IRVINE, CA -- Standard Pacific Corp. reported a net loss of $6.4 million in the third quarter on homebuilding revenues of $241.8 million. The average selling price for its homes was $346,000; up 3% from Q2 2011. The net loss in the 2011 third quarter included $9.0 million of inventory impairment charges and deposit write-offs and $0.6 million of restructuring charges. Excluding these charges, the Company's adjusted net income was $3.2 million* in the 2011 third quarter.
The copany said net new orders (excluding joint ventures) for the 2011 third quarter increased 38% from the 2010 third quarter to 764 homes on a 21% increase in the number of average active selling communities from 131 to 159.
Ken Campbell, the Company's CEO commented, "Our 38% year-over-year order growth and increasing ASP are a reflection of the execution of our strategy to grow community count in desirable locations and increase our product mix within the move-up segment." Scott Stowell, the Company's President added, "Through our focus on community count growth and cost reduction over the last several years we have lowered our break-even absorption rate, better positioning the Company for profitability in what we expect to be an ongoing, difficult 2012 housing market."