BEAZER HOMES USA REPORTS SECOND QUARTER EARNINGS OF $.16 PER SHARE; REPORTS RECENT POSITIVE ORDER TREND.ATLANTA--(BUSINESS WIRE)--April 27, 1995--Beazer Homes USA, Inc. (NYSE NYSE See: New York Stock Exchange :BZH BZH Breizh (French Brittany) BZH Big Zen Hugs ) today announced results for the quarter ended March 31, 1995, the second quarter of its 1995 fiscal year. Earnings per share for the quarter ended March 31, 1995 were $.16 on net income of $1.5 million. This compares to pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share of $.33 for the comparable quarter in the prior year. Revenues for the quarter increased 9.0% to $123.5 million on 831 home closings. The Company also reported that despite increases in mortgage rates over the past year, new orders for the quarter decreased only 4.5% to 1,156 homes, compared to 1,211 homes in its record March 1994 quarter. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at March 31, 1995 was $182.1 million (1,166 homes), compared to $242.8 million (1,699 homes) at March 31, 1994. Ian McCarthy Mc·Car·thy , Joseph Raymond 1908-1957. American politician. A U.S. senator from Wisconsin (1947-1957), he presided over the permanent subcommittee on investigations and held public hearings in which he accused army officials, members of the media, , President and Chief Executive Officer of Beazer Homes, said, "As with many homebuilders, our current earnings have been adversely impacted by interest rate increases and increasing margin pressure. However, we can report that while orders were down for the overall March quarter, the most recent order trends are very positive. The month of March was our best single month ever for new orders, beating the record set by the prior year's March. We believe that recent decreases in interest rates have helped to motivate homebuyers and helped them realize that current interest rates, while higher than last year, are still at historically low levels." Separately, Beazer Homes has announced that subsequent to the end of the quarter it acquired Bramalea Homes Texas, Inc., with homebuilding operations in Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; and Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. . Mr. McCarthy commented, "We are extremely excited about our recent expansion into Texas through the acquisition of Bramalea Homes Texas. We expect this acquisition to be accretive to earnings immediately and to provide us with an excellent opportunity for significant growth in 1996." David S. Weiss David S. Weiss is an American comedy writer. He has written for Dennis Miller Live, among other television shows. In 2005, he ran unsuccessfully for the Writers Guild of America board of directors. , Executive Vice President and Chief Financial Officer of Beazer Homes, said, "Our financial strength and the flexibility of our recently renegotiated credit facility were great advantages to us in completing the Bramalea Homes Texas acquisition at an attractive value. As of March 31, 1995, we had $24.5 million of borrowings outstanding under our $80 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, leaving the majority of the facility undrawn un·draw tr.v. un·drew , un·drawn , un·draw·ing, un·draws To draw to one side, as a curtain. Adj. 1. undrawn - not represented in a drawing undelineated - not represented accurately or precisely . We believe that our debt to capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. ratio of 47.5% at the end of March remains among the lowest in the homebuilding industry." Mr. McCarthy stated, "During the quarter we became active in adding subdivisions, as we have found that land prices have become more attractive in a number of our markets. At the end of March we had 142 active projects, an 11.8% increase over the immediately preceding December December: see month. 1994 quarter and a 6.0% increase over March 1994. In particular, we increased our number of active subdivisions in Phoenix during the quarter, over both the immediately preceding quarter and the prior year. With improved land pricing, we have now been able to replace our first-time buyer first-time buyer n → persona que compra su primera vivienda first-time buyer n → personne achetant une maison ou un appartement pour la première fois first-time buyer projects in Phoenix which were so successful in 1993 and 1994. As a result of these new subdivisions, orders in Phoenix, which had been down significantly through February February: see month. , have exceeded last year's orders since the middle of March." Mr. McCarthy also commented, "Past interest rate increases and extreme competitive margin pressure have depressed our current earnings, but we are very encouraged by recent order trends in many of our markets. Our new orders for the quarter in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and , areas that we have previously stated we would like to grow, were up significantly over the prior year. Orders in a number of our other markets which were down for the overall quarter, were up in the month of March." Mr. McCarthy continued, "These positive order trends will benefit earnings in late 1995. We currently believe, however, that our earnings for the full 1995 fiscal year are unlikely to equal our record 1994 earnings. We remain cautious about the prospect of future interest rate increases. We believe, however, that our entry into Texas and our recent expansion of subdivisions in a number of our markets position us well for growth into 1996." Beazer Homes USA This article documents an lawsuit. Information may change rapidly as the suit progresses. . Beazer Homes USA (NYSE: BZH) is a Fortune 500 American homebuilding company based in Atlanta, Georgia. , based in Atlanta, Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. , is one of the country's largest geographically diversified diversified (di·verˑ·s homebuilders, operating in nine states principally in the Southeast and Southwest United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company concentrates on single-family homes for the first-time homebuyer First-Time Homebuyer An IRA owner who is exempt from the early-distribution penalty (which applies to IRA distributions that occur before the IRA owner reaches age 59.5) for distributing funds from his or her IRA to buy, build, or rebuild a home when having had no interest in a and first move-up markets. -0-
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA
(Dollars in thousands, except per share amounts)
Quarter Ended Six Months Ended
March 31, March 31,
------------------------ -----------------------
1995 1994 1995 1994
---- ---- ---- ----
SELECTED OPERATING
DATA
------------------
Closings:
Southeast region 384 392 732 715
Southwest region 447 465 819 765
Other markets 0 34 2 53
----- ----- ----- -----
Total closings 831 891 1,553 1,533
----- ----- ----- -----
New contracts,
net of cancellations:
Southeast region 529 537 781 931
Southwest region 627 659 950 1,017
Other markets 0 15 0 36
----- ----- ----- -----
Total new contracts 1,156 1,211 1,731 1,984
----- ----- ----- -----
Backlog at end of 1,166 1,699
period ----- -----
Dollar value of
backlog at end
of period $182,137 $242,818
-------- --------
INCOME STATEMENT
----------------
Total revenue $123,544 $113,383 $225,847 $197,787
Cost of sales 108,389 97,353 196,008 168,542
------- ------- ------- -------
Gross profit 15,155 16,030 29,839 29,245
Selling, general and
administrative
expense 12,694 11,137 24,006 20,161
------ ------ ------ ------
Operating income 2,461 4,893 5,833 9,084
Other income (expense) 14 22 197 24
------ ------ ------ ------
Income before
income taxes 2,475 4,915 6,030 9,108
Income taxes 990 1,867 2,412 3,460
------ ------ ------ ------
Net income $1,485 $3,048 $3,618 $5,648
------ ------ ------ ------
Pro forma net income $3,046 $5,406
------ ------
Earnings before
interest and taxes $5,105 $7,237 $10,679 $12,845
Interest incurred $3,670 $2,994 $6,503 $5,369
Net income per share $0.16 $0.39
------ ------
Pro forma net income
per share $0.33 $0.59
------ ------
Weighted average
shares outstanding 9,308 9,220 9,259 9,220
CONDENSED BALANCE March 31, SHEET 1995 ----------------- -------------
Cash $3,478
Inventory 307,764
Other assets 22,597
--------
Total assets $333,839
Notes payable $115,000
Revolving credit
facility 24,500
Other liabilities 40,280
-------
Total liabilities 179,780
Stockholders' equity 154,059
-------
Total liabilities
and stockholders'
equity $333,839
--------
CONTACT: Beazer Homes USA, Inc., Atlanta David S. Weiss, 404/250-3420 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion