Beazer Homes Narrows Loss in Quarter

Atlanta, GA, May 2, 2012 -- Beazer Homes USA reported a second quarter net loss of $39.9 million compared with a net loss of $53.8 million for fiscal 2011.

The homebuilder reported new orders of 1,512 homes, a 29.0% increase from a year ago. However, the cancellation rate ticked up to 22.5% from 20.0% a year ago.

Beazer closed on 844 homes, a 49.9% increase from 2011. Revenue was also substantially higher, $191.6 million, compared to $125.7 million last year.

Average sales price rose to $224,7000 compared with $216,300.

"We remain hopeful, but cautious, about the prospects for a sustained market recovery, as a number of factors continue to pose challenges for prospective homebuyers," said CEO Allan Merrill.