Standard Pacific Corp. Announces the Acquisition of Select Homebuilding Assets from Centerline Homes®

IRVINE, Calif., June 14, 2013 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) announces that the Company has completed its acquisition of select homebuilding assets from Centerline Homes® homebuilding affiliates. The acquisition strengthens Standard Pacific's move-up position in Florida and the Carolinas, giving the Company control of approximately 3,000 homesites.  The acquisition includes approximately 30 current and future communities, of which 5 are actively selling with 119 homes under contract.  Scott Stowell, Standard Pacific's Chief Executive Officer, stated that, "This exciting acquisition bolsters our growth strategy by increasing our land supply, community count and our target move-up position in a number of important markets, including South and Central Florida and Charlotte, North Carolina.  Centerline Homes® has clearly earned its reputation as a high quality, move-up focused homebuilder with an emphasis on strong product execution and customer service which complements our existing operations while providing us with a number of communities in sought-after locations."

Standard Pacific did not acquire any of the Centerline affiliated land development or commercial development operations.

About Standard Pacific

Standard Pacific Homes (NYSE: SPF) has been building beautiful, high-quality homes and neighborhoods since its founding in Southern California in 1965.  With a trusted reputation for quality craftsmanship, an outstanding customer experience and exceptional architectural design, the Company utilizes its decades of land acquisition, development and homebuilding expertise to successfully navigate today's complex landscape to acquire and build desirable communities in locations that meet the high expectations of the Company's targeted move-up homebuyers. Currently offering new homes in major metropolitan areas in Arizona, California, Colorado, Florida, North Carolina, South Carolina, and Texas, we invite you to learn more about us by visiting standardpacifichomes.com.

This news release contains forward-looking statements.  These statements include but are not limited to statements regarding community count; number of homesites; product positioning; construction quality; customer service and our strategy.  Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements.  Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied.  Such factors include but are not limited to:  local and general economic and market conditions, including consumer confidence, employment rates, interest rates, and the cost and availability of mortgage financing.  For a discussion of certain of the risks, uncertainties and other factors affecting the statements contained in this news release see the Company's filings with the Securities and Exchange Commission, including in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2012 and subsequent Quarterly Reports on Form 10-Q.  The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements.  The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release.  No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

Contact:
Jeff McCall, EVP & CFO (949) 789-1655, [email protected]

SOURCE Standard Pacific Corp.