Standard Pacific Corp. Reports 96% Increase in First Quarter Earnings And Record Backlog of $638 Million

Financial and Operating Highlights - 2001 First Quarter vs. 2000 First

Quarter

- Net income increased 96 percent to a first quarter record $27.2 million

- Earnings per share increased 83 percent to a first quarter record

$.88 per share.

- Revenues increased 24 percent to a first quarter record $287 million.

- Deliveries up 14 percent to a first quarter record 815 new homes.

- Gross margin up 540 basis points to 23.5 percent.

- EBITDA of $51.5 million, up 73 percent.

- EBITDA margin of 18 percent, up 510 basis points.

- Net new orders increased 6 percent to a first quarter record 1,184 new

homes.

- Record first quarter backlog of 1,911 homes valued at $638 million, up

34 percent.



Apr 25, 2001, 01:00 ET from Standard Pacific Corp.

    IRVINE, Calif., April 25 /PRNewswire/ -- Standard Pacific Corp.
 (NYSE:   SPF) today reported the Company's 2001 first quarter results.  Net
 income for the 2001 first quarter increased 96 percent to a record
 $27.2 million, or $.88 per diluted share, compared to $13.9 million, or
 $.48 per diluted share for the year earlier period.  Homebuilding revenues for
 the first quarter totaled a record $286.8 million, a 24 percent increase over
 the $232.1 million generated in the 2000 first quarter.  EBITDA for the three
 months ended March 31, 2001 was $51.5 million, up 73% from last year, and the
 Company's EBITDA margin increased 510 basis points to 18.0 percent.
     "We are proud to report the strongest first quarter operating results in
 the Company's 35-year history, and the 20th consecutive quarter of year-over-
 year earnings per share growth," said Stephen J. Scarborough, President and
 Chief Executive Officer of Standard Pacific Corp.  "The record results
 continue to validate our business strategy and enabled the Company to
 accomplish a number of significant financial achievements during the quarter
 most important of which were generating a pretax margin of 15.7%, surpassing
 $500 million in shareholders' equity, and realizing returns on equity and
 capital in excess of 25 percent."  Mr. Scarborough added, "Our profit margins
 are among the highest of the public homebuilders which is a direct result of
 our operating strategy which emphasizes profitability and financial returns
 versus volume.  This is particularly true in our California divisions which,
 combined, generated pretax margins of 20% in the first quarter."
     Mr. Scarborough continued, "Driving the Company's strong operating results
 was a substantial increase in our homebuilding gross margin.  The 540 basis
 point increase in the first quarter margin percentage reflects the Company's
 ability during this period to increase home prices at many of its well-located
 projects, particularly in California."  Mr. Scarborough added, "Complimenting
 the strong margin performance, the Company saw new home deliveries increase in
 Texas and Arizona and we delivered 84 homes from our new Colorado division.
     "We are encouraged with the results to date of our efforts to diversify
 our operations geographically," Mr. Scarborough noted.  "This year we expect
 nearly 50% of our deliveries to come from outside California.  The growing
 contributions from our operations in Texas and Arizona, coupled with our
 entrance into Colorado in the third quarter of last year via the acquisition
 of The Writer Corporation, complement our well established presence in
 California," Mr. Scarborough added.  "Furthermore, we believe that our
 California operations are well diversified within the state with approximately
 two-thirds of our deliveries in Southern California and one-third in the San
 Francisco Bay area.  The strength of our division management and land holdings
 solidly position the Company in four of the most dynamic states in the
 country."
     Mr. Scarborough stated, "Even though the national and California economies
 have slowed, a number of positive factors in our markets, including low
 mortgage interest rates, low levels of unemployment, a tight supply of
 developable land and a low level of completed and unsold housing inventory,
 resulted in strong demand for our homes in the first quarter of 2001.  In
 fact, at quarter end the Company had only 13 completed and unsold homes
 throughout California.  The Company has been focused on expanding its price
 points to include more deliveries in the $300,000 to $400,000 price range in
 California, a segment of the market that appeals to a broader base of
 potential homebuyers.  In fact," Mr. Scarborough noted, "approximately
 45 percent of our 2001 California deliveries are expected to be below
 $400,000 with almost two-thirds of our California deliveries priced below
 $500,000.  Approximately 10 percent of our deliveries in the state are
 expected to be priced above $700,000 in 2001."  Mr. Scarborough added, "Our
 price diversification efforts have been focused in both Southern California
 and the San Francisco Bay area.  Our new Inland Empire division in Southern
 California will offer homes with an average selling price under $270,000 while
 in the Bay area we have expanded into outlying markets that will generate
 deliveries under $400,000.
     "We continue to effectively manage our balance sheet while growing the
 Company as reflected by our quarter ending debt-to-capital ratio of 47.6
 percent," Mr. Scarborough said.  "Our interest coverage and debt-to- EBITDA
 ratios for the 12 months ended March 31, 2001 were 5.2 and 2.1 times,
 respectively, and we ended the quarter with a book value of $16.99 per share,
 an increase of 26 percent over the last twelve months."
     Mr. Scarborough concluded, "We are optimistic about the outlook for 2001
 given our record backlog of homes, a strong balance sheet, our attractive land
 holdings and our established presence in strong growth markets, assuming that
 general economic conditions remain relatively stable.  The Company's quarter
 end backlog of over $600 million, combined with our first quarter deliveries,
 represent approximately 60 percent of the Company's projected delivery total
 for the year.  In January 2001, we announced our earnings expectations for the
 year of $3.60 to $3.75 per share.  Our updated target for the year is $3.70 to
 $3.80, compared to $3.39 in 2000.  We are positioned to deliver 4,500 to
 4,700 homes in 2001, including joint venture deliveries, a potential increase
 of up to 21 percent over the record levels achieved in 2000," Mr. Scarborough
 added.  "Second quarter deliveries are targeted to be between 900 to
 1,000 homes, including joint venture deliveries, while earnings are expected
 to be between $.70 and $.80 per share."
 
