UNITED
STATES
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: May 12, 2008
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
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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.)
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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
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.02.
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Results
of Operations and Financial
Condition
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On May
12, 2007, in conjunction with filing its annual report on Form 10-K for the year
ended September 30, 2007, quarterly report on Form 10-Q for the quarter ended
June 30, 2007 and amended quarterly reports on Forms 10-Q/A for the quarters
ended December 31, 2006 and March 31, 2007, Beazer Homes USA, Inc. issued a
press release summarizing the impact of the restatement of certain prior
periods’ financial statements. The press release also included
earnings and results of operations for the quarter and year ended September 30,
2007. A copy of the press release is attached hereto as exhibit
99.1.
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Item
9.01
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Financial
Statements and Exhibits
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(d) Exhibits
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99.1
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Press
Release dated May 12, 2008.
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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. | |||
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Date:
May 12, 2008
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By:
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/s/Allan P. Merrill
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Allan
P. Merrill
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|||
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Executive
Vice President and
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|||
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Chief
Financial Officer
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|||
Exhibit 99.1
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Press
Release
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|||
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For
Immediate Release
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Beazer
Homes Files Fiscal Year 2007 Financial Statements
ATLANTA, May 12, 2008-- Beazer
Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today
filed its annual report on Form 10-K for the year ended September 30, 2007,
quarterly report on Form 10-Q for the quarter ended June 30, 2007 and amended
quarterly reports on Forms 10-Q/A for the quarters ended December 31, 2006 and
March 31, 2007. These reports reflect the completed restatement of
certain prior periods’ financial statements resulting from the findings of the
previously announced independent investigation by the Audit Committee of the
Board of Directors.
In
conjunction with these filings, the Company today announced its financial
results for the quarter and year ended September 30, 2007. The
Company currently expects to report financial results and file quarterly reports
on Forms 10-Q for the quarters ended December 31, 2007 and March 31, 2008 on, or
prior to, May 15, 2008. At that time, the Company also expects to
schedule a conference call to discuss its financial results for the first half
of fiscal 2008.
Restatement
As
previously announced, during the course of its independent investigation, the
Audit Committee determined that the Company’s mortgage origination practices
related to certain loans in prior periods violated certain applicable federal
and/or state origination requirements. The Audit Committee also
discovered accounting errors and/or irregularities that required restatement
resulting primarily from (1) inappropriate accumulation of reserves and/or
accrued liabilities associated with land development and house costs (“inventory
reserves”) and the subsequent improper release of such reserves and accrued
liabilities and (2) inaccurate revenue recognition with respect to certain model
home sale lease-back transactions. During the course of the investigation, a
continuing interest in the potential appreciation of model homes sold in these
model home sale lease-back transactions was identified. Due to this
continuing interest, these transactions did not qualify for sale-leaseback
accounting and, instead should have been accounted for as financing
transactions. The restatement of these transactions will relate
primarily to timing differences that have had and will have the effect of
shifting revenue and income from the date of the original transaction to the
future period in which the ‘leases’ are terminated.
In
conjunction with the restatement of the items above, corresponding capitalized
interest, capitalized indirect costs, and income tax adjustments were made to
the consolidated financial statements as these balances were impacted by the
aforementioned adjustments. Other adjustments were made to the
consolidated financial statements and condensed consolidated financial
statements relating to corrections of errors, some previously identified but
historically not considered to be material to require correction and some
discovered as part of the restatement process. Further detail on these other
adjustments is available in the reports filed today.
As a
result of these errors and irregularities, the fiscal 2007 Form 10-K includes
restated consolidated financial statements for fiscal 2005 and 2006 and restated
Selected Financial Data for fiscal years 2003 and 2004. In addition,
the cumulative effect of errors and irregularities attributed to periods prior
to October 1, 2002 has been reflected in Selected Financial Data as an increase
to retained earnings at September 30, 2002 of $24.8 million for fiscal years
1998–2002.
The
following table reconciles net income “as previously reported” to net income “as
restated” for fiscal years 2003 - 2006 (in thousands):
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Net
Income,
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Net
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|||||||||||
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As
Previously
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Income,
As
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|||||||||||
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Fiscal
Year
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Reported
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Adjustments
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Restated
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|||||||||
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2003
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$ | 172,745 | $ | (971 | ) | $ | 171,774 | |||||
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2004
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235,811 | 10,365 | 246,176 | |||||||||
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2005
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262,524 | 13,375 | 275,899 | |||||||||
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2006
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388,761 | (19,925 | ) | 368,836 | ||||||||
Taking
into account the entire restatement period through fiscal year 2006, the
cumulative effect of the matters arising from the restatement is a $27.6 million
increase in retained earnings, shown below (in thousands):
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Fiscal
Year(s)
Impacts
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Cumulative
Restatement Impact
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|||||||
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Retained
Earnings at September 30, 2006, as reported
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$ | 1,362,958 | ||||||
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Restatement
adjustments:
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||||||||
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Inventory
Reserves
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1998-2006
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40,183 | ||||||
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Model
Home Sale-Leaseback
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2001-2006
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(21,950 | ) | ||||
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Other
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1998-2006
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7,895 | ||||||
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Benefit
From Income Taxes
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1998-2006
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1,466 | ||||||
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Cumulative
Impact of Restatement Adjustments
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27,594 | |||||||
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Retained
Earnings at September 30, 2006, as restated
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$ | 1,390,552 | ||||||
The
fiscal 2007 quarterly reports include restated condensed consolidated financial
statements for the comparative periods of fiscal 2007 and
2006. Fiscal 2007 is not included in the table above because the
Company has not previously filed audited financial statements for fiscal 2007
and therefore fiscal 2007 is not included as an annual restatement
period. The restatement process did, however, lead to the restatement
of the financial results previously reported for the quarters ended December 31,
2006 and March 31, 2007. These changes resulted in part from the
inventory reserves, model home sale-leaseback transactions and other adjustments
discussed above. More significantly, however, there were increases in
pre-tax inventory impairment charges of $20.4 million and $25.4 million for the
quarters ended December 31, 2006 and March 31, 2007, respectively. These
increases to inventory impairment charges resulted from both the impact on
inventory balances as a result of the aforementioned inventory adjustments and
the correction of certain capitalized interest and indirect cost inputs into the
cash flow models used to assess and calculate inventory
impairments. Total adjustments to net income for the first two
quarters of fiscal 2007 are shown below (in thousands):
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Net
Loss, As
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|||||||||||||
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Previously
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Net
Loss, As
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||||||||||||
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Quarter
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Reported
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Adjustments
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Restated
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||||||||||
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Q1
2007
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$ | (59,006 | ) | $ | (20,897 | ) | $ | (79,903 | ) | ||||
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Q2
2007
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$ | (43,089 | ) | $ | (14,102 | ) | $ | (57,191 | ) | ||||
Identification of Control
Deficiencies and Remediation Steps
The
Company’s management performed an assessment of the effectiveness of the
Company’s internal control over financial reporting as of September 30,
2007. Management concluded that, as of September 30, 2007, the
Company did not maintain effective internal control over financial reporting
because of the identification of material weaknesses in its internal control
over financial reporting. Further details including control
deficiencies which constituted material weaknesses as of September 30, 2007, are
available in Item 9A. Controls and Procedures of the 2007 Form 10-K filed
today.
The
Company’s management is committed to achieving and maintaining a strong control
environment and an overall tone within the organization that empowers all
employees to act with the highest standards of ethical conduct. In
addition, management remains committed to the process of developing and
implementing improved corporate governance and compliance
initiatives. Our current management team has been actively working on
remediation efforts to address the material weaknesses, as well as other
identified areas of risk. Key elements of the remediation
efforts include, but are not limited to:
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●
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Appointment
of a Compliance Officer in November 2007 responsible for implementing and
overseeing the Company’s enhanced Compliance Program.
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●
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Revision,
adoption, disclosure and distribution of an amended Code of Business
Conduct and Ethics in March 2008; launching of comprehensive training
program in April 2008 that emphasizes adherence to and the vital
importance of the Code of Business Conduct and Ethics in which all
employees are required to participate.
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●
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Transfer
of administration of Ethics Hotline from officers of the Company to an
independent third party company in March 2008.
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●
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Withdrawal
from the mortgage business in February 2008.
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●
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Termination
of the former Chief Accounting Officer and appropriate action, including
termination of employment, against other business unit employees who
violated the Code of Business Conduct and Ethics, the hiring of a new,
experienced Chief Accounting Officer in February 2008, creation of
Regional CFO positions, and changes in role of business unit financial
controllers.
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●
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Reorganization
of field operations to concentrate certain financial functions into
Regional Accounting Centers in order to allow a greater degree of control
and consistency in financial reporting practices.
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●
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Taking
or planning to take in the near term the following actions by the new
Chief Accounting Officer and Regional CFOs: conducting reviews
of accounting processes to incorporate technology improvements;
formalizing the process, analytics, and documentation around the monthly
analysis of actual results against budgets and forecasts; improving
quality control reviews within the accounting function; and formalizing
and expanding the documentation of the Company’s procedures for review and
oversight of financial reporting.
