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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Beazer Homes USA Inc New | NYSE:BZH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.79 | 2.85% | 28.49 | 28.49 | 27.74 | 27.93 | 109,522 | 16:55:33 |
DELAWARE | 001-12822 | 54-2086934 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
99.1 | Earnings Press Release dated November 12, 2014 |
BEAZER HOMES USA, INC. | ||||||||
Date: November 12, 2014 | By: | /s/ Robert L. Salomon | ||||||
Robert L. Salomon Executive Vice President and Chief Financial Officer |
• | A loss on extinguishment of debt of $19.9 million, primarily recorded in the Company's fiscal third quarter |
• | An IRS appeals case was approved in our favor resulting in a cash refund and income tax benefit of $28.5 million |
• | Beazer Pre-Owned Homes was sold generating a gain of $6.3 million |
• | Reserves for uncertain tax positions were reversed due to lapses in statutes of limitation and closing of audits during fiscal year 2014 resulting in a non-cash tax benefit of $13.9 million |
• | Impairments and abandonments of $8.3 million for the fiscal year with $5.4 million occurring in the fourth quarter |
• | Unexpected warranty reserves totaling $4.9 million in cost of sales during the fourth quarter |
Quarter Ended September 30, | ||||||||||||
2014 | 2013 | Change | ||||||||||
New Home Orders | 1,173 | 1,192 | (1.6 | )% | ||||||||
Average active community count | 149 | 135 | 10.4 | % | ||||||||
QTD orders per month per community | 2.6 | 3.0 | (13.3 | )% | ||||||||
Cancellation rates | 23.4 | % | 23.9 | % | -50 bps | |||||||
Total Home Closings | 1,695 | 1,657 | 2.3 | % | ||||||||
Average sales price from closings (in thousands) | $ | 295.4 | $ | 263.2 | 12.2 | % | ||||||
Homebuilding revenue (in millions) | $ | 500.6 | $ | 436.2 | 14.8 | % | ||||||
Homebuilding gross profit margin, excluding impairments and abandonments (I&A) | 18.2 | % | 18.3 | % | -10 bps | |||||||
Homebuilding gross profit margin, excluding I&A and interest amortized to cost of sales | 21.3 | % | 21.4 | % | -10 bps | |||||||
Homebuilding gross profit margin, excluding I&A, interest amortized to cost of sales and unexpected warranty costs | 22.3 | % | 21.4 | % | 90 bps | |||||||
Income from continuing operations before income taxes (in millions) | $ | 20.3 | $ | 8.9 | $ | 11.4 | ||||||
Benefit from income taxes (in millions) | $ | 40.0 | $ | 2.5 | $ | 37.5 | ||||||
Net income from continuing operations (in millions) | $ | 60.3 | $ | 11.3 | $ | 49.0 | ||||||
Basic Income Per Share | $ | 2.28 | $ | 0.46 | $ | 1.82 | ||||||
Diluted Income Per Share | $ | 1.90 | $ | 0.36 | $ | 1.54 | ||||||
Loss on debt extinguishment (in millions) | $ | — | $ | (1.0 | ) | $ | 1.0 | |||||
Inventory impairments (in millions) | $ | (5.4 | ) | $ | (0.4 | ) | $ | (5.0 | ) | |||
Net income from continuing operations excluding loss on debt extinguishment and inventory impairments (in millions) | $ | 65.7 | $ | 12.7 | $ | 53.0 | ||||||
Land and land development spending (in millions) | $ | 169.7 | $ | 160.8 | $ | 8.9 | ||||||
Total Company Adjusted EBITDA (in millions) | $ | 56.5 | $ | 41.5 | $ | 15.0 | ||||||
Total Company Adjusted EBITDA, excluding unexpected warranty costs (in millions) | $ | 61.4 | $ | 41.5 | $ | 19.9 |
Year Ended September 30, | ||||||||||||
2014 | 2013 | Change | ||||||||||
New Home Orders | 4,748 | 5,026 | (5.5 | )% | ||||||||
Active community count at period end | 155 | 134 | 15.7 | % | ||||||||
Average active community count | 142 | 145 | (2.1 | )% | ||||||||
LTM orders per month per community | 2.8 | 2.9 | (3.4 | )% | ||||||||
Cancellation rates | 21.3 | % | 21.8 | % | -50 bps | |||||||
Total Home Closings | 4,951 | 5,056 | (2.1 | )% | ||||||||