     Homebuilding Operations
     Homebuilding pretax income was up 89 percent to $44.5 million for the
 three months ended March 31, 2001 compared to $23.5 million in the prior year.
 The higher level of operating income was attributable to a 540 basis point
 improvement in the homebuilding gross margin, a 24 percent increase in
 homebuilding revenues, and a $4.9 million increase in joint venture income.
     Homebuilding revenues for the first quarter were $286.8 million compared
 to $232.1 million in the 2000 first quarter.  The higher revenue total was due
 to a 13 percent increase in deliveries to 783 new homes (exclusive of joint
 ventures) and a 10 percent increase in the average home price to $366,000.
 During the quarter the Company delivered 401 new homes in California compared
 to 426 homes last year.  Deliveries were up 9 percent in Northern California
 but were down 16 percent in Southern California due primarily to fewer active
 selling communities.  Deliveries were up 23 percent in Texas to 128 homes and
 up 10 percent in Arizona to 202 homes.  The Company's new Colorado division
 delivered 84 homes during the first quarter of 2001.
     During the first quarter the average home price in California was up
 $90,000, or 21 percent to $519,000 reflecting both a change in product mix as
 well as general price appreciation.  The average price in Texas was up
 14 percent to $289,000 reflecting the delivery of larger, more expensive homes
 and, to a lesser degree, general price appreciation experienced in the Austin
 market.  The average home price in Arizona was flat at $161,000 and the
 average home price in Colorado was $300,000.  The consolidated average home
 price for the second quarter of 2001 is expected to be approximately
 $330,000 to $340,000 compared to $341,000 in 2000 and is projected to be
 approximately $340,000 to $350,000 for the full year compared to $354,000 in
 2000.
     The homebuilding gross margin was up 540 basis points to 23.5 percent from
 18.1 percent in the year earlier period.  The significant increase in the
 gross margin percentage was driven principally by a jump in California margins
 and particularly in Northern California where gross margins exceeded 30%.
 Home prices in California continued to climb due to strong housing demand
 while labor and material costs remained relatively stable.  Texas and Arizona
 margins were up modestly over the prior year level.
     Selling, general and administrative expenses for the first quarter were
 9.4 percent of revenues compared to 7.9 percent last year.  The higher level
 of SG&A expenses as a percentage of revenues was due primarily to increases in
 profit-based compensation and insurance expense.  The Company expects that its
 SG&A rate for the full year will be in the 8.5 percent range as fixed expenses
 are spread over an expected higher revenue base.
     Income from unconsolidated joint ventures for the first quarter was
 generated from the delivery of 32 homes from our three-project joint venture
 in Fullerton, California in Orange County and the sale of lots to other
 builders from our Talega land development joint venture in South Orange
 County.  The Company expects to deliver an additional 150 to 175 homes from
 the Fullerton venture in 2001 and additional land sales from Talega are also
 planned for this year.  Additional joint venture deliveries are expected to
 come from the Company's active adult project in Talega beginning in the third
 quarter and could total 115 to 125 homes for the year.  The Company's venture
 in the City of San Francisco will begin deliveries in the third quarter which
 could total up to 30 homes for the year.
     First quarter earnings before interest, taxes, depreciation and
 amortization ("EBITDA") was $51.5 million compared to $29.8 million for the
 2000 first quarter, up 73 percent.  The Company's EBITDA margin was
 18.0 percent for the quarter, up 510 basis points from the 2000 first quarter.
 Interest incurred for the first quarter totaled $10.7 million versus
 $8.0 million last year, while interest included in cost of sales was
 $8.8 million compared to $5.0 million in the year earlier quarter.
     New orders for the quarter were up 6 percent over the year earlier period
 to a first quarter record 1,184 new homes on a 26 percent increase in average
 community count.  Orders were up 8 percent in Southern California on a
 9 percent decrease in the average community count, down 55 percent in Northern
 California on a 7 percent lower average community count, up 6 percent in Texas
 on a 27 percent increase in active selling communities and up 41 percent in
 Arizona on a 31 percent higher community count.  New orders in Colorado
 totaled 110 homes for the first quarter from 12 active communities.  The
 easing order trends in Northern California reflect a slowing in the local
 economy, a decline in the number of active selling communities, and a
 management strategy to maximize profits in this supply constrained market.
 The higher company-wide order levels combined with a strong beginning backlog
 of presold homes resulted in a record March 31 backlog of 1,911 presold homes,
 a 35 percent increase over the prior year total.
     For the quarter ended March 31, 2001, the Company opened 13 new
 communities, compared to 13 openings last year.  For the balance of the year
 the Company anticipates opening approximately 45 to 50 new communities of
 which approximately 28 to 33 are expected to be in California, 1 in Texas,
 7 in Arizona and 9 in Colorado.  The new community openings, particularly in
 California, reflect the Company's efforts to broaden the price points of its
 new homes to include more lower priced homes in its markets.  During 2001 we
 expect the number of active selling communities to fluctuate between 90 and
 120 subdivisions which represents, on average, a 20 to 30 percent increase
 over the 2000 average community count level.
 
