Homebuilder Beazer Swings To Operating Profit

Beazer Homes

Atlanta, GA, Feb. 5, 2010--Beazer Homes USA reported operating income of $44.5 million, or $1.09 per diluted share, including non-cash pre-tax charges of $8.8 million for inventory impairments.

The results also include a benefit from income taxes of $2.24 per diluted share.

A year ago, Beazer reported a loss an operating loss of $79.2 million, or $2.05 per share.

The results came on flat revenue of $218.8 million, compared to $218.2 million in the first quarter of the prior year.

The company reported orders for 728 homes, an increase year-over-year of 36.6%.

CEO Ian J. McCarthy said, "During our first fiscal quarter, we were encouraged by the improvement in our new home sales. While it is premature to signal the beginning of a sustainable recovery in the housing market, we are seeing indications that historically high levels of home affordability, home price stability, low mortgage interest rates and home buyer tax credits may be beginning to balance out prospective home buyers' concerns about falling home prices, foreclosures, and risk of job loss in most of our markets."


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