Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
announced its financial results for the quarter and six months
ended March 31, 2014.
"Despite inclement weather and a slower start to the spring
selling season than anticipated, we made further progress on our
operational and financial objectives during the quarter," said
Allan Merrill, President and CEO of Beazer Homes. "We exceeded our
expectations for sales per community, increased gross margins,
improved Adjusted EBITDA and invested heavily for our long-term
growth. These results allow us to reaffirm our confidence in
delivering full year profitability in Fiscal 2014 and in making
substantial progress on our multi-year "2B-10" target this
year."
On its earnings conference call today, the Company intends to
update its full year Fiscal 2014 expectations for several
operational and financial metrics, including increasing the
Company’s guidance for year-over-year growth in Adjusted EBITDA.
The Company now expects growth in Adjusted EBITDA of at least $45
million compared to Fiscal Year 2013.
Summary results for the quarter and six months ended
March 31, 2014 are as follows:
Q2 Results from Continuing Operations
(unless otherwise specified)
Quarter Ended March 31, 2014
2013 Change New Home Orders 1,390 1,521
(8.6
)
%
Orders per month per community 3.3 3.4 (2.9
)
%
LTM orders per month per community 2.9 2.7 7.4 % Cancellation rates
19.4 % 18.7 %
70
bps
Total Home Closings 977 1,127 (13.3
)
%
Average sales price from closings (in thousands) $ 272.4 $ 253.3
7.5 % Homebuilding revenue (in millions) $ 266.1 $ 285.5 (6.8
)
%
Homebuilding gross profit margin, excluding impairments and
abandonments (I&A) 19.7 % 15.9 %
380
bps
Homebuilding gross profit margin, excluding I&A and interest
amortized to cost of sales 22.5 % 19.1 %
340
bps
Loss from continuing operations before income taxes (in
millions) $ (8.3 ) $ (19.5 ) $ 11.2 Benefit from income taxes (in
millions) $ 0.1 $ 0.3 $ (0.2
)
Net loss from continuing operations (in millions) $ (8.2 ) $ (19.1
) $ 10.9 Basic Loss Per Share $ (0.32 ) $ (0.78 ) $ 0.46 Land and
land development spending (in millions) $ 128.6 $ 62.6 $ 66.0 Total
Company Adjusted EBITDA (in millions) $ 18.5 $ 15.2 $ 3.3
Six Months Ended March 31, 2014
2013 Change New Home Orders 2,285 2,453
(6.8
)
%
LTM orders per month per community 2.9 2.7 7.4 % Cancellation rates
20.4 % 21.8 %
-140
bps
Total Home Closings 2,015 2,165 (6.9
)
%
Average sales price from closings (in thousands) $ 276.0 $ 244.8
12.7 % Homebuilding revenue (in millions) $ 556.1 $ 529.9 4.9 %
Homebuilding gross profit margin, excluding impairments and
abandonments (I&A) 19.2 % 15.3 %
390
bps
Homebuilding gross profit margin, excluding I&A and interest
amortized to cost of sales 21.9 % 18.7 %
320
bps
Loss from continuing operations before income taxes (in
millions) $ (12.2 ) $ (38.6 ) $ 26.4 Benefit from income taxes (in
millions) $ — $
0.6
$
(0.6
)
Net loss from continuing operations (in millions) $ (12.2 ) $ (38.1
) $ 25.9 Basic Loss Per Share $ (0.48 ) $ (1.55 ) $ 1.07 Land and
land development spending (in millions) $ 252.4 $ 152.6 $ 99.8
Total Company Adjusted EBITDA (in millions) $ 40.2 $ 23.0 $ 17.2
As of March 31, 2014
- Total cash and cash equivalents: $350.4
million, including unrestricted cash of approximately $299.6
million
- Stockholders' equity: $230.8
million
- Total backlog from continuing
operations: 2,163 homes with a sales value of $637.1 million,
compared to 2,211 homes with a sales value of $584.2 million as of
March 31, 2013
- Land and lots controlled: 29,331 lots
(80.9% owned), an increase of 18.8% from March 31, 2013
(includes 246 lots obtained through a non-cash distribution of our
Las Vegas joint venture)
Conference Call
The Company will hold a conference call on May 1, 2014 at 10:00
am ET 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 (for international
callers, dial 312-470-7002). 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 888-662-6653 or 402-220-6417 and enter the
passcode “3740” (available until 11 pm ET on May 8, 2014), or visit
www.beazer.com. A replay of the webcast will be available at
www.beazer.com for at least 30 days.
Headquartered in Atlanta, Beazer Homes is one of the
country's 10 largest single-family homebuilders. The Company's
homes meet or exceed the benchmark for energy-efficient home
construction as established by ENERGY STAR® and are designed with
Choice Plans to meet the personal preferences and lifestyles of its
buyers. In addition, the Company is committed to providing a range
of preferred lender choices to facilitate transparent competition
between lenders and enhanced customer service. The Company offers
homes 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
under the ticker symbol “BZH.” For more info visit Beazer.com, or
check out Beazer on Facebook and Twitter.
