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.
Ian J. McCarthy, President and Chief Executive Officer, said,
“During our first fiscal quarter, we were encouraged by the
improvement in our new home sales. While it is premature to signal
the beginning of a sustainable recovery in the housing market, we
are seeing indications that historically high levels of home
affordability, home price stability, low mortgage interest rates
and home buyer tax credits may be beginning to balance out
prospective home buyers’ concerns about falling home prices,
foreclosures, and risk of job loss in most of our markets.” Mr.
McCarthy continued, “We are also pleased with the progress we made
in improving our balance sheet, both during and after the end of
the quarter. The increase in equity and reduction in debt better
position us to fully participate in the eventual housing
recovery.”
Results for the Quarter Ended
December 31, 2009
Homebuilding revenues from continuing operations declined 1.5%
in the first quarter, due to an 8.8% decline in average sales
prices offset partially by an 8.0% increase in the number of homes
closed compared to the same period of the prior year. Net new home
orders from continuing operations increased 36.6% compared to the
first quarter of last year, driven by a 41.1% increase in new
orders in the West segment. The cancellation rate for the first
quarter improved to 26.9%, compared to 46.1% a year ago.
Overall, margins continued to be impacted by a challenging
homebuilding environment, impacting both closing volumes and
pricing, and by non-cash pre-tax charges for inventory impairments
and lot option abandonments of $8.8 million for the quarter ended
December 31, 2009. Compared to the first quarter of the prior year,
however, gross profit margin improved to 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.
The Company controlled 29,784 lots at December 31, 2009 (83%
owned and 17% controlled under options), including 738 owned lots
in discontinued operations. This reflects a reduction of 18.7% from
the level at December 31, 2008 and 2.8% from the level at September
30, 2009.
As of December 31, 2009, unsold finished homes totaled 291, a
decline of approximately 42.1% from the level a year ago.
Liquidity and Liability
Management Initiatives
At December 31, 2009, the Company had cash and cash equivalents
of $480.5 million, including restricted cash of $47.7 million to
collateralize outstanding letters of credit.
As previously reported, on January 12, 2010, the Company closed
its concurrent public offerings of 22,425,000 shares of its common
stock and $57.5 million mandatory convertible notes, a portion of
the proceeds from which were used to repay our outstanding 2011
Senior Notes at par. Net proceeds of these transactions, after the
debt repayment were approximately $24 million. In addition, on
January 15, 2010, we completed a partial exchange of $75 million of
our outstanding Junior Subordinated Notes. We expect to record a
gain related to this transaction between $54 million and $61
million during our second fiscal quarter of fiscal 2010. These
initiatives would have increased our stockholders’ equity from
approximately $247 million to approximately $397 million on a pro
forma basis as of December 31, 2009. Our tangible net worth
(stockholders’ equity less certain intangible assets as defined in
our senior note indentures) would also increase, on a pro forma
basis by approximately $150 million to approximately $339 million
at December 31, 2009. We believe presentation of our tangible net
worth on a pro forma basis is important as certain of our debt
instruments include covenants linked to tangible net worth.
Conference Call
The Company will hold a conference call today, February 5, 2010,
at 10:00 am ET to discuss these results and take questions.
Interested parties may listen to the conference call and view the
Company’s slide presentation over the internet by going to the
“Investor Relations” section of the Company’s website at
www.beazer.com. To access the conference call by telephone,
listeners should dial 877-601-3546 or 212-547-0388. To be admitted
to the call, verbally supply the passcode "BZH". A replay of the
call will be available shortly after the conclusion of the live
call. To directly access the replay, dial 866-423-4776 or
203-369-0842 and enter the passcode “3740” (available until 5:00 pm
ET on November 17, 2009), or visit www.beazer.com. A replay of the
webcast will be available at www.beazer.com for approximately 30
days.
Beazer Homes USA, Inc., headquartered in Atlanta, is one of the
country’s ten largest single-family homebuilders with continuing
operations in Arizona, California, Delaware, Florida, Georgia,
Indiana, Maryland, Nevada, New Jersey, New Mexico, North Carolina,
Pennsylvania, South Carolina, Tennessee, Texas, and Virginia.
