Irvine-based Standard Pacific Corp. reported a fourth-quarter net loss of $397 million on Friday, after seeing revenue fall nearly 60% from a year earlier.
The homebuilder’s net loss was narrowed from $441 million a year earlier.
The company’s latest results include impairment charges of $444 million, including a $350 million write-down of unsold land and homes.
Revenue from continuing operations was $376 million, down from $934 million a year ago. The company reported new home deliveries of 1,146 in the quarter, down 47% from a year ago.
The company ended the year with a cash balance of over $600 million, and expects a tax refund of over $110 million early this year, according to chief executive Ken Campbell. The company generated $65 million in cash last quarter, he said.
