Standard Pacific’s loss rises
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Irvine-based home builder Standard Pacific Corp. on Wednesday reported a $368.8-million loss for the third quarter.
The loss of $2.53 a share was more than triple the loss of $119.7 million, or $1.66 a share, last year. Revenue fell 38% to $400.3 million.
Standard Pacific Chairman Jeffrey V. Peterson said in a statement the company had endured “one of the worst economic and housing environments the country has faced in recent memory.” Rising foreclosures, the global financial crisis and diminishing consumer confidence “further undermined the already weak housing market,” Peterson said.
“It does not appear at this time that the earlier efforts by the federal government to stabilize the housing market across the country has had any meaningful impact,” he added.
The company’s shares rose 10 cents, to $3.12. Its earnings report was issued after the close of trading. Standard Pacific stock is down 54% from its 52-week high.
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