IRVINE, CA -- Standard Pacific Corp. reported net income of $64.6 million in the fourth quarter, on home sale revenues of $724.3 million.
For the ful year, the homebuilder had net income of $215.9 million on revenue of $2.3 billion.
Scott Stowell, the Company's President and Chief Executive Officer commented, "I am pleased with our solid financial performance in 2014, the third most profitable year in Standard Pacific Homes' 50-year history." Mr. Stowell added, "Our 2014 results reflect our strong land position and the continued execution of our strategy, with full year pretax income, home sale revenues and backlog value up 36%, 25% and 14%, respectively."
Revenues from home sales for the 2014 fourth quarter increased 21%, to $724.3 million, as compared to the prior year period, resulting primarily from a 10% increase in the Company's average home price to $491 thousand, the highest quarterly average home price in Company history, and a 10% increase in new home deliveries.
Net new orders for the 2014 fourth quarter were up 11% from the 2013 fourth quarter, to 978 homes, with the dollar value of these orders up 18%.