Average sales price from closings (in thousands) | $ | 284.8 | $ | 253.0 | 12.6 | % | ||||||
Homebuilding revenue (in millions) | $ | 1,409.9 | $ | 1,279.2 | 10.2 | % | ||||||
Homebuilding gross profit margin, excluding impairments and abandonments (I&A) | 19.1 | % | 16.8 | % | 230 bps | |||||||
Homebuilding gross profit margin, excluding I&A and interest amortized to cost of sales | 21.9 | % | 20.0 | % | 190 bps | |||||||
Homebuilding gross profit margin, excluding I&A, interest amortized to cost of sales and unexpected warranty costs | 22.2 | % | 20.0 | % | 220 bps | |||||||
Loss from continuing operations before income taxes (in millions) | $ | (6.9 | ) | $ | (35.7 | ) | $ | 28.8 | ||||
Benefit from income taxes (in millions) | $ | 41.8 | $ | 3.5 | $ | 38.3 | ||||||
Net income (loss) from continuing operations (in millions) | $ | 34.9 | $ | (32.2 | ) | $ | 67.1 | |||||
Basic Income (Loss) Per Share | $ | 1.35 | $ | (1.30 | ) | $ | 2.65 | |||||
Diluted Income (Loss) Per Share | $ | 1.10 | $ | (1.30 | ) | $ | 2.40 | |||||
Loss on debt extinguishment (in millions) | $ | (19.9 | ) | $ | (4.6 | ) | $ | (15.3 | ) | |||
Inventory impairments (in millions) | $ | (8.3 | ) | $ | (2.6 | ) | $ | (5.7 | ) | |||
Net income (loss) from continuing operations excluding loss on debt extinguishment and inventory impairments (in millions) | $ | 63.1 | $ | (25.0 | ) | $ | 88.1 | |||||
Land and land development spending (in millions) | $ | 551.2 | $ | 475.2 | $ | 76.0 | ||||||
Total Company Adjusted EBITDA (in millions) | $ | 128.3 | $ | 86.3 | $ | 42.0 | ||||||
Total Company Adjusted EBITDA, excluding unexpected warranty costs (in millions) | $ | 133.2 | $ | 86.3 | $ | 46.9 |
• | Total cash and cash equivalents: $387.1 million, including unrestricted cash of approximately $324.2 million |
• | Stockholders' equity: $279.1 million |
• | Total backlog from continuing operations: 1,690 homes with a sales value of $515.9 million, compared to 1,893 homes with a sales value of $528.1 million as of September 30, 2013 |
• | Land and lots controlled: 28,187 lots (78.1% owned), an increase of 0.7% from September 30, 2013 |
Three Months Ended | Fiscal Year Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Total revenue | $ | 545,905 | $ | 438,334 | $ | 1,463,767 | $ | 1,287,577 | |||||||
Home construction and land sales expenses | 452,706 | 357,884 | 1,192,001 | 1,070,814 | |||||||||||
Inventory impairments and option contract abandonments | 5,386 | 404 | 8,307 | 2,633 | |||||||||||
Gross profit | 87,813 | 80,046 | 263,459 | 214,130 | |||||||||||
Commissions | 20,789 | 17,516 | 58,028 | 52,922 | |||||||||||
General and administrative expenses | 39,431 | 36,428 | 136,463 | 121,163 | |||||||||||
Depreciation and amortization | 4,141 | 4,023 | 13,279 | 12,784 | |||||||||||
Operating income | 23,452 | 22,079 | 55,689 | 27,261 | |||||||||||
Equity in income (loss) of unconsolidated entities | 6,324 | 93 | 6,545 | (113 | ) | ||||||||||
Loss on extinguishment of debt | — | (998 | ) | (19,917 | ) | (4,636 | ) | ||||||||
Other expense, net | (9,502 | ) | (12,307 | ) | (49,191 | ) | (58,165 | ) | |||||||
Income (loss) from continuing operations before income taxes | 20,274 | 8,867 | (6,874 | ) | (35,653 | ) | |||||||||
Benefit from income taxes | (40,014 | ) | (2,461 | ) | (41,797 | ) | (3,489 | ) | |||||||
Income (loss) from continuing operations | 60,288 | 11,328 | 34,923 | (32,164 | ) | ||||||||||
(Loss) income from discontinued operations, net of tax | (441 | ) | 620 | (540 | ) | (1,704 | ) | ||||||||
Net income (loss) | $ | 59,847 | $ | 11,948 | $ | 34,383 | $ | (33,868 | ) | ||||||
Weighted average number of shares: | |||||||||||||||
Basic | 26,425 | 24,888 | 25,795 | 24,651 | |||||||||||
Diluted | 31,782 | 31,560 | 31,795 | 24,651 | |||||||||||
