IRVINE, CA -- Standard Pacific Corp. posted net income of $58.9 million in the third quarter ended September 30, 2013.
Pretax income for the 2013 third quarter increased 220% to $70.1 million compared to $21.9 million for the prior year period.
Revenues from home sales for the 2013 third quarter increased 61%, to $511.1 million, as compared to the prior year period, resulting primarily from a 41% increase in new home deliveries and a 14% increase in the Company's consolidated average home price to $420 thousand. The increase in average home price was primarily attributable to our move-up market focus and general price increases within most of our markets. The increase in new home deliveries was driven by a 62% year-over-year increase in the number of homes in beginning backlog expected to close during the quarter, partially offset by a decrease in speculative homes sold and closed in the quarter.
--Net new orders of 1,110, up 12%; Dollar value of net new orders up 38%;
--Backlog of 2,165 homes, up 55%; Dollar value of backlog up 93%;
--168 average active selling communities, up 8%;
--Home sale revenues up 61%;
--Average selling price of $420 thousand, up 14%;
--1,217 new home deliveries, up 41%;
--Gross margin from home sales of 25.3%, compared to 20.2%;
Scott Stowell, the Company's Chief Executive Officer commented, "The positive performance we achieved during the first half of 2013 continued into the third quarter." Mr. Stowell added, "Notwithstanding the tempered approach to homebuying that impacted the market during the third quarter, the benefit of our long-term growth strategy continued to unfold as disciplined land buying, moving up market, and new home designs, all led to a solid third quarter performance."
The Company purchased $69.2 million of land (628 homesites) during the 2013 third quarter, of which 46% (based on homesites) was located in Florida, 21% in the Carolinas and 18% in California, with the balance spread throughout the Company's other operations. As of September 30, 2013, the Company owned or controlled 35,643 homesites, of which 21,993 are owned and actively selling or under development, 8,707 are controlled or under option, and the remaining 4,943 homesites are held for future development or for sale. The homesites owned that are actively selling or under development represent a 5.2 year supply based on the Company's deliveries for the trailing twelve months ended September 30, 2013.