Irvine-based homebuilder Standard Pacific Corp. posted another big loss for the first quarter on nearly $200 million in write-offs in the value of unsold homes and undeveloped land.
The company said Monday it lost $216.4 million in the first quarter, compared to a loss of $40.8 million in the year-ago period.
Revenue fell 47% to $348 million.
Contracts to buy a Standard Pacific home fell 30% from a year earlier to 1,781.
Standard Pacific’s shares, already beaten down about 80% in the past year, were off about 21% on a market value of $216 million at the close of New York trading.
The company recorded after-tax impairment charges of $117.9 million in the quarter to account for falling land prices, as well as a tax asset valuation charge of $83.7 million
The company, whose debt and other issues have brought intense scrutiny from Wall Street in the past year, said it has reached a preliminary agreement with its banks to extend a waiver until Aug. 14 to violated terms of its credit lines.
“In the first quarter, the company’s management team pursued, with a heightened sense of urgency, initiatives to reduce inventories, carefully manage cash and reduce debt,” Chief Executive Jeffrey Peterson said in a statement.
Peterson took over in March from longtime Standard boss Stephen Scarborough.
The company paid down $22.5 million in debt and $127 million of joint venture debt in the quarter, Peterson said.
