Builder Beazer Narrows Loss on Higher Sales

Atlanta, GA, Aug. 3, 2012 -- Beazer Homes reported a net loss of $39.9 million for the third quarter, compared with a net loss of $59.1 million in the same quarter last year.

Beazer reported revenue of $254.6 million, compared to $172.8 million a year ago as average sales price was $227,300, up from $213,000 last year.

"I am very pleased with our third quarter results," said Allan Merrill, CEO of Beazer Homes.

"We generated improvement in new home orders, home closings and backlog, recording our fourth consecutive quarter of year-over-year increases in these metrics. This improvement reflects both the continuing operational benefits of our path-to-profitability strategies and gradually improving conditions in the housing market."

Total new orders rose to 1,555 homes, a 28.0% increase from a year ago and closings rose to 1,109 homes, a 40.2% increase.