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Standard Pacific Corp. Announces the Acquisition of
Probuilt Homes' Bakersfield, California Homebuilding Operations
IRVINE, Calif., March 4, 2005 - Stephen J. Scarborough, Chairman and Chief
Executive Officer of Standard Pacific Corp. (SPF), announced that the
Company has completed its acquisition of the Bakersfield, California
homebuilding operations of Probuilt Homes. Probuilt Homes has operated in
the Bakersfield, California market since 1990. The acquisition price was not
disclosed.
The acquisition gives Standard Pacific a strong initial position in the
growing Bakersfield market, including ownership or control over
approximately 1,000 buildable lots. Delivery of homes is expected to begin
during the fourth quarter of 2005. Scott Stowell, Standard Pacific's
Southern California Regional President, stated that, "This is a great
opportunity to enter into a new market that has been experiencing positive
economic trends which have contributed to growth in housing starts that has
significantly outpaced the national average. This acquisition will
compliment our existing operations in Southern California where we are
ranked as one of the largest builders in the region."
Standard Pacific did not acquire Probuilt's Santa Maria, California
operations or its backlog of pre-sold homes. Probuilt Homes was represented
by JMP Securities LLC in the transaction.
Standard Pacific, one of the nation's largest homebuilders, has built homes
for more than 72,000 families during its 39-year history. The Company
constructs homes within a wide range of price and size targeting a broad
range of homebuyers. Standard Pacific operates in some of the strongest
housing markets in the country with operations in major metropolitan areas
in California, Texas, Arizona, Colorado, Florida and the Carolinas. The
Company provides mortgage financing and title services to its homebuyers
through its subsidiaries and joint ventures, Family Lending Services, WRT
Financial, Westfield Home Mortgage, Universal Land Title of South Florida
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.
Such statements involve known and unknown risks, uncertainties, assumptions
and other factors 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 and interest rates. For a discussion
of certain of the risks, uncertainties and other factors affecting the
statements contained in this news release, see the Company's most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
SOURCE Standard Pacific Corp.
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