Beazer Homes Provides Preliminary Second Quarter Data; Reiterates Expectation Of Net Income For Fiscal 2014

Beazer Homes USA, Inc. (NYSE: BZH) ( www.beazer.com) today provided certain preliminary operational results for its fiscal second quarter and its approximation of the unrestricted cash balance as of March 31, 2014.
    Quarter Ended March 31,
New Orders, net     Closings     Backlog
2014     2013     Change 2014     2013     Change 2014     2013    

Change
West 550 658 -16% 453 504 -10% 751 918 -18%
East 424 442 -4% 257 383 -33% 798 762 5%
Southeast 416 421 -1% 267 240 11% 614 531 16%
 
Total 1,390 1,521 -9% 977 1,127 -13% 2,163 2,211 -2%
 
 

As expected, new orders and closings were impacted by an estimated 6% decline in active community count, including a 21% decline in active community count in our West segment. In addition, closings, as well as some new orders, were impacted by severe weather conditions in our East Segment, which comprises approximately 40% of our active community count.

Sales per community per month for the fiscal second quarter were 3.3, compared with 2.2 in the first quarter and 3.4 in the second quarter of 2013.

The Company expects to report an unrestricted cash balance as of March 31, 2014 of between $285 million and $315 million and expects to report positive net income for fiscal 2014.

“We remain optimistic about the 2014 spring selling season,” said Allan Merrill, CEO of Beazer Homes. “The new home market continues to benefit from gradual improvements in the labor market, limited home inventories and generally favorable affordability metrics. These characteristics led to more online visits, higher traffic to our communities and stable or improving home prices in our markets.”

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, which provide flexible floorplan options 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 .

Copyright Business Wire 2010

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