     Standard Pacific, one of the nation's largest homebuilders, has built
 homes for more than 43,000 families during its 35-year history.  The Company
 focuses its efforts on constructing move-up homes within a wide range of price
 and size.  Standard Pacific operates in some of the strongest housing markets
 in the country with operations throughout the major metropolitan areas in
 California, Texas, Arizona and Colorado.  The Company also provides mortgage
 financing and title services to its homebuyers through its subsidiaries and
 joint ventures, Family Lending Services, SPH Mortgage, WRT Financial and SPH
 Title.  For more information about the Company and its new home developments
 please visit our website at:  www.standardpacifichomes.com.
 
     This news release contains forward-looking statements. These statements
 include but are not limited to statements regarding:  orders, backlog and the
 Company's optimism for 2001; planned openings of new communities; the strength
 of the Company's land position and markets; expected deliveries, earnings,
 revenues and average home prices; the Company's expected SG&A rate; the
 Company's expected price mix and focus on increasing sales of relatively lower
 priced homes; expected joint venture sales, deliveries and land sales; and the
 expected number of active selling communities. Forward-looking statements are
 based on 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 our 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, the cost and availability of
 mortgage financing, and stock market, home and land valuations; the cost and
 availability of suitable undeveloped land, building materials and labor; the
 cost and availability of construction financing and corporate debt and equity
 capital; the demand for single-family homes; cancellations of purchase
 contracts by homebuyers; the cyclical and competitive nature of our business;
 governmental regulation, including the impact of "slow growth" or similar
 initiatives; delays in the land entitlement process, development,
 construction, or the opening of new home communities; adverse weather
 conditions and natural disasters; environmental matters; risks relating to our
 mortgage banking operations, including hedging activities; future business
 decisions and our ability to successfully implement our operational, growth
 and other strategies; litigation and warranty claims; and other risks
 discussed in our filings with the Securities and Exchange Commission,
 including in our Annual Report on Form 10-K for the year ended December 31,
 2000.  We assume no, and hereby disclaim any, obligation to update any of the
 foregoing or any other forward-looking statements.  We nonetheless reserve 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.
 
                    STANDARD PACIFIC CORP. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
 
                (Dollars in thousands, except per share amounts)
                                  (Unaudited)
 
 
                                                         Three Months Ended
                                                             March 31,
     Homebuilding:                                     2001           2000
       Revenues                                      $286,751       $232,120
       Cost of sales                                  219,469        190,206
         Gross margin                                  67,282         41,914
       Selling, general and administrative expenses    26,809         18,450
       Income from unconsolidated joint ventures        5,766            907
       Interest expense                                 1,171            429
       Amortization of excess of cost over
        net assets acquired                               586            495
       Other income                                         7             34
         Homebuilding pretax income                    44,489         23,481
 