Beazer Homes is listed on the New York Stock Exchange under the
ticker symbol “BZH.”
Forward Looking
Statements
This presentation 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 final outcome of various lawsuits, as well as the
results of any government proceedings and fulfillment of the
obligations in the Deferred Prosecution Agreement and other
settlement agreements and consent orders with governmental
authorities; (ii) additional asset impairment charges or
writedowns; (iii) economic changes nationally or in local markets,
including changes in consumer confidence, volatility of mortgage
interest rates, availability of mortgage financing and inflation;
(iv) continued or increased downturn in the homebuilding industry;
(v) 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, (vi) 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 or reductions in our tangible net worth; (vii) potential
inability to comply with covenants in our debt agreements or
satisfy such obligations through repayment or refinancing; (viii)
increased competition or delays in reacting to changing consumer
preference in home design; (ix) shortages of or increased prices
for labor, land or raw materials used in housing production; (x)
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; (xi) the performance of our joint ventures and our joint
venture partners; (xii) the impact of construction defect and home
warranty claims including those related to possible installation of
drywall imported from China; (xiii) the cost and availability of
insurance and surety bonds; (xiv) delays in land development or
home construction resulting from adverse weather conditions; (xv)
potential delays or increased costs in obtaining necessary
governmental permits and possible penalties for failure to comply
with laws, regulations and governmental policies; (xvi) effects of
changes in accounting policies, standards, guidelines or
principles; or (xvii) 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.
-Tables Follow-
BEAZER HOMES USA, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data) Three Months
Ended December 31, 2009 2008
Total revenue
$ 218,784 $ 218,169 Home
construction and land sales expenses
190,636 193,518
Inventory impairments and option contract abandonments
8,827 12,390 Gross profit
19,321
12,261 Selling, general and administrative expenses
45,809 53,940 Depreciation and amortization
3,424
3,638 Goodwill impairment
- 16,143
Operating loss
(29,912 ) (61,460 ) Equity in
loss of unconsolidated joint ventures
(43 ) (1,407 )
Other expense, net
(19,531 ) (18,185 )
Loss from continuing operations before income taxes
(49,486
) (81,052 ) Benefit from income taxes
(94,021
) (1,893 ) Income (loss) from continuing operations
44,535 (79,159 ) Income (loss) from discontinued operations,
net of tax
3,464 (1,116 ) Net income
(loss)
$ 47,999 $ (80,275 ) Weighted
average number of shares: Basic
38,827 38,593 Diluted
41,939 38,593 Earnings (loss) per share: Basic
earnings (loss) per share from continuing operations
$
1.15 $ (2.05 ) Basic earnings (loss) per share from
discontinued operations
$ 0.09 $ (0.03 ) Basic
earnings (loss) per share
$ 1.24 $ (2.08 )
Diluted earnings (loss) per share from continuing operations
$ 1.09 $ (2.05 ) Diluted earnings (loss) per share
from discontinued operations
$ 0.08 $ (0.03 ) Diluted
earnings (loss) per share
$ 1.17 $ (2.08 )
Interest Data: Three Months Ended December
31, 2009 2008
Capitalized interest in inventory, beginning of period
$
38,338 $ 45,977 Interest incurred
33,180 33,921
Capitalized interest impaired
(632 ) (537 ) Interest
expense not qualified for capitalization
and included as other expense
(20,532 ) (21,237 ) Capitalized interest amortized to
house
construction and land sales
expenses
(11,384 ) (12,693 ) Capitalized
