Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
announced its financial results for the quarter ended December 31,
2011.
“I am pleased with our results for the quarter,” said Allan
Merrill, President and Chief Executive Officer of Beazer Homes. “In
spite of still challenging market conditions, our team managed to
generate a 36% improvement in year-over-year new home orders while
reducing overhead costs in dollar and percentage terms. While we
have a lot of work in front of us to return to sustainable
profitability, we are committed to delivering higher orders and
closings as well as positive EBITDA for the full fiscal year.”
Summary results of the quarter are as follows:
As of December 31, 2011
- Total cash and cash equivalents: $550
million, including unrestricted cash of approximately $273
million
- Stockholders’ equity: $200 million, not
including $57.5 million of mandatory convertible subordinated
notes, which automatically convert to common stock at maturity in
2013
- Total backlog from continuing
operations: 1,307 homes with a sales value of $315.8 million,
compared to 787 homes with a sales value of $198.0 million as of
December 31, 2010
- Land and lots controlled: 25,998 lots
(84% owned), a decrease of 3% from December 31, 2010
Quarter Ended December 31, 2011 –
Results from Continuing Operations (unless otherwise
specified)
- Total new orders: 724 homes, a 36%
increase from fiscal 2011
- Cancellation rates: 35.1%, compared
with 31.4% in fiscal 2011
- Total home closings: 867 homes, a 67%
increase from fiscal 2011
- Revenue: $188.5 million, compared to
$109.0 million in fiscal 2011
- Average sales price from closings:
$215,500, compared with $209,300 in fiscal 2011
- Gross profit margin: 11.8%, compared to
10.3% in fiscal 2011. These margins were impacted by $3.5 million
and $0.6 million in fiscal 2012 and fiscal 2011, respectively, for
impairments and option contract abandonments. In addition, these
margins were impacted by an $11.0 million warranty recovery in
fiscal 2012 and a $1.4 million warranty recovery in fiscal 2011.
- Homebuilding gross profit margin,
excluding impairments and abandonments: 13.3%, compared to 10.7% in
fiscal 2011
- Homebuilding gross profit margin,
excluding impairments, abandonments and interest amortized to cost
of sales: 20.2%, compared to 17.0% in fiscal 2011. Excluding the
warranty-related items mentioned above, these margins would have
been: 14.3%, compared to 15.8% in fiscal 2011
- Net income from continuing operations:
$0.7 million, or diluted earnings per share of $0.01, including
non-cash pre-tax charges of $3.5 million for inventory impairments
and a benefit from income taxes of $35.7 million. This compared to
a loss from continuing operations in the first quarter of fiscal
2011 of $48.3 million, or $0.65 per share, which included non-cash
pre-tax charges of $0.6 million for inventory impairments.
- Net income: $739,000 (including net
income from discontinued operations of $41,000), compared with a
net loss of $48.8 million for fiscal 2011 (including a loss from
discontinued operations of $0.5 million.)
- Total Company land and land development
spending: $58.2 million, compared with $62.6 million in fiscal
2011
Conference Call
The Company will hold a conference call on February 2, 2012 at
10:00 am EST to discuss these results. Interested parties may
listen to the conference call and view the Company’s slide
presentation over the internet by visiting the “Investor Relations”
section of the Company’s website at www.beazer.com. To access the
conference call by telephone, listeners should dial 800-619-8639.
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 866-413-9161
or 203-369-0666 and enter the passcode “3740” (available until
11:00 pm ET on February 9, 2012), 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, Georgia, is
one of the ten largest single-family homebuilders in the United
States. The Company’s industry-leading high performance
homes are designed to lower the total cost of home ownership while
reducing energy and water consumption. With award-winning
floor-plans, the Company offers homes that incorporate exceptional
value and quality to consumers in 16 states, including Arizona,
California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada,
New Jersey, New York, North Carolina, Pennsylvania, South Carolina,
Tennessee, Texas, and Virginia. Beazer Homes is listed on
the New York Stock Exchange and trades under the ticker symbol
“BZH.”