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 availability and cost of land and the risks
associated with the future value of our inventory such as
additional asset impairment charges or writedowns; (ii) economic
changes nationally or in local markets, including changes in
consumer confidence, declines in employment levels, inflation and
increases in the quantity and decreases in the price of new homes
and resale homes in the market; (iii) the cyclical nature of the
homebuilding industry and a potential deterioration in homebuilding
industry conditions; (iv) 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; (v)
shortages of or increased prices for labor, land or raw materials
used in housing production; (vi) 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; (vii) our ability to
comply with covenants in our debt agreements or satisfy such
obligations through repayment or refinancing; (viii) a substantial
increase in mortgage interest rates, increased disruption in the
availability of mortgage financing, a change in tax laws regarding
the deductibility of mortgage interest, or an increased number of
foreclosures; (ix) increased competition or delays in reacting to
changing consumer preference in home design; (x) factors affecting
margins such as decreased land values underlying land option
agreements, increased land development costs on communities under
development or delays or difficulties in implementing initiatives
to reduce production and overhead cost structure; (xi) estimates
related to the potential recoverability of our deferred tax assets;
(xii) 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; (xiii) the results of litigation or government
proceedings and fulfillment of the obligations in the Deferred
Prosecution Agreement and consent orders with governmental
authorities and other settlement agreements; (xiv) the impact of
construction defect and home warranty claims; (xv) the cost and
availability of insurance and surety bonds; (xvi) the performance
of our unconsolidated entities and our unconsolidated entity
partners; (xvii) delays in land development or home construction
resulting from adverse weather conditions; (xviii) the impact of
information technology failures or data security breaches; (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.
-Tables Follow-
BEAZER HOMES USA, INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
($ in thousands, except per share
data)
Three Months Ended Six
Months Ended March 31, March 31, 2014
2013
2014 2013 Total revenue
$
270,021 $ 287,902
$ 563,191 $ 534,804 Home
construction and land sales expenses
216,969 241,992
455,438 452,606 Inventory impairments and option contract
abandonments
880 2,025
911 2,229
Gross profit
52,172 43,885
106,842 79,969
Commissions
11,096 11,686
22,917 22,328 General and
administrative expenses
32,628 28,795
61,038 55,123
Depreciation and amortization
2,831 3,093
5,738 5,808 Operating income (loss)
5,617 311
17,149 (3,290 ) Equity in (loss) income of
unconsolidated entities
(17 ) 68
302 104 Loss
on extinguishment of debt
(153 ) (3,638 )
(153
) (3,638 ) Other expense, net
(13,727 )
(16,195 )
(29,484 ) (31,822 ) Loss from continuing
operations before income taxes
(8,280 ) (19,454 )
(12,186 ) (38,646 ) Benefit from income taxes
(56 ) (343 )
(14 ) (596 ) Loss from
continuing operations
(8,224 ) (19,111 )
(12,172 ) (38,050 ) Income (loss) from discontinued
operations, net of tax
253 (529 )
(937
) (1,978 ) Net loss
$ (7,971 ) $
(19,640 )
$ (13,109 ) $ (40,028 ) Weighted
average number of shares: Basic and Diluted
25,320 24,654
25,163 24,472 Basic and Diluted (loss) income per share:
Continuing Operations
$ (0.32 ) $ (0.78 )
$ (0.48 ) $ (1.55 ) Discontinued Operations
$ 0.01 $ (0.02 )
$ (0.04 ) $
(0.09 ) Total
$ (0.31 ) $ (0.80 )
$
(0.52 ) $ (1.64 )
Three
Months Ended Six Months Ended March 31,
March 31, 2014 2013
2014
2013 Capitalized interest in inventory, beginning of period
$ 61,836 $ 41,922
$ 52,562 $ 38,190
Interest incurred
32,458 29,177
64,899 57,595
Interest expense not qualified for capitalization and included as
other expense
(14,659 ) (16,246 )
(30,691
) (32,457 ) Capitalized interest amortized to house
construction and land sales expenses
(7,379 ) (9,352
)
(14,514 ) (17,827 ) Capitalized interest in
inventory, end of period
$ 72,256 $ 45,501
$ 72,256 $ 45,501
BEAZER HOMES USA, INC.
