Irvine-based Standard Pacific Corp. posted another big loss in the second quarter, although Wall Street appeared unfazed by the latest earnings release from the struggling homebuilder.
Standard Pacific reported a second quarter net loss of $248.2 million, after the market closed on Wednesday.
That compares to a loss of $165.9 million a year ago, and a loss of $216.4 million in the first quarter.
The second-quarter losses included $149 million in impairment charges, including write-offs for the value of unsold homes and undeveloped land.
The latest losses had little effect on the company’s stock. Shares remained largely unchanged at close of trading Thursday. Standard Pacific has a market value of about $240 million.
Standard Pacific posted homebuilding revenue of $410.6 million in the quarter, a decrease of about 38% compared to a year earlier.
New home deliveries totaled 1,237 in the quarter, down 19% from a year ago. The company’s reduced the number of lots it owns by about 44% from a year ago, and 61% from the end of 2005.
Standard Pacific’s also been focusing on firming up its balance sheet in recent months, following the hiring of Chief Executive Jeffrey Peterson.
The company reduced its debt by $156.3 million during the quarter, and got a $530 million capital infusion from MatlinPatterson Global Advisors LLC.
