Standard Pacific Corp. reported a fourth-quarter profit of $82.7 million on Wednesday, the first time the Irvine-based homebuilder has posted a quarterly profit in several years.
The slimmed-down company, which has been focusing on generating cash and improving its profit margin in the past year, reported revenue of $339.8 million for the quarter, a 10% decline from a year earlier.
Revenue for all 2009 totaled $1.2 billion, a 24% decline from 2008.
For all of 2009, Standard Pacific posted a net loss of $13.8 million, well below the $1.2 billion lost in 2008.
The company’s fourth-quarter profits were aided by a $94 million tax benefit that extends the carryback of net operating loses from two years to five years.
Without the tax benefit, $11 million of asset impairments and $5 million in debt refinancing and other charges, Standard Pacific would have posted net income of $4 million for the quarter, largely line with analyst estimates.
Shares of the company, which had been trading near their 52-week high prior to the earnings report, were largely unmoved in afterhours trading. Standard Pacific counts a market value of about $440 million.
“We look ahead to 2010 with the goals of returning to profitability and rebuilding our land portfolio,” chief executive Ken Campbell said in a statement.
The company also said it expects to receive a $103 million federal tax refund this quarter.
