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EXCHANGE: New York Stock
Exchange
Beazer Homes USA, Inc.
(Beazer) is a diversified homebuilder. The Company designs, sells and builds
single-family and multi-family homes. The Company acts as the general contractor
for the construction of its home communities. Beazer’s project development
operations are controlled by its operating divisions. The Company also
offers title insurance services to its homebuyers in several of its markets.
During the fiscal year ended September 30, 2009 (fiscal 2009), the Company
had three homebuilding segments operating in 17 states and one financial
services segment.
http://www.beazer.com
Beazer
Homes Reports First Quarter Fiscal 2010 Results
ATLANTA,
Feb 05, 2010 (BUSINESS WIRE) -- Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com)
today announced its financial results for the fiscal quarter ended December
31, 2009. Summary results of the quarter from continuing operations are
as follows:
Quarter
Ended December 31, 2009
Income
from continuing operations of $44.5 million, or $1.09 per diluted share,
including non-cash pre-tax charges of $8.8 million for inventory impairments.
The results also include a benefit from income taxes of $2.24 per diluted
share from continuing operations, as further described below. For the first
quarter of the prior fiscal year, the Company reported a loss from continuing
operations of $79.2 million, or $2.05 per share.
Total
revenue: $218.8 million, compared to $218.2 million in the first quarter
of the prior year.
Home
closings from continuing operations: 961 homes, an increase year-over-year
of 8.0%.
New
orders from continuing operations: 728 homes, an increase year-over-year
of 36.6%.
Cancellation
rate improved to 26.9% in the first quarter compared to 46.1% in the first
quarter of the prior year.
Gross
profit margin of 8.8% (12.9% without impairments and abandonments), compared
to 5.6% (11.3% without impairments and abandonments) in the first quarter
of the prior year.
During
the quarter, the Worker, Homeownership and Business Assistance Act of 2009
was enacted allowing the Company to carry back a portion of our fiscal
2009 federal tax losses. We filed an application for a federal income tax
refund of approximately $101 million as a result of this legislation. We
recorded a related income tax benefit of approximately $101 million in
the quarter, of which approximately $94 million is included in net income
from continuing operations.
As
of December 31, 2009
Total
cash and cash equivalents: $480.5 million, including restricted cash of
$47.7 million.
Stockholders'
equity: $247.3 million.
Backlog:
960 homes with a sales value of $232.3 million compared to 961 homes with
a sales value of $226.5 million as of December 31, 2008.
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