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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: July 29, 2004

BEAZER HOMES USA, INC.
(Exact name of registrant as specified in its charter)

DELAWARE
(State or other jurisdiction
of incorporation)		   001-12822
(Commission
File Number)		   54-2086934
(IRS Employer
Identification No.)

1000 Abernathy Road, Suite 1200
Atlanta Georgia 30328
(Address of Principal
Executive Offices)

(770) 829-3700
(Registrant's telephone number, including area code)

None
(Former name or former address, if changed since last report)


Item 7. Financial Statements and Exhibits.

(c)
Exhibits

99.1
Press release issued July 29, 2004.


Item 12. Results of Operations and Financial Condition

        On July 29, 2004, Beazer Homes USA, Inc. (the "Company") reported earnings and results of operations for the quarterly and nine month periods ended June 30, 2004. A copy of this press release is attached hereto as exhibit 99.1. For additional information, please see the press release.

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SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    BEAZER HOMES USA, INC.

Date: July 29, 2004
 
By:
/s/  JAMES O'LEARY      
James O'Leary
Executive Vice President and Chief Financial Officer

3



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Press Release
For Immediate Release


Beazer Homes Reports Record Third Fiscal Quarter EPS of $4.31, up 43%
Company Raises EPS Outlook for Fiscal Year 2004

        ATLANTA, July 29, 2004—Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today announced results for the quarter and nine months ended June 30, 2004, reporting an all-time record for quarterly earnings per share. Highlights of the quarter, compared to the same period of the prior year, are as follows:

Quarter Ended June 30, 2004

Record Earnings for June Quarter

        Ian J. McCarthy, President and Chief Executive Officer, said, "We are very pleased to announce record financial results for our third quarter of fiscal 2004. Our June quarter home closings and revenues increased 12% and 31%, respectively, indicating continued strength and favorable conditions in the housing industry and Beazer Homes' strong position in the market. Our June quarter net income and earnings per share both represent all-time quarterly records, increasing 47% and 43%, respectively, from the prior year. These strong results illustrate our ongoing commitment to achieving profitable growth by leveraging our size, scale and geographic reach through our national brand."

        "Beazer Homes' backlog now stands at an all-time record level of 9,278 homes with a sales value of $2.3 billion, providing excellent visibility as we move forward into the final quarter of fiscal 2004 and fiscal 2005," added McCarthy.

Strong Financial Position Continues in June Quarter

        "Beazer Homes' financial position remained strong during the third fiscal quarter," said James O'Leary, Executive Vice President and Chief Financial Officer. "At June 30, 2004, net debt to total capitalization stood at 45%, with a cash position of $199.6 million. Our newly increased bank credit facility and recent successful completion of a convertible senior notes offering provide us with substantially increased liquidity to further capitalize on the significant growth opportunities available to us. We achieved not only record earnings and improved margins this quarter, but also a return on average equity for the twelve months ended June 30, 2004 of 20.6%, representing a 190 basis point improvement from the same period a year ago. These financial results reflect our commitment to


improved profitability and sustained growth within our diverse geographic footprint through focused product expansion and price point diversification."

        During the third fiscal quarter of 2004, the Company realized increases over the prior year in its home construction gross margin and operating income margin as the Company continued to realize benefits from the execution of its profit improvement initiatives and a strong pricing environment in several markets. These improvements were offset in part by increased marketing expenses of approximately $2.7 million associated with the Company's branding initiative and ongoing costs of approximately $10.0 million for warranty and legal costs associated with construction defect claims from water intrusion at one of its Midwest divisions. In the prior year third fiscal quarter, the Company incurred a $7.6 million pre-tax charge associated with the retirement of $100 million of senior notes completed in June 2003.

Beazer Homes Executes on Share Repurchase Plan

        During the quarter ended June 30, 2004, the Company repurchased 179,800 shares of its common stock for approximately $17.5 million. These repurchases were made under the Company's previously announced stock repurchase plan authorized by the Board of Directors in February 2003. To date, 307,800 shares have been repurchased under the one million share authorization.

Beazer Homes Targets EPS of $16.50-$16.75 in Fiscal 2004

        "Our performance for the nine months ended June 30, 2004, combined with record backlog and our expectations of continued strength in the housing market provide us confidence in our future growth opportunities," said McCarthy. "In addition, we expect continued execution on our strategic initiatives that leverage our national brand, capitalize on our broad geographic profile through focused product expansion and price-point diversification, and also drive best practices to achieve optimal efficiencies, will place us in a strong position for continued growth. Absent any unanticipated adverse changes, we are raising our outlook for diluted earnings per share to be in the range of $16.50-$16.75 in fiscal 2004."

        Beazer Homes USA, Inc., headquartered in Atlanta is one of the country's ten largest single-family homebuilders with operations in Arizona, California, Colorado, Delaware, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, West Virginia and Virginia. Beazer Homes also provides mortgage origination and title services to its homebuyers.

Forward-Looking Statements

        Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform 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, potential liability as a result of construction defect, product liability and warranty claims, the possibility that the Company's improvement plan for the Midwest will not achieve desired results, and other factors described in the Company's Form S-4/A filed with the Securities and Exchange Commission on April 9, 2004 and Annual Report and Form 10-K for the year ended September 30, 2003.