Income (loss) per share: | |||||||||||||||
Basic income (loss) per share from continuing operations | $ | 2.28 | $ | 0.46 | $ | 1.35 | $ | (1.30 | ) | ||||||
Basic (loss) income per share from discontinued operations | $ | (0.02 | ) | $ | 0.02 | $ | (0.02 | ) | $ | (0.07 | ) | ||||
Basic income (loss) per share | $ | 2.26 | $ | 0.48 | $ | 1.33 | $ | (1.37 | ) | ||||||
Diluted income (loss) per share from continuing operations | $ | 1.90 | $ | 0.36 | $ | 1.10 | $ | (1.30 | ) | ||||||
Diluted (loss) income per share from discontinued operations | $ | (0.02 | ) | $ | 0.02 | $ | (0.02 | ) | $ | (0.07 | ) | ||||
Diluted income (loss) per share | $ | 1.88 | $ | 0.38 | $ | 1.08 | $ | (1.37 | ) |
Three Months Ended | Fiscal Year Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Capitalized interest in inventory, beginning of period | $ | 84,083 | $ | 50,019 | $ | 52,562 | $ | 38,190 | |||||||
Interest incurred | 30,329 | 28,715 | 126,906 | 115,076 | |||||||||||
Capitalized interest impaired | (245 | ) | — | (245 | ) | — | |||||||||
Interest expense not qualified for capitalization and included as other expense | (9,672 | ) | (12,749 | ) | (50,784 | ) | (59,458 | ) | |||||||
Capitalized interest amortized to house construction and land sales expenses | (16,876 | ) | (13,423 | ) | (40,820 | ) | (41,246 | ) | |||||||
Capitalized interest in inventory, end of period | $ | 87,619 | $ | 52,562 | $ | 87,619 | $ | 52,562 |
September 30, 2014 | September 30, 2013 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 324,154 | $ | 504,459 | ||||
Restricted cash | 62,941 | 48,978 | ||||||
Accounts receivable (net of allowance of $1,245 and $1,651, respectively) | 34,429 | 22,342 | ||||||
Income tax receivable | 46 | 2,813 | ||||||
Inventory | ||||||||
Owned inventory | 1,557,496 | 1,304,694 | ||||||
Land not owned under option agreements | 3,857 | 9,124 | ||||||
Total inventory | 1,561,353 | 1,313,818 | ||||||
Investments in marketable securities and unconsolidated entities | 38,341 | 44,997 | ||||||
Deferred tax assets, net | 2,823 | 5,253 | ||||||
Property, plant and equipment, net | 18,673 | 17,000 | ||||||
Other assets | 23,460 | 27,129 | ||||||
Total assets | $ | 2,066,220 | $ | 1,986,789 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Trade accounts payable | $ | 106,237 | $ | 83,800 | ||||
Other liabilities | 142,516 | 145,623 | ||||||
Obligations related to land not owned under option agreements | 2,916 | 4,633 | ||||||
Total debt (net of discounts of $4,399 and $5,160, respectively) | 1,535,433 | 1,512,183 | ||||||
Total liabilities | $ | 1,787,102 | $ | 1,746,239 | ||||
Stockholders’ equity: | ||||||||
Preferred stock (par value $.01 per share, 5,000,000 shares authorized, no shares issued) | $ | — | $ | — | ||||
Common stock (par value $0.001 per share, 63,000,000 shares authorized, 27,173,421 and 25,245,945 issued and outstanding, respectively) | 27 | 25 | ||||||
Paid-in capital | 851,624 | 846,165 | ||||||
Accumulated deficit | (571,257 | ) | (605,640 | ) | ||||
Accumulated other comprehensive loss | (1,276 | ) | — | |||||
Total stockholders’ equity | 279,118 | 240,550 | ||||||
Total liabilities and stockholders’ equity | $ | 2,066,220 | $ | 1,986,789 | ||||
Inventory Breakdown | ||||||||
Homes under construction | $ | 282,095 | $ | 262,476 | ||||
Development projects in progress | 786,768 | 578,453 | ||||||
Land held for future development | 301,048 | 341,986 | ||||||
Land held for sale | 51,672 | 31,331 | ||||||
Capitalized interest | 87,619 | 52,562 | ||||||
Model homes | 48,294 | 37,886 | ||||||
Land not owned under option agreements | 3,857 | 9,124 | ||||||
Total inventory | $ | 1,561,353 | $ | 1,313,818 |
Quarter Ended September 30, | Fiscal Year Ended September 30, | |||||||||||||||
