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Beazer Delays 10-Q Filing

Accounting problems related to its former chief accounting officer are at issue for the homebuilder.
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Troubled home builder

Beazer Homes

(BZH) - Get Beazer Homes USA, Inc. Report

said late Friday that it would delay the filing of its June quarterly report with the

Securities and Exchange Commission

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because of issues related to how its former chief accounting officer recorded "reserves and other accrued liabilities" related to land-development costs and costs to complete houses.

Atlanta-based Beazer said in the filing that Michael Rand may have recorded the liabilities in previous quarters in "excess of amounts that would not have been appropriate under generally accepted accounting principles."

Beazer said that at this time it is unable to predict or determine if any adjustments will be required with respect to its previously issued financial statements, but that the resolution of these accounting issues will likely not result in "an adjustment to the company's previously reported cash position."

In late June, Beazer

fired Rand for attempting to destroy documents related to an in-house probe of the company's mortgage origination business.

Shares of Beazer lost 4.5% after hours to $14.50, after closing the regular session down 9.4%.