Beazer Homes USA Inc (NYSE:BZH) to Release Q4 2009 Earnings November 10
Ft Lauderdale, Florida 11/04/2009 09:15 PM GMT (TransWorldNews)
Beazer Homes USA, Inc. (NYSE:BZH) will release the fourth quarter earnings for 2009 on Tuesday, November 10. The financial results will be posted on the company’s Investor Relations website at http://ir.beazer.com on the Quarterly Reports page.
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Beazer Homes reported a loss of $27.9 million, or $0.72 per share for their third quarter earnings. The loss included non-cash pre-tax charges of $16.7 million, consisting of inventory impairments and abandonment of land option contracts of$11.9 million and impairments in joint ventures of $4.8 million. The total revenue was $224.7 million, compared to the $455.6 million earned in the third quarter for the previous year. Beazer closed 950 homes during the 2009 third quarter, a decrease of 33.2% in the company’s markets. The company also reported a backlog of 1,867 homes valued at $430.8 million compared to 1,280 homes valued at$296.6 million on March 31, 2009 and June 30, 2008’s backlog of 2,716 homes valued at $668.1 million.
Beazer Homes USA, Inc. (Beazer) is a diversified homebuilder. It operates in 17 states. The Company’s homes are designed to appeal to homeowners at various price points across various demographic segments and are generally offered for sale in advance of their construction. The Company acts as the general contractor for the construction of its projects. Its project development operations are controlled by the Company’s operating divisions, whose employees supervise the construction of each project, coordinate the activities of subcontractors and suppliers, subject their work to quality and cost controls, and assure compliance with zoning and building codes. The Company also offers title insurance services to its homebuyers in many of its markets. On February 1, 2008, the Company discontinued homebuilding operations in Charlotte, North Carolina, Cincinnati/Dayton, Ohio, Columbia, South Carolina, Columbus, Ohio, Lexington, Kentucky, Colorado and Fresno, California.
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