     Financial Services:
       Revenues                                         1,633            430
       Expenses                                         1,365            817
       Income from unconsolidated joint ventures          303            148
       Other income                                        73             49
         Financial services pretax income (loss)          644           (190)
 
     Income before taxes                               45,133         23,291
     Provision for income taxes                       (17,968)        (9,396)
     Net Income                                       $27,165        $13,895
 
 
     Basic Net Income Per Share:
       Net Income Per Share                             $0.90          $0.48
 
       Weighted average common shares outstanding  30,181,803     29,052,400
 
     Diluted Net Income Per Share:
       Net Income Per Share                             $0.88          $0.48
 
         Weighted average common and diluted
          shares outstanding                       30,930,620     29,168,978
 
 
                                                         Three Months Ended
                                                              March 31,
     New homes delivered:                                2001           2000
       Southern California                                180            235
       Northern California                                189            174
         Total California                                 369            409
 
       Texas                                              128            104
       Arizona                                            202            183
       Colorado                                            84             --
 
       Consolidated total                                 783            696
       Unconsolidated joint ventures
        (Southern California)                              32             17
         Total                                            815            713
 
     Average selling price:
       California deliveries
        (excluding joint ventures)                   $518,678       $428,966
       Texas deliveries                              $289,109       $254,686
       Arizona deliveries                            $161,452       $163,470
       Colorado deliveries                           $300,599            $--
       Consolidated deliveries
        (excluding joint ventures)                   $365,596       $333,117
       Unconsolidated joint venture deliveries
        (Southern California)                        $557,444       $501,246
 
     Net new orders:
       Southern California                                367            341
       Northern California                                148            328
         Total California                                 515            669
 
       Texas                                              167            157
       Arizona                                            343            243
       Colorado                                           110             --
 
       Consolidated total                               1,135          1,069
       Unconsolidated joint ventures
        (Southern California)                              49             44
         Total                                          1,184          1,113
 
     Average selling communities during the quarter:
       Southern California                                 19             20
       Northern California                                 13             14
       Texas                                               28             22
       Arizona                                             17             13
       Colorado                                            12             --
       Unconsolidated joint ventures
        (Southern California)                               2              3
         Total                                             91             72
 
 
                                                            At March 31,
     Backlog (in units):                                 2001           2000
       Southern California                                601            448
       Northern California                                234            327
         Total California                                 835            775
 
       Texas                                              280            179
       Arizona                                            558            387
       Colorado                                           174             --
 
       Consolidated total                               1,847          1,341
       Unconsolidated joint ventures
        (Southern California)                              64             73
         Total                                          1,911          1,414
 
     Backlog at quarter end (estimated dollar
     value in thousands)                             $637,790       $477,393
 
 
     Building sites owned or controlled:
       California                                       9,341          8,223
       Texas                                            2,944          2,318
       Arizona                                          3,159          3,978
       Colorado                                         2,175             --
         Total                                         17,619         14,519
 
     Completed and unsold homes                           111            156
 
     Homes under construction                           2,338          1,605
 
 
                      STANDARD PACIFIC CORP. AND SUBSIDIARIES
                            CONSOLIDATED BALANCE SHEETS
 
                  (Dollars in thousands, except per share amounts)
 
                                                     March 31,    December 31,
                                                       2001           2000
                                                    (Unaudited)
                                       ASSETS
     Homebuilding:
       Cash and equivalents                            $1,779        $38,270
       Mortgage notes receivable and accrued interest   1,519          1,744
       Other notes and receivables, net                25,704         37,640
       Inventories                                    954,946        843,103
       Investments in and advances to unconsolidated
        joint ventures                                 95,054         90,166
       Property and equipment, net                      5,741          5,150
       Deferred income taxes                           18,231         17,289
       Other assets                                    10,503         12,650
       Excess of cost over net assets acquired, net    16,265         16,850
                                                    1,129,742      1,062,862
 
     Financial Services:
       Cash and equivalents                                40            173
       Mortgage loans held for sale                    45,272         54,070
       Other assets                                     1,034          1,681
                                                       46,346         55,924
         Total Assets                              $1,176,088     $1,118,786
 
                        LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Homebuilding:
       Accounts payable                               $66,618        $70,372
       Accrued liabilities                             91,549         91,408
       Revolving credit facility                       42,800             --
       Trust deed notes payable                           366            393
       Senior notes payable                           423,987        423,958
                                                      625,320        586,131
 
     Financial Services:
       Accounts payable and other liabilities             663          1,095
       Mortgage warehouse line of credit               35,916         45,330
                                                       36,579         46,425
 