interest in inventory, end of period
$ 38,970
$ 45,431
BEAZER HOMES USA, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands, except per share amounts)
CONSOLIDATED BALANCE SHEETS December
31, September 30,
2009 2009
ASSETS Cash and cash equivalents
$ 432,725 $
507,339 Restricted cash
47,736 49,461 Accounts receivable
(net of allowance of $5,091 and $7,545, respectively)
29,534
28,405 Income tax receivable
108,886 9,922 Inventory Owned
inventory
1,229,163 1,265,441 Consolidated inventory not
owned
62,079 53,015 Total
inventory
1,291,242 1,318,456 Investments in unconsolidated
joint ventures
31,968 30,124 Deferred tax assets
7,645 7,520 Property, plant and equipment, net
23,933
25,939 Other assets
50,649 52,244
Total assets
$ 2,024,318 $ 2,029,410
LIABILITIES AND STOCKHOLDERS' EQUITY
Trade accounts payable
$ 44,595 $ 70,285 Other
liabilities
196,894 227,315 Obligations related to
consolidated inventory not owned
34,535 26,356 Senior Notes
(net of discounts of $26,362 and $27,257, respectively)
1,363,797 1,362,902 Junior subordinated notes
103,093
103,093 Other secured notes payable
11,998 12,543 Model home
financing obligations
22,077 30,361
Total liabilities
1,776,989
1,832,855 Stockholders' equity: Preferred stock (par
value $.01 per share, 5,000,000 shares authorized, no shares
issued)
- - Common stock (par value $0.001 per share,
80,000,000 shares authorized, 43,206,610 and 43,150,472 issued and
39,819,273 and 39,793,316 outstanding, respectively)
43 43
Paid-in capital
570,928 568,019 Accumulated deficit
(139,539 ) (187,538 ) Treasury stock, at cost
(3,387,337 and 3,357,156 shares, respectively)
(184,103 ) (183,969 ) Total stockholders'
equity
247,329 196,555 Total
liabilities and stockholders' equity
$ 2,024,318
$ 2,029,410 Inventory Breakdown Homes
under construction
$ 217,719 $ 219,724 Development
projects in progress
472,576 487,457 Land held for future
development
410,559 417,834 Land held for sale
37,856
42,470 Capitalized interest
38,970 38,338 Model homes
51,483 59,618 Consolidated inventory not owned
62,079 53,015
$ 1,291,242
$ 1,318,456
BEAZER HOMES USA,
INC. CONSOLIDATED OPERATING AND FINANCIAL DATA - CONTINUING
OPERATIONS (Dollars in millions)
OPERATING DATA Quarter Ended
December 31, SELECTED OPERATING DATA 2009
2008 Closings: West region
406 439 East region
388 271 Southeast region
167 180
Total closings
961 890 New orders, net
of cancellations: West region
357 253 East region
274
201 Southeast region
97 79 Total new
orders
728 533 Backlog units at end of
period: West region
396 341 East region
467 415
Southeast region
97 205 Total backlog
units
960 961 Dollar value of backlog
at end of period
$ 232.3 $ 226.5
BEAZER HOMES USA, INC. CONSOLIDATED OPERATING AND
FINANCIAL DATA - CONTINUING OPERATIONS (Dollars in
thousands) Quarter Ended December
31, SUPPLEMENTAL FINANCIAL DATA 2009
2008 Revenues Homebuilding operations
$ 213,924 $ 217,131 Land and lot sales
4,480
550 Financial Services
380 488
Total revenues
$ 218,784 $
218,169 Gross profit (loss) Homebuilding operations
$
18,171 11,783 Land and lot sales
770 (10 ) Financial
Services
380 488 Total
gross profit
$ 19,321 $ 12,261
Selling, general and administrative Homebuilding operations
$ 45,620 $ 53,448 Financial Services
189 492 Total selling, general
and administrative
$ 45,809 $ 53,940
SELECTED SEGMENT INFORMATION
Revenue: West region
$ 87,880 $ 103,417 East
region
97,732 73,191 Southeast region
32,792 41,073
Financial services
380 488
Total revenue
$ 218,784 $
218,169
Operating income (loss) West region
$ 2,951 $ (6,246 ) East region
5,291 (3,424 )
Southeast region
(451 ) (1,945 ) Financial services
190 (12 ) Segment operating
income (loss)
7,981 (11,627 ) Corporate and unallocated
(37,893 ) (49,833 ) Total
operating loss
$ (29,912 ) $ (61,460 )
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