Current Report on Form 8-K
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:
September 7, 2006
BEAZER
HOMES USA, INC.
(Exact
name of registrant as specified in its charter)
DELAWARE
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001-12822
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54-2086934
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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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)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item
8.01. Other Events
On
September 7, 2006, Beazer Homes USA, Inc. (“Beazer”) announced that it is
revising its outlook for fiscal 2006 diluted earnings per share to be in
a range
of $8.00 - $8.50, compared to its previous outlook of $9.25 - $9.75 per share.
The guidance update is contained in the press release included in this report
as
Exhibit 99.1.
Item
9.01. Financial Statements and Exhibits
(d)
Exhibits
99.1
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Beazer
Homes USA, Inc. press release dated September 7, 2006, entitled
“Beazer
Homes Updates Fiscal Year 2006
Outlook”
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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.
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BEAZER
HOMES USA, INC.
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Date:
September 7, 2006
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By:
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/s/
James O’Leary
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James
O’Leary
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Executive
Vice President and Chief Financial
Officer
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EXHIBIT
99.1
Press
Release
For
Immediate
Release
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Beazer
Homes Updates Fiscal Year 2006 Outlook
ATLANTA,
September 7, 2006
-Beazer
Homes USA, Inc. (NYSE: BZH) (www.beazer.com)
today
announced that it is revising its outlook for fiscal 2006 diluted earnings
per
share to be in a range of $8.00 -$8.50, compared to its previous outlook
of
$9.25 - $9.75. The Company expects to close fewer homes in the fourth
fiscal
quarter than previously forecasted, as net sales through the two months
ended
August 31st
were 49%
below prior year levels and cancellations of existing contracts rose
to 50% from
26% in the same period in the previous year. As compared to prior years,
a
higher percentage of home closings are being deferred or cancelled,
immediately
prior
to closing in many cases, due to worsening buyer sentiment and the inability
of
buyers to sell their existing homes. This revised outlook also contemplates
potential charges to exit non-strategic land positions currently under
review.
Based
on
its existing backlog and the current state of demand, the Company presently
estimates that it will deliver between 12,000 and 13,500 homes in fiscal
2007.
The Company is reviewing its operating plan for fiscal 2007 in light of
the
ongoing deterioration in business conditions and is currently aligning
its
overhead structure and capital spending with this level of closings to
maximize
profitability and optimize capital efficiency during this period. The Company
will provide its outlook for fiscal 2007 diluted earnings per share when
it
releases fourth quarter and fiscal 2006 financial results in early
November.
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,
changes
in levels of customer demand, 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, and
other
factors described in the company’s Annual Report on Form 10-K/A for the year
ended September 30, 2005 filed with the Securities and Exchange Commission
on
May 25, 2006.
Contact: |
Leslie
H. Kratcoski
Beazer
Homes
770-829-3764
lkratcos@beazer.com
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