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Website: http://www.beazer.com Beazer Homes USA is a national homebuilder headquartered in Atlanta, that operates as a family of local homebuilders. It is one of the 10 largest homebuilders in the nation. Beazer currently builds in over 40 markets covering 20 states in the Southeast, Mid-Atlantic, Midwest, Western and Central United States. As a value-added feature, Beazer also provides mortgage origination, title and insurance services to its homebuyers. In fiscal 2008, Beazer reported revenues of $2.07 billion, down from $3.47 billion, and net loss of $951.2 million. Like many other homebuilders, Beazer has seen a big drop in sales due to the weak economy and tighter mortgage lending. In fiscal 2008, Beazer had closings of 7,692 homes, a decrease of 36.0% from 12,020 in the prior year. New orders of 6,065 homes was a decrease of 38.8% from 9,903 in the prior year. "Conditions in both the overall economy and housing market came under greater pressure during our fourth quarter and have continued to deteriorate since that time," said Ian McCarthy, President and Chief Executive Officer. "Home buyer demand for new homes continues to be adversely affected by low levels of consumer confidence, falling home prices, extensive new and existing home supply and reduced access to mortgage financing. In recent months this difficult environment has been greatly exacerbated by turmoil in financial markets, heightened concerns about the global economy and a substantial rise in the number of home foreclosures. Against this backdrop we continue to focus on generating liquidity, reducing overhead and direct costs, and limiting investment in land and unsold home inventory. As evidenced by our strengthened cash balance over the fiscal year, our efforts are helping us weather this unprecedented housing environment while positioning Beazer Homes for a return to profitability upon the market's eventual recovery." Beazer plans to restructure and exit construction in home markets including Cincinnati, Columbus, Lexington, Columbia, Charlotte, Colorado Springs, Denver and Fresno. The company went public in 1994 and was founded by Beazer Group Plc, a British homebuilding and construction company. Beazer has been doing business in the U.S. since 1985. Updated December 3, 2008 |