SELECTED OPERATING DATA | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Closings: | ||||||||||||||||
West region | 594 | 724 | 1,996 | 2,277 | ||||||||||||
East region | 622 | 523 | 1,600 | 1,629 | ||||||||||||
Southeast region | 479 | 410 | 1,355 | 1,150 | ||||||||||||
Continuing Operations | 1,695 | 1,657 | 4,951 | 5,056 | ||||||||||||
New orders, net of cancellations: | ||||||||||||||||
West region | 428 | 480 | 1,815 | 2,176 | ||||||||||||
East region | 389 | 403 | 1,539 | 1,543 | ||||||||||||
Southeast region | 356 | 309 | 1,394 | 1,307 | ||||||||||||
Continuing Operations | 1,173 | 1,192 | 4,748 | 5,026 | ||||||||||||
Backlog units at end of period: | ||||||||||||||||
West region | 557 | 738 | 557 | 738 | ||||||||||||
East region | 600 | 661 | 600 | 661 | ||||||||||||
Southeast region | 533 | 494 | 533 | 494 | ||||||||||||
Continuing Operations | 1,690 | 1,893 | 1,690 | 1,893 | ||||||||||||
Dollar value of backlog at end of period (in millions) | $ | 515.9 | $ | 528.1 | $ | 515.9 | $ | 528.1 | ||||||||
Homebuilding Revenue (in thousands): | ||||||||||||||||
West region | $ | 161,118 | $ | 183,472 | $ | 537,149 | $ | 543,524 | ||||||||
East region | 209,047 | 158,134 | 525,439 | 482,468 | ||||||||||||
Southeast region | 130,467 | 94,581 | 347,292 | 253,220 | ||||||||||||
Total homebuilding revenue | $ | 500,632 | $ | 436,187 | $ | 1,409,880 | $ | 1,279,212 |
Quarter Ended September 30, | Fiscal Year Ended September 30, | |||||||||||||||
SUPPLEMENTAL FINANCIAL DATA | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues: | ||||||||||||||||
Homebuilding | $ | 500,632 | $ | 436,187 | $ | 1,409,880 | $ | 1,279,212 | ||||||||
Land sales and other | 45,273 | 2,147 | 53,887 | 8,365 | ||||||||||||
Total | $ | 545,905 | $ | 438,334 | $ | 1,463,767 | $ | 1,287,577 | ||||||||
Gross profit: | ||||||||||||||||
Homebuilding | $ | 85,969 | $ | 79,583 | $ | 260,746 | $ | 212,054 | ||||||||
Land sales and other | 1,844 | 463 | 2,713 | 2,076 | ||||||||||||
Total | $ | 87,813 | $ | 80,046 | $ | 263,459 | $ | 214,130 |
Quarter Ended September 30, | Fiscal Year Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Homebuilding gross profit | $ | 85,969 | 17.2 | % | $ | 79,583 | 18.2 | % | $ | 260,746 | 18.5 | % | $ | 212,054 | 16.6 | % | |||||||
Inventory impairments and lot option abandonments (I&A) | 5,386 | 404 | 8,307 | 2,633 | |||||||||||||||||||
Homebuilding gross profit before I&A | 91,355 | 18.2 | % | 79,987 | 18.3 | % | 269,053 | 19.1 | % | 214,687 | 16.8 | % | |||||||||||
Interest amortized to cost of sales | 15,311 | 13,423 | 39,255 | 41,246 | |||||||||||||||||||
Homebuilding gross profit before I&A and interest amortized to cost of sales | $ | 106,666 | 21.3 | % | $ | 93,410 | 21.4 | % | $ | 308,308 | 21.9 | % | $ | 255,933 | 20.0 | % |
Quarter Ended September 30, | Fiscal Year Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income (loss) | $ | 59,847 | $ | 11,948 | $ | 34,383 | $ | (33,868 | ) | |||||||
Benefit from income taxes | (40,137 | ) | (2,587 | ) | (41,802 | ) | (3,684 | ) | ||||||||
Interest amortized to home construction and land sales expenses, capitalized interest impaired, and interest expense not qualified for capitalization | 26,793 | 26,172 | 91,849 | 100,704 | ||||||||||||
Depreciation and amortization and stock compensation amortization | 4,849 | 4,606 | 15,866 | 15,642 | ||||||||||||
Inventory impairments and option contract abandonments | 5,141 | 404 | 8,062 | 2,650 | ||||||||||||
Loss on debt extinguishment | — | 998 | 19,917 | 4,636 | ||||||||||||
Joint venture impairment and abandonment charges | — | — | — | 181 | ||||||||||||
Adjusted EBITDA | $ | 56,493 | $ | 41,541 | $ | 128,275 | $ | 86,261 |
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