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●
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Development
and/or clarification of existing accounting policies related to estimates
involving significant management judgments, as well as other financial
reporting areas.
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●
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Allocation
of additional resources within the Audit and Controls department to the
review of financial reporting policies, process, controls, and
risks.
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Ongoing External
Investigations
As
previously disclosed, the Company and its subsidiary, Beazer Mortgage
Corporation are under investigations by the United States Attorney’s Office in
the Western District of North Carolina, as well as and other state and federal
agencies, concerning the matters that have been the subject of the Audit
Committee’s independent investigation. In addition, the Company
received from the Securities and Exchange Commission a formal order of private
investigation to determine whether Beazer Homes and/or other persons or entities
involved with Beazer Homes have violated federal securities laws, including,
among others, the anti-fraud, books and records, internal accounting controls,
periodic reporting and certification provisions thereof. The Company
is fully cooperating with these investigations which are ongoing. The
Company cannot predict or determine the timing or final outcome of the
investigations or the effect that any adverse findings in the investigations may
have on it.
The
Company intends to attempt to negotiate a settlement with prosecutors and
regulatory authorities with respect to the mortgage origination issues that
would allow us to quantify our exposure associated with reimbursement of losses
and payment of regulatory and/or criminal fines, if they are
imposed. However, no settlement has been reached with any regulatory
authority and the Company believes that although it is probable that a liability
exists related to this exposure, it is not reasonably estimable at this
time.
Fiscal Fourth Quarter and
Full Year 2007 Financial Results
The
Company today also announced its financial results for the quarter and year
ended September 30, 2007. These results reflect the aforementioned restatement
for applicable periods. Summary results of the quarter and year, some
of which had been previously disclosed on a preliminary basis, are as
follows:
Quarter Ended September 30,
2007
|
●
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Reported
net loss of $(155.2) million, or $(4.03) per share, including pre-tax
charges related to inventory impairments and abandonment of land option
contracts of $212.0 million, goodwill impairments of $23.0 million, and
impairments in joint ventures of $25.5 million. For the fourth quarter of
the prior fiscal year, net income totaled $83.7 million, or $1.99 per
diluted share.
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●
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Home
closings: 3,949 homes, compared to 6,268 in the fourth quarter of the
prior year.
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●
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Total
revenues: $1.10 billion, compared to $1.83 billion in the fourth quarter
of the prior year.
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●
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New
orders: 982 homes, compared to 1,921 in the fourth quarter of the prior
year.
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●
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Net
cash provided by operating activities: $387.3 million, compared
to $237.7 million in the fourth quarter of the prior
year.
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Year Ended September 30,
2007
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●
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Reported
net loss of $(411.1) million, or $(10.70) per share, including pre-tax
charges related to inventory impairments and abandonment of land option
contracts of $611.9 million, goodwill impairments of $52.8 million and
impairments in joint ventures of $28.6 million. For the prior fiscal year,
net income totaled $368.8 million, or $8.44 per diluted
share.
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●
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Home
closings: 12,020 homes, compared to 18,361 in the prior
year.
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●
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Total
revenues: $3.49 billion, compared to $5.36 billion in the prior
year.
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●
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New
orders: 9,903 homes, compared to 14,191 in the prior
year.
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●
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Net
cash provided by operating activities: $509.4 million, compared
to net cash used in operating activities of $378.0 million in the prior
year.
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As of September 30,
2007
|
●
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Cash
and cash equivalents: $459.5 million (including $5.2 million of
restricted cash)
|
|
●
|
Net
debt to capitalization: 51.4%
|
|
●
|
Backlog:
2,985 homes with a sales value of $838.8 million compared to 5,102 homes
with a sales value of $1.56 billion as of September 30,
2006.
|
Subsequent
to September 30, 2007, the Company has repaid approximately $95 million in
secured notes, pledged $107.0 million to collateralize its outstanding letters
of credit and paid a consent fee to holders of its Senior Notes and Senior
Convertible Notes and related expenses totaling $21.0 million. As of
February 2008, cash pledged to collateralize letters of credit was released and
replaced with real estate assets.
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, Nevada, New Jersey, New
Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee,
Texas, Virginia and West Virginia. Beazer Homes is listed on the New
York Stock Exchange under the ticker symbol “BZH.”