     Stockholders' Equity:
       Preferred stock, $.01 par value;
        10,000,000 shares authorized; none issued          --             --
        Common stock, $.01 par value;
        100,000,000 shares authorized;
        30,261,211 and 30,076,494 shares
        outstanding, respectively                         303            301
       Paid-in capital                                295,427        292,223
       Retained earnings                              218,459        193,706
       Total stockholders' equity                     514,189        486,230
         Total Liabilities and
          Stockholders' Equity                     $1,176,088     $1,118,786
 
 
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SOURCE Standard Pacific Corp.
    IRVINE, Calif., April 25 /PRNewswire/ -- Standard Pacific Corp.
 (NYSE:   SPF) today reported the Company's 2001 first quarter results.  Net
 income for the 2001 first quarter increased 96 percent to a record
 $27.2 million, or $.88 per diluted share, compared to $13.9 million, or
 $.48 per diluted share for the year earlier period.  Homebuilding revenues for
 the first quarter totaled a record $286.8 million, a 24 percent increase over
 the $232.1 million generated in the 2000 first quarter.  EBITDA for the three
 months ended March 31, 2001 was $51.5 million, up 73% from last year, and the
 Company's EBITDA margin increased 510 basis points to 18.0 percent.
     "We are proud to report the strongest first quarter operating results in
 the Company's 35-year history, and the 20th consecutive quarter of year-over-
 year earnings per share growth," said Stephen J. Scarborough, President and
 Chief Executive Officer of Standard Pacific Corp.  "The record results
 continue to validate our business strategy and enabled the Company to
 accomplish a number of significant financial achievements during the quarter
 most important of which were generating a pretax margin of 15.7%, surpassing
 $500 million in shareholders' equity, and realizing returns on equity and
 capital in excess of 25 percent."  Mr. Scarborough added, "Our profit margins
 are among the highest of the public homebuilders which is a direct result of
 our operating strategy which emphasizes profitability and financial returns
 versus volume.  This is particularly true in our California divisions which,
 combined, generated pretax margins of 20% in the first quarter."
     Mr. Scarborough continued, "Driving the Company's strong operating results
 was a substantial increase in our homebuilding gross margin.  The 540 basis
 point increase in the first quarter margin percentage reflects the Company's
 ability during this period to increase home prices at many of its well-located
 projects, particularly in California."  Mr. Scarborough added, "Complimenting
 the strong margin performance, the Company saw new home deliveries increase in
 Texas and Arizona and we delivered 84 homes from our new Colorado division.
     "We are encouraged with the results to date of our efforts to diversify
 our operations geographically," Mr. Scarborough noted.  "This year we expect
 nearly 50% of our deliveries to come from outside California.  The growing
 contributions from our operations in Texas and Arizona, coupled with our
 entrance into Colorado in the third quarter of last year via the acquisition
 of The Writer Corporation, complement our well established presence in
 California," Mr. Scarborough added.  "Furthermore, we believe that our
 California operations are well diversified within the state with approximately
 two-thirds of our deliveries in Southern California and one-third in the San
 Francisco Bay area.  The strength of our division management and land holdings
 solidly position the Company in four of the most dynamic states in the
 country."
     Mr. Scarborough stated, "Even though the national and California economies
 have slowed, a number of positive factors in our markets, including low
 mortgage interest rates, low levels of unemployment, a tight supply of
 developable land and a low level of completed and unsold housing inventory,
 resulted in strong demand for our homes in the first quarter of 2001.  In
 fact, at quarter end the Company had only 13 completed and unsold homes
 throughout California.  The Company has been focused on expanding its price
 points to include more deliveries in the $300,000 to $400,000 price range in
 California, a segment of the market that appeals to a broader base of
 potential homebuyers.  In fact," Mr. Scarborough noted, "approximately
 45 percent of our 2001 California deliveries are expected to be below
 $400,000 with almost two-thirds of our California deliveries priced below
 $500,000.  Approximately 10 percent of our deliveries in the state are
 expected to be priced above $700,000 in 2001."  Mr. Scarborough added, "Our
 price diversification efforts have been focused in both Southern California
 and the San Francisco Bay area.  Our new Inland Empire division in Southern
 California will offer homes with an average selling price under $270,000 while
 in the Bay area we have expanded into outlying markets that will generate
 deliveries under $400,000.
     "We continue to effectively manage our balance sheet while growing the
 Company as reflected by our quarter ending debt-to-capital ratio of 47.6
 percent," Mr. Scarborough said.  "Our interest coverage and debt-to- EBITDA
 ratios for the 12 months ended March 31, 2001 were 5.2 and 2.1 times,
 respectively, and we ended the quarter with a book value of $16.99 per share,
 an increase of 26 percent over the last twelve months."
     Mr. Scarborough concluded, "We are optimistic about the outlook for 2001
 given our record backlog of homes, a strong balance sheet, our attractive land
 holdings and our established presence in strong growth markets, assuming that
 general economic conditions remain relatively stable.  The Company's quarter
 end backlog of over $600 million, combined with our first quarter deliveries,
 represent approximately 60 percent of the Company's projected delivery total
 for the year.  In January 2001, we announced our earnings expectations for the
 year of $3.60 to $3.75 per share.  Our updated target for the year is $3.70 to
 $3.80, compared to $3.39 in 2000.  We are positioned to deliver 4,500 to
 4,700 homes in 2001, including joint venture deliveries, a potential increase
 of up to 21 percent over the record levels achieved in 2000," Mr. Scarborough
 added.  "Second quarter deliveries are targeted to be between 900 to
 1,000 homes, including joint venture deliveries, while earnings are expected
 to be between $.70 and $.80 per share."
 