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 final outcome of various putative class action
lawsuits, multi-party suits and similar proceedings as well as the
results of any other litigation or government proceedings and
fulfillment of the obligations in the Deferred Prosecution
Agreement and consent orders with governmental authorities and
other settlement agreements; (ii) additional asset impairment
charges or writedowns; (iii) economic changes nationally or in
local markets, including changes in consumer confidence, declines
in employment levels, volatility of mortgage interest rates and
inflation; (iv) the effect of changes in lending guidelines and
regulations and the uncertain availability of mortgage financing;
(v) a slower economic rebound than anticipated, coupled with
persistently high unemployment and additional foreclosures; (vi)
continued or increased downturn in the homebuilding industry; (vii)
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, (viii) our cost of and ability to
access capital and otherwise meet our ongoing liquidity needs
including the impact of any downgrades of our credit ratings or
reductions in our tangible net worth or liquidity levels; (ix)
potential inability to comply with covenants in our debt agreements
or satisfy such obligations through repayment or refinancing; (x)
increased competition or delays in reacting to changing consumer
preference in home design; (xi) shortages of or increased prices
for labor, land or raw materials used in housing production; (xii)
factors affecting margins such as decreased land values underlying
lot option agreements, increased land development costs on
communities under development or delays or difficulties in
implementing initiatives to reduce production and overhead cost
structure; (xiii) the performance of our joint ventures and our
joint venture partners; (xiv) the impact of construction defect and
home warranty claims including those related to possible
installation of drywall imported from China; (xv) the cost and
availability of insurance and surety bonds; (xvi) delays in land
development or home construction resulting from adverse weather
conditions; (xvii) potential delays or increased costs in obtaining
necessary permits and possible penalties for failure to comply with
laws, regulations and governmental policies; (xviii) potential
exposure related to additional repurchase claims on mortgages and
loans originated by Beazer Mortgage Corp.; (xix) estimates related
to the potential recoverability of our deferred tax assets; (xx)
effects of changes in accounting policies, standards, guidelines or
principles; or (xxi) 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, 2011 2010 Total revenue
$ 188,548 $ 108,952 Home construction and land sales
expenses
162,776 97,051 Inventory impairments and option
contract abandonments
3,503 639
Gross profit
22,269 11,262 Commissions
8,371
4,990 General and administrative expenses
28,194 32,503
Depreciation and amortization
2,403
1,905 Operating loss
(16,699 ) (28,136 )
Equity in (loss) income of unconsolidated joint ventures
(77
) 238 Loss on extinguishment of debt
- (2,902 ) Other
expense, net
(18,273 ) (18,065 ) Loss
from continuing operations before income taxes
(35,049
) (48,865 ) Benefit from income taxes
(35,747
) (593 ) Income (loss) from continuing operations
698 (48,272 ) Income (loss) from discontinued operations,
net of tax
41 (536 ) Net income (loss)
$ 739 $ (48,808 ) Weighted
average number of shares: Basic
74,165 73,878 Diluted
87,106 73,878 Earning (loss) per share: Basic earning
(loss) per share from continuing operations
$ 0.01 $
(0.65 ) Basic earnings (loss) per share from discontinued
operations
$ - $ (0.01 ) Basic earnings (loss) per
share
$ 0.01 $ (0.66 ) Diluted earning (loss)
per share from continuing operations
$ 0.01 $ (0.65 )
Diluted earnings (loss) per share from discontinued operations
$ - $ (0.01 ) Diluted earnings (loss) per share
$ 0.01 $ (0.66 )
Interest Data:
Three Months Ended December 31, 2011
2010 Capitalized interest in inventory,
beginning of period
$ 45,973 $ 36,884 Interest
Incurred
32,525 32,366 Capitalized interest impaired
(28 ) - Interest expense not qualified for
capitalization and included as other expense
(19,117
) (18,923 ) Capitalized interest amortized to house
construction and land sales expenses
(12,843 )
(6,894 ) Capitalized interest in inventory, end of period
$ 46,510 $ 43,433
BEAZER HOMES USA, INC. UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS (in thousands, except share and per share
