DOW JONES NEWSWIRES
Beazer Homes USA Inc. (BZH) restated its fiscal second-quarter
results, narrowing its loss by 1 cent a share, because of a
revision in its accounting of unvested shares of common stock.
For the quarter ended March 31, the home-building company posted
a loss of $53.8 million, or 73 cents a share, compared with a
year-earlier profit of $5.3 million, or 9 cents a share. The
revision increased the benefit to net other expenses and eliminated
stock compensation amortization expense.
Even with the minor revision, the loss was still much wider than
analysts expected a week ago, when Beazer first disclosed its
results. It reported a deeper-than-expected drop in revenue as it
closed fewer properties and average prices sank.
Beazer's bottom line, like that of other home-building
companies, has struggled in recent quarters after results were
boosted by a popular tax credit last year.
Shares were down 1 cent at $4.06 after hours. Through the close,
the stock has declined 27% in the last year.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com