Beazer Reports Sharp Increase in Orders, Decreased Cancellations, Profitability

Beazer Homes USA today announced its financial results for the fiscal quarter ended December 31, 2009, including new orders from continuing operations of 728 homes, an increase year-over-year of 36.6%.

February 05, 2010

Beazer Homes USA today announced its financial results for the fiscal quarter ended December 31, 2009, including new orders from continuing operations of 728 homes, an increase year-over-year of 36.6%.

Income from continuing operations of was $44.5 million, including a benefit from income taxes. For the first quarter of the prior fiscal year, the Company reported a loss from continuing operations of $79.2 million. Summary results of the quarter are as follows:

- Total revenue: $218.8 million, compared to $218.2 million in the first quarter of the prior year.
- Home closings from continuing operations: 961 homes, an increase year-over-year of 8.0%.
- Cancellation rate improved to 26.9% in the first quarter compared to 46.1% in the first quarter of the prior year.
- Unsold finished homes totaled 291, a decline of approximately 42.1% from the level a year ago.

During the quarter, the Worker, Homeownership and Business Assistance Act of 2009 was enacted allowing the Company to carry back a portion of our fiscal 2009 federal tax losses, leading to a  federal income tax refund of approximately $101 million, of which approximately $94 million is included in net income from continuing operations.

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