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: January 26, 2007
BEAZER HOMES USA, INC.
(Exact name of registrant as specified in its charter)
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DELAWARE |
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001-12822 |
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54-2086934 |
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(State or other jurisdiction |
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(Commission |
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(IRS Employer |
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of incorporation) |
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File Number) |
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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)
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 2.02. Results of Operations and Financial Condition
On January 26, 2007, Beazer Homes USA, Inc. issued a revised consolidated income statement and supplemental financial data schedule for the three months ended December 31, 2006 attached hereto as Exhibit 99.1. The previous version of the consolidated income statement, included in the Company’s earnings press release issued on January 25, 2007, has been revised to reflect an adjustment for the elimination of intercompany financial services revenue and cost of sales. This revision to the consolidated income statement resulted in the elimination of approximately $3 million of revenue and cost of sales. This change has no effect on consolidated gross profit, operating loss or net loss for the three months ended December 31, 2006.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Revised consolidated income statement and supplemental financial data schedule
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BEAZER HOMES USA, INC. |
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Date: January 26, 2007 |
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By: |
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/s/ James O’Leary |
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James O’Leary |
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Executive Vice President and |
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Chief Financial Officer |
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3
Exhibit 99.1
BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL
DATA
(Dollars in thousands, except per
share amounts)
FINANCIAL DATA
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Quarter Ended |
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December 31, |
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2006 |
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2005 |
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INCOME STATEMENT |
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Total revenue |
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$ |
803,014 |
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$ |
1,105,616 |
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Home construction and land sales expenses |
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661,982 |
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829,859 |
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Inventory impairments and option project abandonments |
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119,923 |
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2,927 |
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Gross profit |
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21,109 |
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272,830 |
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Selling, general and administrative expenses |
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115,368 |
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133,078 |
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Operating income/(loss) |
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(94,259 |
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139,752 |
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Equity in income/(loss) of unconsolidated joint ventures |
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(2,360 |
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352 |
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Other income |
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1,993 |
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4,103 |
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Income/(loss) before income taxes |
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(94,626 |
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144,207 |
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Income tax expense/(benefit) |
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(35,620 |
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54,294 |
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Net income/(loss) |
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$ |
(59,006 |
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$ |
89,913 |
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Net income/(loss) per common share: |
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Basic |
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$ |
(1.54 |
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$ |
2.20 |
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Diluted |
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$ |
(1.54 |
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$ |
2.00 |
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Weighted average shares outstanding, in thousands: |
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Basic |
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38,280 |
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40,958 |
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Diluted |
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38,280 |
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45,607 |
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BEAZER HOMES USA, INC.
CONSOLIDATED OPERATING AND FINANCIAL DATA
(Dollars in thousands)
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Quarter Ended |
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December 31, |
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SUPPLEMENTAL FINANCIAL DATA: |
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2006 |
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2005 |
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Revenues |
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Homebuilding operations |
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$ |
781,996 |
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$ |
1,073,427 |
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Land and lot sales |
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12,667 |
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24,955 |
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Financial services |
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11,743 |
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10,978 |
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Intercompany elimination |
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(3,392 |
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(3,744 |
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Total revenues |
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$ |
803,014 |
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$ |
1,105,616 |
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Gross profit |
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Homebuilding operations |
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$ |
5,302 |
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$ |
262,150 |
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Land and lot sales |
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4,064 |
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(298 |
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Financial services |
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11,743 |
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10,978 |
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Total Gross profit |
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$ |
21,109 |
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$ |
272,830 |
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Selling, general and administrative |
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Homebuilding operations |
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$ |
106,855 |
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$ |
122,395 |
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Financial services |
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8,513 |
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10,683 |
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Total selling, general and administrative |
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$ |
115,368 |
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$ |
133,078 |
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SELECTED SEGMENT INFORMATION |
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Revenue: |
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West region |
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$ |
297,907 |
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$ |
368,592 |
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Mid-Atlantic region |
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92,228 |
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199,506 |
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Florida region |
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91,245 |
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145,581 |
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Southeast region |
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155,129 |
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176,933 |
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Other homebuilding |
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158,154 |
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207,770 |
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Financial services |
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11,743 |
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10,978 |
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Intercompany elimination |
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(3,392 |
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(3,744 |
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Total revenue |
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$ |
803,014 |
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$ |
1,105,616 |
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Operating income/(loss) |
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West region |
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$ |
(26,504 |
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$ |
63,739 |
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Mid-Atlantic region |
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(3,251 |
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49,501 |
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Florida region |
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(28,493 |
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30,631 |
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Southeast region |
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8,434 |
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16,103 |
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Other homebuilding |
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(15,708 |
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720 |
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Financial services |
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3,230 |
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295 |
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Segment operating income/(loss) |
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62,292 |
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160,989 |
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Corporate and unallocated |
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(31,967 |
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(21,237 |
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Total operating income/(loss) |
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$ |
(94,259 |
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$ |
139,752 |
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