Note 23 - Supplemental Guarantor Information

3 Months Ended

Jun. 30, 2011

Supplemental Guarantor Information [Text Block]

23.       Supplemental Guarantor Information

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

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

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

	Three Months Ended June 30, 2010
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	145,564		$	145,489		$	26,106		$	―		$	317,159
Cost of sales		(111,550	)		(117,090	)		(22,251	)		―			(250,891	)
Gross margin		34,014			28,399			3,855			―			66,268
Selling, general and administrative expenses		(22,562	)		(19,285	)		(1,566	)		―			(43,413	)
Loss from unconsolidated joint ventures		(81	)		(20	)		(125	)		―			(226	)
Equity income (loss) of subsidiaries		492			―			―			(492	)		―
Interest expense		(4,376	)		(5,699	)		(404	)		―			(10,479	)
Loss on early extinguishment of debt		(5,190	)		―			―			―			(5,190	)
Other income (expense)		1,047			260			1,511			―			2,818
Homebuilding pretax income (loss)		3,344			3,655			3,271			(492	)		9,778
Financial Services:
Financial services pretax income (loss)		(48	)		48			1,155			―			1,155
Income (loss) before income taxes		3,296			3,703			4,426			(492	)		10,933
(Provision) benefit for income taxes		7,365			(2,200	)		(5,437	)		―			(272	)
Net income (loss)	$	10,661		$	1,503		$	(1,011	)	$	(492	)	$	10,661

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

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

	Six Months Ended June 30, 2010
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	223,145		$	227,100		$	42,283		$	―	$	492,528
Cost of sales		(167,530	)		(183,699	)		(35,168	)		―		(386,397	)
Gross margin		55,615			43,401			7,115			―		106,131
Selling, general and administrative expenses		(39,526	)		(34,017	)		(2,622	)		―		(76,165	)
Loss from unconsolidated joint ventures		(518	)		(36	)		(106	)		―		(660	)
Equity income (loss) of subsidiaries		(1,427	)		―			―			1,427		―
Interest expense		(9,931	)		(11,660	)		(873	)		―		(22,464	)
Loss on early extinguishment of debt		(5,190	)		―			―			―		(5,190	)
Other income (expense)		139			32			3,071			―		3,242
Homebuilding pretax income (loss)		(838	)		(2,280	)		6,585			1,427		4,894
Financial Services:
Financial services pretax income (loss)		(81	)		81			1,057			―		1,057
Income (loss) before income taxes		(919	)		(2,199	)		7,642			1,427		5,951
(Provision) benefit for income taxes		6,509			(871	)		(5,999	)		―		(361	)
Net income (loss)	$	5,590		$	(3,070	)	$	1,643		$	1,427	$	5,590

CONDENSED CONSOLIDATING BALANCE SHEET

	June 30, 2011
	Standard Pacific Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
		(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents		$	22,218	$	246	$	450,929	$	―		$	473,393
Restricted cash			―		―		33,814		―			33,814
Trade and other receivables			467,136		4,778		8,348		(462,602	)		17,660
Inventories:
Owned			580,106		626,904		175,734		―			1,382,744
Not owned			8,023		51,068		2,495		―			61,586
Investments in unconsolidated joint ventures			22,702		2,377		57,085		―			82,164
Investments in subsidiaries			859,458		―		―		(859,458	)		―
Deferred income taxes, net			7,166		―		―		148			7,314
Other assets			36,915		3,287		227		(165	)		40,264
Total Homebuilding Assets			2,003,724		688,660		728,632		(1,322,077	)		2,098,939
Financial Services:
Cash and equivalents			―		―		10,282		―			10,282
Restricted cash			―		―		2,870		―			2,870
Mortgage loans held for sale, net			―		―		35,105		―			35,105
Mortgage loans held for investment, net			―		―		9,678		―			9,678
Other assets			―		―		4,866		(3,094	)		1,772
Total Financial Services Assets			―		―		62,801		(3,094	)		59,707
Total Assets		$	2,003,724	$	688,660	$	791,433	$	(1,325,171	)	$	2,158,646
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable		$	5,509	$	9,001	$	2,068	$	―		$	16,578
Accrued liabilities			72,597		415,869		148,209		(460,490	)		176,185
Secured project debt and other notes payable			―		55		4,160		―			4,215
Senior notes payable			1,274,001		―		―		―			1,274,001
Senior subordinated notes payable			44,348		―		―		―			44,348
Total Homebuilding Liabilities			1,396,455		424,925		154,437		(460,490	)		1,515,327
Financial Services:
Accounts payable and other liabilities			―		―		4,900		(3,723	)		1,177
Mortgage credit facilities			―		―		36,373		(1,500	)		34,873
Total Financial Services Liabilities			―		―		41,273		(5,223	)		36,050
Total Liabilities			1,396,455		424,925		195,710		(465,713	)		1,551,377
Equity:
Total Stockholders' Equity			607,269		263,735		595,723		(859,458	)		607,269
Total Liabilities and Equity		$	2,003,724	$	688,660	$	791,433	$	(1,325,171	)	$	2,158,646

