, 1996, the Board of Directors declared a quarterly dividend of $.03 per share of common stock. The cash dividend will be payable on May 28, 1996 to shareholders of record on May 14, 1996. Financial Condition - - ------------------- Unsecured notes payable by the Corporate office (excluding the 10-1/2% Senior Notes due 2000) totaled $66.5 million at March 31, 1996 versus $48.5 million at December 31, 1995. Total commitments available under the Company's revolving credit facilities aggregated $115 million at March 31, 1996, of which a total of $85.6 million was unused and available for additional borrowings under the terms and conditions of the agreements. Shelf Registration Statement - - ---------------------------- In January 1992, the Company filed a shelf registration statement with the Securities and Exchange Commission which was declared effective in March 1992. In connection therewith, the Company may, after issuing the $100 million principal amount of the 10-1/2% Senior Notes in March 1993, issue up to an additional $100 million of either senior or subordinated debt securities from time to time, at prices and terms acceptable to the Company. STATEMENT REGARDING FORWARD LOOKING DISCLOSURE The foregoing "Management's Discussion and Analysis of Financial Condition and Results of Operations" contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events, including, but not limited to, the following: statements regarding the price range of future homes constructed by the Company, statements regarding the future home deliveries and income from the Company's unconsolidated joint venture, statements regarding the realizability of the manufacturing segment's backlog and statements regarding proposed legislation to recapitalize the SAIF, and its resultant impact on the Company. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward looking statements, including, without limitation, the following: change in the demand for new homes attributable to the cyclical and competitive nature of the homebuilding business; uncertainty in or changes in the continued availability of suitable undeveloped land at reasonable prices; adverse local market conditions; existing and changing governmental regulations, including regulations concerning environmental matters and the permitting process for home construction; increases in prevailing interest rates; the level of real estate taxes and energy costs; the cost of materials and labor; the availability of construction financing and home mortgage financing attractive to the purchasers of homes; and inclement weather and other natural disasters. Results actually achieved thus may differ materially from expected results included in these and any other forward looking statements contained herein. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. STANDARD PACIFIC CORP. (Registrant) Dated: May 3, 1996 By: /s/ Arthur E. Svendsen --------------------------------- Arthur E. Svendsen Chairman of the Board and Chief Executive Officer Dated: May 3, 1996 By: /s/ April J. Morris --------------------------------- April J. Morris Vice President - Finance PART II OTHER INFORMATION Item 1. Legal proceedings None Item 2. Change in Securities None Item 3. Default upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 11. Statement of computation of earnings per share. 27. Financial Data Schedule. (b) Current Reports on Form 8-K None EX-11 2 EARNINGS CALCULATIONS STANDARD PACIFIC CORP. AND SUBSIDIARIES --------------------------------------- EARNINGS PER SHARE CALCULATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 --------------------------------------------------
1996 1995 ---- ---- Primary Earnings Per Share and Equivalent Share: Income before Taxes.............. $ 957,000 $ 1,883,000 Provision for Income Taxes....... 384,000 782,000 ----------- ----------- Net Income........................ $ 573,000 $ 1,101,000 =========== =========== Shares and Equivalent Shares: Average Shares Outstanding...... 30,060,281 30,621,931 Equivalent Shares............... 3,951 1,800 ----------- ----------- Total.......................... 30,064,232 30,623,731 =========== =========== Primary Earnings Per Share........ $ 0.02 $ 0.04 =========== =========== Fully-diluted Earnings Per Share and Equivalent Share Net Income........................ $ 573,000 $ 1,101,000 =========== =========== Shares and Equivalent Shares: Average Shares Outstanding...... 30,060,281 30,621,931 Equivalent Shares............... 11,977 2,308 ----------- ----------- Total.......................... 30,072,258 30,624,239 =========== =========== Fully-Diluted Earnings Per Share........................... $ 0.02 $ 0.04 =========== ===========
EX-27 3 FDA ART. 5 / 10-Q
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MAR-31-1996 10Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1995 JAN-01-1996 MAR-31-1996 14,617 39,562 269,684 2,778 374,859 0 13,416 7,013 747,387 0 100,000 0 0 301 257,268 747,387 65,581 70,893 60,644 70,277 (1,997) 0 1,656 957 384 573 0 0 0 573 .02 .02 Amounts for current assets and current liabilities are not shown since balance sheet is presented in nonclassified format.
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