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Beazer Posts 4Q Loss; Orders Slide As Tax Credit Ends

Wall Street Journal - Nov 5, 2010

Beazer Homes USA Inc. (BZH) swung to a fiscal fourth-quarter loss as orders dropped 21% from a year ago following the spring expiration of the federal government's first-time homebuyer tax credit, which also sapped closing activity in the latest period.

Since the government's tax credit ended in April for entering into homebuying agreements, home purchases have slid and builders have seen orders slump. In September, Beazer noted that it has seen a "slower-than-anticipated improvement in new home orders" after the expiration of the credit, and it forecast orders ranging from 700 to 800 for the fourth quarter. They totaled 810.

For the quarter ended Sept. 30, Beazer reported a loss of $59.5 million, or 81 cents a share, compared with a year-earlier profit of $33.8 million, or 84 cents a share. The latest results included an $89.3 million debt-extinguishment gain and $29.9 million of write-downs.

Revenue slid 25% to $274.8 million as closings slumped 30% amid the rush to complete deals before June 30 and the initial deadline for deals to qualify for the federal tax credit.

Read Full Article from Wall Street Journal

- Posted: 2010-11-05 10:21:30


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