Standard Pacific Corp. Announces New $100 Million Stock Repurchase Program

IRVINE, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Stephen J. Scarborough, Chairman of the Board and Chief Executive Officer of Standard Pacific Corp. , today announced that its Board of Directors has approved a new $100 million stock repurchase program. Shares will be purchased under the program at management's discretion from time to time in the open market based on market conditions and the Company's other business opportunities. This new program replaces the previously announced buyback plan, which had approximately $43 million remaining for future share repurchases.

"The new stock buyback program reflects the Board's confidence in the Company's market position and long term prospects," said Stephen J. Scarborough, Chairman and Chief Executive Officer. "At current share price levels, we believe that our shares are significantly undervalued and that buying back our stock over time is a sound use of our capital and in our shareholders' best interest."

Standard Pacific, one of the nation's largest homebuilders, has built homes for more than 79,000 families during its 39-year history. The Company constructs homes within a wide range of price and size targeting a broad range of homebuyers. Standard Pacific operates in some of the strongest housing markets in the country with operations in major metropolitan areas in California, Texas, Arizona, Colorado, Florida, the Carolinas and Nevada. The Company provides mortgage financing and title services to its homebuyers through its subsidiaries and joint ventures, Family Lending Services, WRT Financial, Westfield Home Mortgage, Home First Funding, Universal Land Title of South Florida and SPH Title. For more information about the Company and its new home developments please visit our website at: http://www.standardpacifichomes.com/.

This news release contains forward-looking statements. 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. In addition, to the extent that such statements relate to future share repurchases, there is a risk, among others, that these share repurchases will not be completed. 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.