     Homebuilding Operations
     Homebuilding pretax income was up 89 percent to $44.5 million for the
 three months ended March 31, 2001 compared to $23.5 million in the prior year.
 The higher level of operating income was attributable to a 540 basis point
 improvement in the homebuilding gross margin, a 24 percent increase in
 homebuilding revenues, and a $4.9 million increase in joint venture income.
     Homebuilding revenues for the first quarter were $286.8 million compared
 to $232.1 million in the 2000 first quarter.  The higher revenue total was due
 to a 13 percent increase in deliveries to 783 new homes (exclusive of joint
 ventures) and a 10 percent increase in the average home price to $366,000.
 During the quarter the Company delivered 401 new homes in California compared
 to 426 homes last year.  Deliveries were up 9 percent in Northern California
 but were down 16 percent in Southern California due primarily to fewer active
 selling communities.  Deliveries were up 23 percent in Texas to 128 homes and
 up 10 percent in Arizona to 202 homes.  The Company's new Colorado division
 delivered 84 homes during the first quarter of 2001.
     During the first quarter the average home price in California was up
 $90,000, or 21 percent to $519,000 reflecting both a change in product mix as
 well as general price appreciation.  The average price in Texas was up
 14 percent to $289,000 reflecting the delivery of larger, more expensive homes
 and, to a lesser degree, general price appreciation experienced in the Austin
 market.  The average home price in Arizona was flat at $161,000 and the
 average home price in Colorado was $300,000.  The consolidated average home
 price for the second quarter of 2001 is expected to be approximately
 $330,000 to $340,000 compared to $341,000 in 2000 and is projected to be
 approximately $340,000 to $350,000 for the full year compared to $354,000 in
 2000.
     The homebuilding gross margin was up 540 basis points to 23.5 percent from
 18.1 percent in the year earlier period.  The significant increase in the
 gross margin percentage was driven principally by a jump in California margins
 and particularly in Northern California where gross margins exceeded 30%.
 Home prices in California continued to climb due to strong housing demand
 while labor and material costs remained relatively stable.  Texas and Arizona
 margins were up modestly over the prior year level.
     Selling, general and administrative expenses for the first quarter were
 9.4 percent of revenues compared to 7.9 percent last year.  The higher level
 of SG&A expenses as a percentage of revenues was due primarily to increases in
 profit-based compensation and insurance expense.  The Company expects that its
 SG&A rate for the full year will be in the 8.5 percent range as fixed expenses
 are spread over an expected higher revenue base.
     Income from unconsolidated joint ventures for the first quarter was
 generated from the delivery of 32 homes from our three-project joint venture
 in Fullerton, California in Orange County and the sale of lots to other
 builders from our Talega land development joint venture in South Orange
 County.  The Company expects to deliver an additional 150 to 175 homes from
 the Fullerton venture in 2001 and additional land sales from Talega are also
 planned for this year.  Additional joint venture deliveries are expected to
 come from the Company's active adult project in Talega beginning in the third
 quarter and could total 115 to 125 homes for the year.  The Company's venture
 in the City of San Francisco will begin deliveries in the third quarter which
 could total up to 30 homes for the year.
     First quarter earnings before interest, taxes, depreciation and
 amortization ("EBITDA") was $51.5 million compared to $29.8 million for the
 2000 first quarter, up 73 percent.  The Company's EBITDA margin was
 18.0 percent for the quarter, up 510 basis points from the 2000 first quarter.
 Interest incurred for the first quarter totaled $10.7 million versus
 $8.0 million last year, while interest included in cost of sales was
 $8.8 million compared to $5.0 million in the year earlier quarter.
     New orders for the quarter were up 6 percent over the year earlier period
 to a first quarter record 1,184 new homes on a 26 percent increase in average
 community count.  Orders were up 8 percent in Southern California on a
 9 percent decrease in the average community count, down 55 percent in Northern
 California on a 7 percent lower average community count, up 6 percent in Texas
 on a 27 percent increase in active selling communities and up 41 percent in
 Arizona on a 31 percent higher community count.  New orders in Colorado
 totaled 110 homes for the first quarter from 12 active communities.  The
 easing order trends in Northern California reflect a slowing in the local
 economy, a decline in the number of active selling communities, and a
 management strategy to maximize profits in this supply constrained market.
 The higher company-wide order levels combined with a strong beginning backlog
 of presold homes resulted in a record March 31 backlog of 1,911 presold homes,
 a 35 percent increase over the prior year total.
     For the quarter ended March 31, 2001, the Company opened 13 new
 communities, compared to 13 openings last year.  For the balance of the year
 the Company anticipates opening approximately 45 to 50 new communities of
 which approximately 28 to 33 are expected to be in California, 1 in Texas,
 7 in Arizona and 9 in Colorado.  The new community openings, particularly in
 California, reflect the Company's efforts to broaden the price points of its
 new homes to include more lower priced homes in its markets.  During 2001 we
 expect the number of active selling communities to fluctuate between 90 and
 120 subdivisions which represents, on average, a 20 to 30 percent increase
 over the 2000 average community count level.
 
