Beazer Homes Posts Loss in First Quarter

Atlanta, GA, May 3, 2011 --  Beazer Homes reported a net loss in the first quarter of $54.6 million.

For the year, however, the company posted net income of $5.3 million.

Revenue from continuing operations for the quarter was $127.5 million, compared to $192.5 million in the prior year and $110.3 million in the prior quarter.

"As expected, year-over-year comparisons were unfavorably impacted this quarter by the First Time Homebuyers' Tax Credit which pulled forward sales volumes into the second quarter of 2010," said Ian McCarthy, president and CEO.

"However, we did see seasonal improvement with orders and gross margins up over the first quarter of fiscal 2011. We are hopeful that the latest improvements in employment will help lift consumer confidence in the coming quarters, which is necessary for any significant recovery in housing to occur."

Net new home orders decreased 26.7% compared to the same period of the prior year due to the absence of incentives similar to the First Time Homebuyers' Tax Credit.