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2010
	Standard Pacific Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
		(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents		$	260,869	$	217	$	459,430	$	―		$	720,516
Restricted cash			―		―		28,238		―			28,238
Trade and other receivables			411,804		2,225		7,555		(415,417	)		6,167
Inventories:
Owned			429,951		617,641		134,105		―			1,181,697
Not owned			10,405		5,239		3,355		―			18,999
Investments in unconsolidated joint ventures			17,203		2,316		54,342		―			73,861
Investments in subsidiaries			867,740		―		―		(867,740	)		―
Deferred income taxes, net			9,121		―		―		148			9,269
Other assets			33,994		4,024		168		(11	)		38,175
Total Homebuilding Assets			2,041,087		631,662		687,193		(1,283,020	)		2,076,922
Financial Services:
Cash and equivalents			―		―		10,855		―			10,855
Restricted cash			―		―		2,870		―			2,870
Mortgage loans held for sale, net			―		―		30,279		―			30,279
Mortgage loans held for investment, net			―		―		9,904		―			9,904
Other assets			―		―		5,003		(2,710	)		2,293
Total Financial Services Assets			―		―		58,911		(2,710	)		56,201
Total Assets		$	2,041,087	$	631,662	$	746,104	$	(1,285,730	)	$	2,133,123
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable		$	5,971	$	8,371	$	2,594	$	(220	)	$	16,716
Accrued liabilities			97,738		350,321		107,347		(412,279	)		143,127
Secured project debt and other notes payable			―		273		4,465		―			4,738
Senior notes payable			1,272,977		―		―		―			1,272,977
Senior subordinated notes payable			42,539		―		―		―			42,539
Total Homebuilding Liabilities			1,419,225		358,965		114,406		(412,499	)		1,480,097
Financial Services:
Accounts payable and other liabilities			―		―		4,811		(3,991	)		820
Mortgage credit facilities			―		―		31,844		(1,500	)		30,344
Total Financial Services Liabilities			―		―		36,655		(5,491	)		31,164
Total Liabilities			1,419,225		358,965		151,061		(417,990	)		1,511,261
Equity:
Total Stockholders' Equity			621,862		272,697		595,043		(867,740	)		621,862
Total Liabilities and Equity		$	2,041,087	$	631,662	$	746,104	$	(1,285,730	)	$	2,133,123

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

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

	Six Months Ended June 30, 2010
	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	$	(33,539	)	$	16,492		$	55,966		$	―	$	38,919
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(1,200	)		(56	)		(1,026	)		―		(2,282	)
Distributions from unconsolidated homebuilding joint ventures		3			―			20			―		23
Other investing activities		(406	)		(31	)		237			―		(200	)
Net cash provided by (used in) investing activities		(1,603	)		(87	)		(769	)		―		(2,459	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			378			―		378
Net proceeds from (principal payments on) secured project debt and other notes payable		(40,193	)		(16,436	)		(2,618	)		―		(59,247	)
Principal payments on senior notes payable		(189,959	)		―			―			―		(189,959	)
Proceeds from the issuance of senior notes payable		300,000			―			―			―		300,000
Payment of debt issuance costs		(5,506	)		―			―			―		(5,506	)
Net proceeds from (payments on) mortgage credit facilities		―			―			24,131			―		24,131
Proceeds from the exercise of stock options		2,341			―			―			―		2,341
Excess tax benefits from share-based payment arrangements		27			―			―			―		27
Distributions from (contributions to) corporate and subsidiaries		15,002			―			(15,002	)		―		―
Net cash provided by (used in) financing activities		81,712			(16,436	)		6,889			―		72,165
Net increase (decrease) in cash and equivalents		46,570			(31	)		62,086			―		108,625
Cash and equivalents at beginning of period		183,135			402			412,022			―		595,559
Cash and equivalents at end of period	$	229,705		$	371		$	474,108		$	―	$	704,184