     Standard Pacific, one of the nation's largest homebuilders, has built
 homes for more than 43,000 families during its 35-year history.  The Company
 focuses its efforts on constructing move-up homes within a wide range of price
 and size.  Standard Pacific operates in some of the strongest housing markets
 in the country with operations throughout the major metropolitan areas in
 California, Texas, Arizona and Colorado.  The Company also provides mortgage
 financing and title services to its homebuyers through its subsidiaries and
 joint ventures, Family Lending Services, SPH Mortgage, WRT Financial and SPH
 Title.  For more information about the Company and its new home developments
 please visit our website at:  www.standardpacifichomes.com.
 
     This news release contains forward-looking statements. These statements
 include but are not limited to statements regarding:  orders, backlog and the
 Company's optimism for 2001; planned openings of new communities; the strength
 of the Company's land position and markets; expected deliveries, earnings,
 revenues and average home prices; the Company's expected SG&A rate; the
 Company's expected price mix and focus on increasing sales of relatively lower
 priced homes; expected joint venture sales, deliveries and land sales; and the
 expected number of active selling communities. Forward-looking statements are
 based on 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 our 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, the cost and availability of
 mortgage financing, and stock market, home and land valuations; the cost and
 availability of suitable undeveloped land, building materials and labor; the
 cost and availability of construction financing and corporate debt and equity
 capital; the demand for single-family homes; cancellations of purchase
 contracts by homebuyers; the cyclical and competitive nature of our business;
 governmental regulation, including the impact of "slow growth" or similar
 initiatives; delays in the land entitlement process, development,
 construction, or the opening of new home communities; adverse weather
 conditions and natural disasters; environmental matters; risks relating to our
 mortgage banking operations, including hedging activities; future business
 decisions and our ability to successfully implement our operational, growth
 and other strategies; litigation and warranty claims; and other risks
 discussed in our filings with the Securities and Exchange Commission,
 including in our Annual Report on Form 10-K for the year ended December 31,
 2000.  We assume no, and hereby disclaim any, obligation to update any of the
 foregoing or any other forward-looking statements.  We nonetheless reserve 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.
 
                    STANDARD PACIFIC CORP. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
 
                (Dollars in thousands, except per share amounts)
                                  (Unaudited)
 
 
                                                         Three Months Ended
                                                             March 31,
     Homebuilding:                                     2001           2000
       Revenues                                      $286,751       $232,120
       Cost of sales                                  219,469        190,206
         Gross margin                                  67,282         41,914
       Selling, general and administrative expenses    26,809         18,450
       Income from unconsolidated joint ventures        5,766            907
       Interest expense                                 1,171            429
       Amortization of excess of cost over
        net assets acquired                               586            495
       Other income                                         7             34
         Homebuilding pretax income                    44,489         23,481
 
     Financial Services:
       Revenues                                         1,633            430
       Expenses                                         1,365            817
       Income from unconsolidated joint ventures          303            148
       Other income                                        73             49
         Financial services pretax income (loss)          644           (190)
 
     Income before taxes                               45,133         23,291
     Provision for income taxes                       (17,968)        (9,396)
     Net Income                                       $27,165        $13,895
 
 
     Basic Net Income Per Share:
       Net Income Per Share                             $0.90          $0.48
 
