Beazer Swings To Profit in Fourth Quarter

Atlanta, GA, Nov. 10, 2009--Beazer Homes reported fourth quarter income from continuing operations of $35.3 million, or $0.87 per share, including special charges of $29.9 million.

A year ago, Beazer reported a loss from continuing operations of $453.8 million, or $11.77 per share.

Total revenue was $376.3 million, compared to $649.8 million in the fourth quarter of the prior year.

Home closings totaled 1,685 homes, a decrease year-over-year of 24.3%.

New orders totaled 1,012 homes, an increase year-over-year of 2.4%.

The cancellation rate improved to 34.7% in the fourth quarter compared to 46.3% in the fourth quarter of the prior year.

For the year, Beazer reported a loss of $178.0 million, or $4.60 per share, including special charges and credits. Total revenue was $1.01 billion, compared to $1.81 billion in the prior year.