Beazer Homes Announces Preliminary Operating Results
March 07 2017 - 6:30AM
Business Wire
Beazer Homes USA, Inc. (NYSE:BZH) (the “Company”) today
announced that its sales absorptions for the first two months of
its fiscal second quarter were up 11% year over year, resulting in
1,001 orders compared to 1,003 in the prior year period. In
addition, the Company continues to expect its fiscal second quarter
backlog conversion ratio to be similar to the second quarter of the
prior fiscal year. The Company’s proposed debt refinancing
transaction will materially extend its debt maturity schedule and
the Company continues to expect to pay down $100 million of debt by
the end of its fiscal year 2018.
About Beazer Homes USA, Inc.
Headquartered in Atlanta, Beazer Homes is a geographically
diversified homebuilder with active operations in 13 states within
three geographic regions in the United States. 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
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’s active
operations are in the following states: Arizona, California,
Delaware, Florida, Georgia, Indiana, Maryland, Nevada, North
Carolina, South Carolina, Tennessee, Texas and Virginia. Beazer
Homes is listed on the New York Stock Exchange under the ticker
symbol “BZH.”
This press release contains forward-looking statements. These
forward-looking statements represent our expectations or beliefs
concerning future events, and it is possible that the results
described in this press release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of our control, that could
cause actual results to differ materially from the results
discussed in the forward-looking statements, including, among other
things: (i) economic changes nationally or in local markets,
changes in consumer confidence, declines in employment levels,
inflation or increases in the quantity and decreases in the price
of new homes and resale homes on the market; (ii) the cyclical
nature of the homebuilding industry and a potential deterioration
in homebuilding industry conditions; (iii) factors affecting
margins such as decreased land values underlying land option
agreements, increased land development costs on communities under
development or delays or difficulties in implementing initiatives
to reduce production and overhead cost structure; (iv) our cost of
and ability to access capital, due to factors such as limitations
in the capital markets or adverse credit market conditions, and
otherwise meet our ongoing liquidity needs, including the impact of
any downgrades of our credit ratings or reductions in our tangible
net worth or liquidity levels; (v) our ability to reduce our
outstanding indebtedness and to comply with covenants in our debt
agreements or satisfy such obligations through repayment or
refinancing; (vi) the availability and cost of land and the risks
associated with the future value of our inventory, such as
additional asset impairment charges or writedowns; (vii) estimates
related to homes to be delivered in the future (backlog) are
imprecise, as they are subject to various cancellation risks that
cannot be fully controlled; (viii) shortages of or increased prices
for labor, land or raw materials used in housing production and the
level of quality and craftsmanship provided by our subcontractors;
(ix) a substantial increase in mortgage interest rates, increased
disruption in the availability of mortgage financing, a change in
tax laws regarding the deductibility of mortgage interest, or an
increased number of foreclosures; (x) increased competition or
delays in reacting to changing consumer preference in home design;
(xi) continuing severe weather conditions or other related events
could result in delays in land development or home construction,
increase our costs or decrease demand in the impacted areas; (xii)
estimates related to the potential recoverability of our deferred
tax assets and a potential reduction in corporate tax rates that
could reduce the usefulness of our existing deferred tax assets;
(xiii) potential delays or increased costs in obtaining necessary
permits as a result of changes to, or complying with, laws,
regulations, or governmental policies and possible penalties for
failure to comply with such laws, regulations or governmental
policies, including these related to the environment; (xiv) the
results of litigation or government proceedings and fulfillment of
any related obligations; (xv) the impact of construction defect and
home warranty claims, including water intrusion issues in Florida;
(xvi) the cost and availability of insurance and surety bonds;
(xvii) the performance of our unconsolidated entities and our
unconsolidated entity partners; (xviii) the impact of information
technology failures or data security breaches; (xix) terrorist
acts, natural disasters, acts of war or other factors over which
the Company has little or no control; or (xx) the impact on
homebuilding in key markets of governmental regulations limiting
the availability of water.
Any forward-looking statement speaks only as of the date on
which such statement is made, and, except as required by law, we do
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time
and it is not possible for management to predict all such
factors.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170307005816/en/
Beazer Homes USA, Inc.David I. Goldberg, 770-829-3700Vice
President of Treasury and Investor
Relationsinvestor.relations@beazer.com
Beazer Homes USA (NYSE:BZH)
Historical Stock Chart
From Apr 2024 to May 2024
Beazer Homes USA (NYSE:BZH)
Historical Stock Chart
From May 2023 to May 2024