Beazer Homes Provides Preliminary Fourth Quarter Data
10 11์ 2008 - 7:30PM
Business Wire
Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today provided
preliminary fourth quarter home closings and new home orders and
its fiscal year ended cash balance. The Company๏ฟฝs practice is to
release such information as part of its quarterly financial
reporting, but it provided this information in advance of an
upcoming investor conference and investor meetings. The Company
expects to announce its financial results for the fourth quarter
and fiscal year ended September 30, 2008 on Tuesday, December 2,
2008, in order to provide sufficient time for the Company to
complete its analysis of whether an ๏ฟฝownership change๏ฟฝ has occurred
under Internal Revenue Code Section 382, and the possible impact on
the application of the Company๏ฟฝs net operating loss carryforwards.
Home closings for the quarter ended September 30, 2008, totaled
2,441, a 38.2% decline from the same period in the prior fiscal
year. Net new home orders totaled 1,083 for the quarter, an
increase of 10.3% from the same period in the prior fiscal year.
This year-over-year increase was driven largely by a lower
cancellation rate of 45.7% during the fourth quarter, compared to
68.1% in the same period of the prior year. The increase in net
orders year-over-year was also achieved through a 17.2% increase in
net orders in markets where the Company maintains a presence,
partially offset by a 31.7% decline in net orders in markets the
Company had previously announced it was exiting. The Company noted,
however, that the fourth quarter cancellation rate of 45.7% was
sequentially higher than the 36.8% cancellation rate for the third
quarter of this year, as market conditions continued to deteriorate
during the fourth quarter amid further erosion of consumer
confidence, heightened concerns about the overall economy, and
disruptions in the financial and credit markets. With respect to
the Company๏ฟฝs cash position, at September 30, 2008, the Company had
a cash balance of $584.3 million, compared to $314.2 million at
June 30, 2008 and $454.3 million at September 30, 2007. Beazer
Homes USA, Inc., headquartered in Atlanta, is one of the country๏ฟฝs
ten largest single-family homebuilders with continuing operations
in Arizona, California, Delaware, Florida, Georgia, Indiana,
Maryland, Nevada, New Jersey, New Mexico, New York, North Carolina,
Pennsylvania, South Carolina, Tennessee, Texas, and Virginia.
Beazer Homes is listed on the New York Stock Exchange under the
ticker symbol ๏ฟฝBZH.๏ฟฝ Forward Looking Statements This press release
contains forward-looking statements. These forward-looking
statements represent our expectations or beliefs concerning future
events, and it is possible that the results described in this press
release will not be achieved. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which
are outside of our control, that could cause actual results to
differ materially from the results discussed in the forward-looking
statements, including, among other things, (i) the timing and final
outcome of the United States Attorney investigation and other state
and federal agency investigations, the putative class action
lawsuits, the derivative claims, multi-party suits and similar
proceedings as well as the results of any other litigation or
government proceedings; (ii) material weaknesses in our internal
control over financial reporting; (iii) additional asset impairment
charges or writedowns; (iv) economic changes nationally or in local
markets, including changes in consumer confidence, volatility of
mortgage interest rates and inflation; (v) continued or increased
downturn in the homebuilding industry; (vi) estimates related to
homes to be delivered in the future (backlog) are imprecise as they
are subject to various cancellation risks which cannot be fully
controlled, (vii) continued or increased disruption in the
availability of mortgage financing; (viii) our cost of and ability
to access capital and otherwise meet our ongoing liquidity needs
including the impact of any further downgrades of our credit
ratings; (ix) potential inability to comply with covenants in our
debt agreements; (x) continued negative publicity; (xi) increased
competition or delays in reacting to changing consumer preference
in home design; (xii) shortages of or increased prices for labor,
land or raw materials used in housing production; (xiii) factors
affecting margins such as decreased land values underlying land
option agreements, increased land development costs on projects
under development or delays or difficulties in implementing
initiatives to reduce production and overhead cost structure; (xiv)
the performance of our joint ventures and our joint venture
partners; (xv) the impact of construction defect and home warranty
claims and the cost and availability of insurance, including the
availability of insurance for the presence of moisture intrusion;
(xvi) a material failure on the part of our subsidiary Trinity
Homes LLC to satisfy the conditions of the class action settlement
agreement, including assessment and remediation with respect to
moisture intrusion related issues; (xvii) delays in land
development or home construction resulting from adverse weather
conditions; (xviii) potential delays or increased costs in
obtaining necessary permits as a result of changes to, or complying
with, laws, regulations, or governmental policies and possible
penalties for failure to comply with such laws, regulations and
governmental policies; (xix) effects of changes in accounting
policies, standards, guidelines or principles; or (xx) terrorist
acts, acts of war and other factors over which the Company has
little or no control. Any forward-looking statement speaks only as
of the date on which such statement is made, and, except as
required by law, we do not undertake any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. New factors emerge from
time to time and it is not possible for management to predict all
such factors.
Beazer Homes USA (NYSE:BZH)
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Beazer Homes USA (NYSE:BZH)
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