Beazer Homes Swings To Profit on Higher Sales

Atlanta, GA, May 4, 2010--Beazer Homes reported net income from continuing operations of $6.2 million, or $0.10 per share, compared with a loss from continuing operations of $108.7 million, or $2.81 per share, a year earlier.

Homebuilding revenue rose 6% to $198.2 million, while operating expenses fell 32% to $44.9 million.

Home closings increased to 852 homes, an increase year-over-year of 5.6%

The cancellation rate also improved to 17.6% in the second quarter compared to 26.9% in the first quarter of this year and 29.8% in the second quarter of the prior year.