Contact:   Leslie H. Kratcoski
Director, Investor Relations
(770) 829-3764
 lkratcos@beazer.com

-Tables Follow-


BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA
(Dollars in thousands, except per share amounts)

FINANCIAL DATA

 
   Quarter Ended
June 30,
   Nine Months Ended
June 30,
 
   2004
   2003
   2004
   2003
INCOME STATEMENT                        
Revenues   $ 1,009,279   $ 771,758   $ 2,695,968   $ 2,137,485
Costs and expenses:                        
  Home construction and land sales     801,865     612,602     2,145,834     1,704,052
  Selling, general and administrative expense     111,176     85,618     300,400     239,342
  Expenses related to retirement of debt     —     7,570     —     7,570
   
 
 
 
Operating income     96,238     65,968     249,734     186,521
Other income     1,599     1,287     5,551     4,523
   
 
 
 
Income before income taxes     97,837     67,255     255,285     191,044
Income taxes     38,157     26,566     99,561     75,463
   
 
 
 
Net income     59,680     40,689     155,724     115,581
   
 
 
 
Net income per common share:                        
  Basic   $ 4.48   $ 3.16   $ 11.70   $ 9.01
   
 
 
 
  Diluted   $ 4.31   $ 3.01   $ 11.25   $ 8.59
   
 
 
 
Weighted average shares outstanding, in thousands:                        
  Basic     13,320     12,857     13,311     12,828
  Diluted     13,843     13,530     13,845     13,454
Interest incurred   $ 19,469   $ 16,120   $ 54,872   $ 49,618
Interest amortized to cost of sales   $ 17,309   $ 14,049   $ 46,183   $ 38,149
Depreciation and amortization   $ 4,065   $ 3,913   $ 12,100   $ 9,597
 
   June 30,
    
    
 
   2004
   2003
    
    

 
 
 
 
 
 
 
 
 
 
 
SELECTED BALANCE SHEET DATA                    
Cash   $ 199,627   $ 15,356        
Inventory     2,352,869     1,654,356        
Total assets     2,976,031     2,040,773        
Total debt     1,124,067     741,104        
Shareholders' equity     1,137,683     925,966        


BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA (Continued)
(Dollars in thousands)

OPERATING DATA

 
   Quarter Ended
June 30,
   Nine Months Ended
June 30,
 
   2004
   2003
   2004
   2003
SELECTED OPERATING DATA                    
Closings:                    
  Southeast region     1,340     1,204   3,794   3,390
  West region     1,562     1,174   4,180   3,309
  Central region     216     296   664   834
  Mid-Atlantic region     409     261   1,094   789
  Midwest region     534     681   1,621   2,073
   
 
 
 
Total closings     4,061     3,616   11,353   10,395
   
 
 
 
New orders, net of cancellations:                    
  Southeast region     1,657     1,673   4,336   4,316
  West region     1,823     1,474   5,162   3,690
  Central region     297     332   833   860
  Mid-Atlantic region     427     434   1,146   1,382
  Midwest region     665     821   1,728   2,206
   
 
 
 
Total new orders     4,869     4,734   13,205   12,454
   
 
 
 
Backlog units at end of period:                    
  Southeast region     2,863     2,793        
  West region     3,269     2,214        
  Central region     565     533        
  Mid-Atlantic region     1,169     1,293        
  Midwest region     1,412     1,745        
   
 
       
Total backlog units     9,278     8,578        
   
 
       
Dollar value of backlog at end of period   $ 2,304,705   $ 1,781,936        
   
 
       
Active subdivisions:                    
  Southeast region     189     187        
  West region     93     86        
  Central region     44     42        
  Mid-Atlantic region     55     39        
  Midwest region     126     135        
   
 
       
Total active subdivisions     507     489        
   
 
       


BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA (Continued)
(Dollars in thousands)

 
   Quarter Ended
June 30,
   Nine Months Ended
June 30,
  
 
   2004
   2003
   2004
   2003
  
SUPPLEMENTAL FINANCIAL DATA:                          
Revenues                          
  Home sales   $ 989,961   $ 745,221   $ 2,636,896   $ 2,089,605  
  Land and lot sales     10,570     16,466     32,136     19,803  
  Mortgage origination revenue     11,531     14,941     35,971     40,351  
  Intercompany elimination—mortgage     (2,783 )   (4,870 )   (9,035 )   (12,274 )
   
 
 
 
 
Total revenues   $ 1,009,279   $ 771,758   $ 2,695,968   $ 2,137,485  
   
 
 
 
 
Cost of home construction and land sales                          
  Home sales   $ 794,875   $ 603,549   $ 2,125,202   $ 1,699,754  
  Land and lot sales     9,773     13,923     29,667     16,572  
  Intercompany elimination—mortgage     (2,783 )   (4,870 )   (9,035 )   (12,274 )
   
 
 
 
 
Total costs of home construction and land sales   $ 801,865   $ 612,602   $ 2,145,834   $ 1,704,052  
   
 
 
 
 
Selling, general and administrative                          
  Homebuilding operations   $ 103,403   $ 78,026   $ 277,510   $ 217,872  
  Mortgage origination operations     7,773     7,592     22,890     21,470  
   
 
 
 
 
Total selling, general and administrative   $ 111,176   $ 85,618   $ 300,400   $ 239,342  
   
 
 
 
 



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Beazer Homes Reports Record Third Fiscal Quarter EPS of $4.31, up 43% Company Raises EPS Outlook for Fiscal Year 2004
BEAZER HOMES USA, INC. CONSOLIDATED OPERATING AND FINANCIAL DATA (Dollars in thousands, except per share amounts)
BEAZER HOMES USA, INC. CONSOLIDATED OPERATING AND FINANCIAL DATA (Continued) (Dollars in thousands)
BEAZER HOMES USA, INC. CONSOLIDATED OPERATING AND FINANCIAL DATA (Continued) (Dollars in thousands)