data) December 31, September 30,
2011 2011
ASSETS Cash and cash
equivalents
$ 272,524 $ 370,403 Restricted cash
277,241 277,058 Accounts receivable (net of allowance of
$3,875 and $3,872, respectively)
27,967 28,303 Income tax
receivable
3,081 4,823 Inventory Owned inventory
1,178,237 1,192,380 Land not owned under option agreements
14,625 11,753 Total inventory
1,192,862 1,204,133 Investments in unconsolidated joint
ventures
21,489 9,467 Deferred tax assets, net
5,932
2,760 Property, plant and equipment, net
22,589 22,613
Previously owned rental homes, net
17,604 11,347 Other
assets
32,568 46,570 Total
assets
$ 1,873,857 $ 1,977,477
LIABILITIES AND STOCKHOLDERS' EQUITY Trade accounts
payable
$ 46,395 $ 72,695 Other liabilities
131,420 212,187 Obligations related to land not owned under
option agreements
6,874 5,389 Total debt (net of discounts
of $22,278 and $23,243, respectively)
1,488,785
1,488,826 Total liabilities
1,673,474 1,779,097
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, 180,000,000 shares authorized,
76,406,697 and 75,588,396 issued and outstanding, respectively)
76 76 Paid-in capital
626,014 624,750 Accumulated
deficit
(425,707 ) (426,446 ) Total
stockholders' equity
200,383 198,380
Total liabilities and stockholders' equity
$
1,873,857 $ 1,977,477 Inventory
Breakdown Homes under construction
$ 253,904 $
277,331 Development projects in progress
433,306 424,055
Land held for future development
384,938 384,761 Land held
for sale
12,054 12,837 Capitalized interest
46,510
45,973 Model homes
47,525 47,423 Land not owned under option
agreements
14,625 11,753 Total
inventory
$ 1,192,862 $ 1,204,133
BEAZER HOMES USA, INC. CONSOLIDATED OPERATING AND
FINANCIAL DATA - CONTINUING OPERATIONS
Quarter Ended December 31, SELECTED
OPERATING DATA 2011 2010 Closings:
West region
370 216 East region
310 202 Southeast
region
187 101 Continuing Operations
867 519 Discontinued Operations
15
30 Total closings
882 549 New
orders, net of cancellations: West region
303 174 East
region
249 257 Southeast region
172
103 Continuing Operations
724 534 Discontinued
Operations
- 19 Total new orders
724 553 Backlog units at end of period: West
region
503 227 East region
577 421 Southeast region
227 139 Continuing Operations
1,307 787 Discontinued Operations
2
13 Total backlog units
1,309 800
Dollar value of backlog at end of period (in millions)
$
316.3 $ 201.1 Revenue (in thousands): West
region
$ 70,777 $ 39,548 East region
81,818
50,214 Southeast region
35,568 19,190 Pre-owned homes
385 - Total revenue
$ 188,548
$ 108,952
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA - CONTINUING
OPERATIONS (Dollars in thousands) Quarter
Ended December 31, SUPPLEMENTAL FINANCIAL DATA
2011 2010
Revenues
Homebuilding operations
$ 186,852 $ 108,639 Land
sales and other
1,696 313 Total
revenues
$ 188,548 $ 108,952
Gross
profit Homebuilding operations
$ 21,352 $ 10,951
Land sales and other
917 311
Total gross profit
$ 22,269 $ 11,262
Reconciliation of homebuilding gross
profit before impairments and abandonments and interest amortized
to cost of sales and the related gross margins to homebuilding
gross profit and gross margin, the most directly comparable GAAP
measure, is provided for each period discussed below:
Quarter Ended
December 31,
2011 2010 Homebuilding gross profit
$
21,352 11.4 % $ 10,951 10.1 % Inventory
impairments and lot option abandonments (I&A)
3,503 639 Homebuilding gross profit before
I&A
24,855 13.3 % 11,590 10.7 % Interest
amortized to cost of sales
12,843 6,894
Homebuilding gross profit before I&A and interest amortized to
cost of sales
$ 37,698 20.2 % $
18,484 17.0 % Reconciliation of Adjusted EBITDA
(earnings before interest, taxes, depreciation, amortization and
impairments) to net income (loss), the most directly comparable
GAAP measure, is provided for each period discussed below.
Management believes that Adjusted EBITDA assists investors in
understanding and comparing the operating characteristics of
homebuilding activities by eliminating many of the differences in
companies' respective capitalization, tax position and level of
impairments.
Quarter Ended December 31,
2011 2010 Net income (loss)
$
739 $ (48,808 ) Benefit from income taxes
(36,146
) (599 ) Interest expense
31,988 25,817 Depreciation
and amortization
3,703 4,878 Impairments and abandonments
3,507 921 Joint venture impairments
29
267
Adjusted EBITDA $ 3,820
$ (17,524 )
Beazer Homes USA (NYSE:BZH)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Beazer Homes USA (NYSE:BZH)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024