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Press release from PR Newswire

Standard Pacific Corp. Announces Acquisition of Austin, Texas Homebuilding Operations of Streetman Homes

Friday, June 06, 2014

Standard Pacific Corp. Announces Acquisition of Austin, Texas Homebuilding Operations of Streetman Homes

16:03 EDT Friday, June 06, 2014

IRVINE, Calif., June 6, 2014 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) announced the acquisition of the homebuilding operations of Austin, Texas builder Streetman Homes. The acquisition strengthens Standard Pacific's move-up position in Austin, giving the Company control of approximately 850 additional homesites in this market.  The acquisition includes approximately 10 current and future communities, of which 5 are actively selling.  Scott Stowell, Standard Pacific's Chief Executive Officer, stated that, "This exciting acquisition bolsters our growth strategy by increasing our land supply, community count and our target move-up position in the important Austin, Texas market. Streetman Homes has clearly earned its reputation as a high quality, move-up homebuilder with an emphasis on strong product execution and customer service which complements our existing operations while providing us with a number of communities in sought-after locations." 

Austin Division President John Bohnen commented, "Streetman Homes has a great reputation in the Austin marketplace and shares Standard Pacific Homes' core values of excellence and integrity.  Adding Streetman Homes' experienced homebuilding operators and approximately 850 owned or controlled homesites to Standard Pacific's already strong Austin presence will allow us to grow our business while continuing to provide a well-built home and superior customer experience."

About Standard PacificStandard Pacific Homes (NYSE: SPF) has been building beautiful, high-quality homes and neighborhoods since its founding in Southern California in 1965.  With a trusted reputation for quality craftsmanship, an outstanding customer experience and exceptional architectural design, the Company utilizes its decades of land acquisition, development and homebuilding expertise to successfully navigate today's complex landscape to acquire and build desirable communities in locations that meet the high expectations of the Company's targeted move-up homebuyers.  Currently offering new homes in major metropolitan areas in Arizona, California, Colorado, Florida, North Carolina, South Carolina, and Texas, we invite you to learn more about us by visiting standardpacifichomes.com.

This news release contains forward-looking statements.  These statements include, but are not limited to, our Texas growth opportunities, the strength of the Austin, Texas market and community count growth. 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.

Contact:Jeff McCall, EVP & CFO (949) 789-1655, jmccall@stanpac.com orDanielle Tocco, Director of Communications (949) 789-1633, dtocco@stanpac.com

SOURCE Standard Pacific Corp.

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