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS
($ in thousands, except share and per
share data)
March 31, 2014 September 30, 2013
ASSETS Cash and cash equivalents
$ 299,620 $
504,459 Restricted cash
50,765 48,978 Accounts receivable
(net of allowance of $1,278 and $1,651, respectively)
28,911
22,342 Income tax receivable
2,813 2,813 Inventory Owned
inventory
1,480,360 1,304,694 Land not owned under option
agreements
7,751 9,124 Total inventory
1,488,111 1,313,818 Investments in unconsolidated entities
36,547 44,997 Deferred tax assets, net
5,407 5,253
Property, plant and equipment, net
18,142 17,000 Other
assets
21,068 27,129 Total assets
$
1,951,384 $ 1,986,789
LIABILITIES
AND STOCKHOLDERS’ EQUITY Trade accounts payable
$
71,891 $ 83,800 Other liabilities
133,675 145,623
Obligations related to land not owned under option agreements
3,147 4,633 Total debt (net of discounts of $4,780 and
$5,160 respectively)
1,511,873 1,512,183 Total
liabilities
$ 1,720,586 $ 1,746,239
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, 63,000,000
shares authorized, 26,721,886 and 25,245,945 issued and
outstanding, respectively)
27 25 Paid-in capital
849,520 846,165 Accumulated deficit
(618,749 )
(605,640 ) Total stockholders’ equity
230,798 240,550
Total liabilities and stockholders’ equity
$
1,951,384 $ 1,986,789 Inventory
Breakdown Homes under construction
$ 319,758 $
262,476 Development projects in progress
681,665 578,453
Land held for future development
306,119 341,986 Land held
for sale
57,537 31,331 Capitalized interest
72,256
52,562 Model homes
43,025 37,886 Land not owned under option
agreements
7,751 9,124 Total inventory
$ 1,488,111 $ 1,313,818
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL
DATA – CONTINUING OPERATIONS
($ in thousands, except otherwise
noted)
Quarter Ended March 31, Six Months Ended
March 31, SELECTED OPERATING DATA 2014
2013
2014 2013 Closings: West region
453 504
888 1,003 East region
257 383
595 736 Southeast region
267 240
532 426 Total closings
977 1,127
2,015 2,165 New orders, net of cancellations:
West region
550 658
901 1,082 East region
424
442
732 751 Southeast region
416 421
652 620 Total new orders
1,390 1,521
2,285 2,453 Backlog units at end of
period: West region
751 918
751 918 East region
798 762
798 762 Southeast region
614
531
614 531 Total backlog units
2,163
2,211
2,163 2,211 Dollar value
of backlog at end of period (in millions)
$ 637.1
$ 584.2
$ 637.1 $ 584.2
Homebuilding Revenue: West region
$ 119,044 $ 117,496
$ 239,256 $ 227,249 East region
82,366 116,537
189,245 213,001 Southeast region
64,715 51,438
127,582 89,646 Total homebuilding revenue
$ 266,125 $ 285,471
$
556,083 $ 529,896
Quarter Ended
March 31, Six Months Ended March 31,
SUPPLEMENTAL FINANCIAL DATA 2014 2013
2014 2013 Revenues: Homebuilding
$
266,125 $ 285,471
$ 556,083 $ 529,896 Land
sales and other
3,896 2,431
7,108
4,908 Total
$ 270,021 $ 287,902
$ 563,191 $ 534,804 Gross profit:
Homebuilding
$ 51,655 $ 43,253
$
106,105 $ 78,883 Land sales and other
517 632
737 1,086 Total
$ 52,172
$ 43,885
$ 106,842 $ 79,969
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. Management believes that this
information assists investors in comparing the operating
characteristics of homebuilding activities by eliminating many of
the differences in companies' respective level of impairments and
level of debt.
Quarter Ended March 31, Six
Months Ended March 31, 2014 2013
2014 2013 Homebuilding gross profit
$
51,655 19.4 % $ 43,253
15.2 %
$ 106,105 19.1
% $ 78,883 14.9 % Inventory impairments and
lot option abandonments (I&A)
880 2,025
911 2,229 Homebuilding gross profit before
I&A
52,535 19.7 % 45,278 15.9 %
107,016 19.2 % 81,112 15.3 % Interest
amortized to cost of sales
7,379 9,352
14,514 17,827 Homebuilding gross profit before
I&A and interest amortized to cost of sales
$
59,914 22.5 % $ 54,630 19.1 %
$ 121,530 21.9 % $ 98,939
18.7 %
Quarter Ended March 31, Six
Months Ended March 31, 2014 2013
2014
2013 Net loss
$ (7,971 ) $ (19,640 )
$ (13,109 ) $ (40,028 ) Benefit from income
taxes
(56 ) (352 )
(4 ) (627 ) Interest
amortized to home construction and land sales expenses, capitalized
interest impaired, and interest expense not qualified for
capitalization
22,038 25,598
45,205 50,284
Depreciation and amortization and stock compensation amortization
3,488 3,947
7,004 7,446 Inventory impairments and
option contract abandonments
880 2,025
911 2,246 Loss
on debt extinguishment
153 3,638
153
3,638 Adjusted EBITDA
$ 18,532 $
15,216
$ 40,160 $ 22,959
Reconciliation of Adjusted EBITDA (earnings before interest,
taxes, depreciation, amortization, debt extinguishment, impairments
and abandonments) to total company net loss (including discontinued
operations), 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.
Beazer Homes USA, Inc.Carey Phelps, 770-829-3700Director,
Investor Relations & Corporate Communicationsinvestor.relations@beazer.com
Beazer Homes USA (NYSE:BZH)
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