Beazer Homes Announces the Conversion of its Series A Cumulative Convertible Exchangeable Preferred Stock to Common Stock
David Weiss, Executive Vice President and Chief Financial Officer of Beazer Homes, said, "We are extremely pleased to have resolved the issues surrounding our Preferred Stock. We have simplified our capital structure through the conversion of substantially all of the Preferred Stock, eliminated $4 million in annual cash dividends and removed an overhang on our common stock."
Beazer Homes USA, Inc., based in Atlanta, Georgia, is one of the country's ten largest single family homebuilders, with operations in Arizona, California, Florida, Georgia, Maryland, Nevada, New Jersey, North Carolina, South Carolina, Tennessee, Texas and Virginia.
Contact:
David S. Weiss
Executive Vice President and Chief Financial Officer
(404)250-3420
Note: Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors include, but are not limited to, changes in general economic conditions, fluctuations in interest rates, increases in raw materials and labor costs, levels of competition and other factors described in the Company's Annual Report for the year ended September 30, 1998.