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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: Joe Stocks9/8/2006 5:34:11 PM
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SPF- Another builder steps into the confessional. Holey moley! Year over year orders down 58%.

Standard Pacific Corp. Announces 2006 July and August Order Trends
Friday September 8, 5:24 pm ET

IRVINE, Calif., Sept. 8 /PRNewswire-FirstCall/ -- In anticipation of upcoming investor conferences and in compliance with Regulation FD, Standard Pacific Corp. (NYSE: SPF - News) today reported preliminary new home order comparisons for July and August 2006.
Net new home orders for the first two months of the 2006 third quarter were down 58% from the year earlier period, driven in large part by the continued increase in the Company's cancellation rate and further weakening of demand in many of the Company's larger markets. Orders were off meaningfully in Southern California, Northern California, Florida and Arizona, but up in Texas. Orders were off moderately in the Carolinas and Colorado. The Company's gross orders for the first two months of the 2006 third quarter were off 30% versus the year ago period. Our backlog at August 31, 2006, stood at 4,837 pre-sold homes valued at approximately $1.8 billion.

In light of lower than expected order levels for the first two months of the 2006 third quarter and deteriorating market conditions, the Company anticipates that third quarter earnings per share will be materially below our previously provided guidance. In addition, the Company expects to lower its earnings and delivery guidance for the full year and will provide an update in conjunction with its regularly scheduled earnings release at the end of October.
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