       Weighted average common shares outstanding  30,181,803     29,052,400
 
     Diluted Net Income Per Share:
       Net Income Per Share                             $0.88          $0.48
 
         Weighted average common and diluted
          shares outstanding                       30,930,620     29,168,978
 
 
                                                         Three Months Ended
                                                              March 31,
     New homes delivered:                                2001           2000
       Southern California                                180            235
       Northern California                                189            174
         Total California                                 369            409
 
       Texas                                              128            104
       Arizona                                            202            183
       Colorado                                            84             --
 
       Consolidated total                                 783            696
       Unconsolidated joint ventures
        (Southern California)                              32             17
         Total                                            815            713
 
     Average selling price:
       California deliveries
        (excluding joint ventures)                   $518,678       $428,966
       Texas deliveries                              $289,109       $254,686
       Arizona deliveries                            $161,452       $163,470
       Colorado deliveries                           $300,599            $--
       Consolidated deliveries
        (excluding joint ventures)                   $365,596       $333,117
       Unconsolidated joint venture deliveries
        (Southern California)                        $557,444       $501,246
 
     Net new orders:
       Southern California                                367            341
       Northern California                                148            328
         Total California                                 515            669
 
       Texas                                              167            157
       Arizona                                            343            243
       Colorado                                           110             --
 
       Consolidated total                               1,135          1,069
       Unconsolidated joint ventures
        (Southern California)                              49             44
         Total                                          1,184          1,113
 
     Average selling communities during the quarter:
       Southern California                                 19             20
       Northern California                                 13             14
       Texas                                               28             22
       Arizona                                             17             13
       Colorado                                            12             --
       Unconsolidated joint ventures
        (Southern California)                               2              3
         Total                                             91             72
 
 
                                                            At March 31,
     Backlog (in units):                                 2001           2000
       Southern California                                601            448
       Northern California                                234            327
         Total California                                 835            775
 
       Texas                                              280            179
       Arizona                                            558            387
       Colorado                                           174             --
 
       Consolidated total                               1,847          1,341
       Unconsolidated joint ventures
        (Southern California)                              64             73
         Total                                          1,911          1,414
 
     Backlog at quarter end (estimated dollar
     value in thousands)                             $637,790       $477,393
 
 
     Building sites owned or controlled:
       California                                       9,341          8,223
       Texas                                            2,944          2,318
       Arizona                                          3,159          3,978
       Colorado                                         2,175             --
         Total                                         17,619         14,519
 
     Completed and unsold homes                           111            156
 
     Homes under construction                           2,338          1,605
 
 
                      STANDARD PACIFIC CORP. AND SUBSIDIARIES
                            CONSOLIDATED BALANCE SHEETS
 
                  (Dollars in thousands, except per share amounts)
 
                                                     March 31,    December 31,
                                                       2001           2000
                                                    (Unaudited)
                                       ASSETS
     Homebuilding:
       Cash and equivalents                            $1,779        $38,270
       Mortgage notes receivable and accrued interest   1,519          1,744
       Other notes and receivables, net                25,704         37,640
       Inventories                                    954,946        843,103
       Investments in and advances to unconsolidated
        joint ventures                                 95,054         90,166
       Property and equipment, net                      5,741          5,150
       Deferred income taxes                           18,231         17,289
       Other assets                                    10,503         12,650
       Excess of cost over net assets acquired, net    16,265         16,850
                                                    1,129,742      1,062,862
 
     Financial Services:
       Cash and equivalents                                40            173
       Mortgage loans held for sale                    45,272         54,070
       Other assets                                     1,034          1,681
                                                       46,346         55,924
         Total Assets                              $1,176,088     $1,118,786
 
                        LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Homebuilding:
       Accounts payable                               $66,618        $70,372
       Accrued liabilities                             91,549         91,408
       Revolving credit facility                       42,800             --
       Trust deed notes payable                           366            393
       Senior notes payable                           423,987        423,958
                                                      625,320        586,131
 
     Financial Services:
       Accounts payable and other liabilities             663          1,095
       Mortgage warehouse line of credit               35,916         45,330
                                                       36,579         46,425
 
     Stockholders' Equity:
       Preferred stock, $.01 par value;
        10,000,000 shares authorized; none issued          --             --
        Common stock, $.01 par value;
        100,000,000 shares authorized;
        30,261,211 and 30,076,494 shares
        outstanding, respectively                         303            301
       Paid-in capital                                295,427        292,223
       Retained earnings                              218,459        193,706
       Total stockholders' equity                     514,189        486,230
         Total Liabilities and
          Stockholders' Equity                     $1,176,088     $1,118,786
 
 
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 SOURCE  Standard Pacific Corp.