Beazer Swings to Loss in Fiscal 2007

Atlanta, GA, May 13, 2008-- Homebuilder Beazer Homes said on Monday that it lost $411.1 million, or $10.70 per share, for the full fiscal year ended September 30, 2007.

The company also released restated results for several years, and said it remains the target of several state and federal investigations regarding mortgage origination issues.

Last year's loss compares to a profit of $368.8 million, or $8.44 per share, in fiscal 2006.

The company said that it lost $155.2 million, or $4.03 per share, in the fourth quarter of 2007, compared with a profit of $83.7 million, or $1.99 per share.

The 2007 results included $611.9 million in charges related to the lower value of land and inventory of unsold homes.

Beazer said it sold 35 percent fewer homes in fiscal 2007 than in fiscal 2006, and revenue fell by 35 percent, while new orders declined 30 percent.