Standard Pacific (SPF) Reports Decline in New Home Orders for April and May

June 16, 2008 5:23 PM EDT

Standard Pacific Corp. (NYSE: SPF) reported preliminary new home order comparisons for April and May 2008.

Overall, net new home orders (excluding discontinued operations) for the first two months of the 2008 second quarter were down 12% from the year earlier period. Adjusting for the number of active selling communities, new home orders (excluding discontinued operations) were down 18% on a "same store" basis.

The Company's cancellation rate (excluding discontinued operations) for the 2008 two-month period was 25% compared to 28% in the year earlier period and 24% in the 2008 first quarter.

Orders were up slightly on a same-store basis in California for the April and May period versus the year earlier period. Orders were up 42% year over year on a same-store basis in Florida, and up 10% in Arizona, while down 34% in Texas, down 59% in the Carolinas and down 64% in Colorado. Despite the positive comparisons in some of our markets, our absolute sales absorption rates continue to reflect the difficult housing conditions in most of our markets. The Company's cancellation rate in California was 26% for the first two months of the quarter compared to 29% during the same period last year and 25% in the 2008 first quarter. The Company's Florida cancellation rate for April and May was 23% while it was 24% in Arizona.[SM]

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