Forward Looking
Statements
This
press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements represent our expectations or beliefs concerning future events, and
it is possible that the results described in this press release will not be
achieved. These forward-looking statements are subject to risks, uncertainties
and other factors, many of which are outside of our control, that could cause
actual results to differ materially from the results discussed in the
forward-looking statements, including, among other things, (i) the timing and
final outcome of the United States Attorney investigation, the Securities and
Exchange Commission’s (“SEC”) investigation and other state and federal agency
investigations, the putative class action lawsuits, the derivative claims,
multi-party suits and similar proceedings as well as the results of any other
litigation or government proceedings; (ii) material weaknesses in our internal
control over financial reporting; (iii) additional asset impairment charges or
writedowns; (iv) economic changes nationally or in local markets, including
changes in consumer confidence, volatility of mortgage interest rates and
inflation; (v) continued or increased downturn in the homebuilding industry;
(vi) estimates related to homes to be delivered in the future (backlog) are
imprecise as they are subject to various cancellation risks which cannot be
fully controlled, (vii) continued or increased disruption in the availability of
mortgage financing; (viii) our cost of and ability to access capital and
otherwise meet our ongoing liquidity needs including the impact of any further
downgrades of our credit ratings; (ix) potential inability to comply with
covenants in our debt agreements; (x) continued negative publicity; (xi)
increased competition or delays in reacting to changing consumer preference in
home design; (xii) shortages of or increased prices for labor, land or raw
materials used in housing production; (xiii) factors affecting margins such as
decreased land values underlying land option agreements, increased land
development costs on projects under development or delays or difficulties in
implementing initiatives to reduce production and overhead cost structure; (xiv)
the performance of our joint ventures and our joint venture partners; (xv) the
impact of construction defect and home warranty claims and the cost and
availability of insurance, including the availability of insurance
for the presence of moisture intrusion; (xvi) a material failure on the part of
our subsidiary Trinity Homes LLC to satisfy the conditions of the class action
settlement agreement, including assessment and remediation with respect to
moisture intrusion related issues; (xvii) delays in land development or home
construction resulting from adverse weather conditions; (xviii) potential delays
or increased costs in obtaining necessary permits as a result of changes to, or
complying with, laws, regulations, or governmental policies and possible
penalties for failure to comply with such laws, regulations and governmental
policies; (xix) effects of changes in accounting policies, standards, guidelines
or principles; or( xx) terrorist acts, acts of war and other factors over which
the Company has little or no control.
Any
forward-looking statement speaks only as of the date on which such statement is
made, and, except as required by law, we do not undertake any obligation to
update or revise any forward-looking statement, whether as a result of new
information, future events or otherwise. New factors emerge from time to time
and it is not possible for management to predict all such factors.
|
Contact:
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Leslie
H. Kratcoski
|
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Vice
President, Investor Relations & Corporate
Communications
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|
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(770)
829-3764
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lkratcos@beazer.com`
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-Tables
Follow-
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BEAZER
HOMES USA, INC.
|
||||||||||||||||
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CONSOLIDATED
OPERATING AND FINANCIAL DATA
|
||||||||||||||||
|
(Dollars
in thousands, except per share amounts)
|
||||||||||||||||
|
FINANCIAL
DATA
|
||||||||||||||||
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Quarter
Ended
|
Year
Ended
|
|||||||||||||||
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September
30,
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September
30,
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|||||||||||||||
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2007
|
2006
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2007
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2006
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|||||||||||||
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INCOME
STATEMENT
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As
Restated
|
As
Restated
|
||||||||||||||
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Total
revenue
|
$ | 1,100,805 | $ | 1,827,869 | $ | 3,490,819 | $ | 5,356,504 | ||||||||
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Home
construction and land sales expenses
|
932,235 | 1,459,109 | 2,944,385 | 4,061,118 | ||||||||||||
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Inventory
impairments and option contract abandonments
|
212,008 | 23,823 | 611,864 | 44,175 | ||||||||||||
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Gross
(loss) profit
|
(43,438 | ) | 344,937 | (65,430 | ) | 1,251,211 | ||||||||||
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Selling,
general and administrative expenses
|
128,607 | 199,557 | 454,122 | 629,322 | ||||||||||||
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Depreciation
& Amortization
|
10,425 | 13,387 | 33,594 | 42,425 | ||||||||||||
|
Goodwill
impairment
|
23,003 | - | 52,755 | - | ||||||||||||
|
Operating
(loss) income
|
(205,473 | ) | 131,993 | (605,901 | ) | 579,464 | ||||||||||
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Equity
in (loss) income of unconsolidated joint ventures
|
(28,142 | ) | (466 | ) | (35,154 | ) | 1,343 | |||||||||
|
Other
income
|
(280 | ) | (8 | ) | 7,775 | 2,450 | ||||||||||
|
(Loss)
income before income taxes
|
(233,895 | ) | 131,519 | (633,280 | ) | 583,257 | ||||||||||
|
Income
tax (benefit) provision
|
(78,663 | ) | 47,812 | (222,207 | ) | 214,421 | ||||||||||
|
Net
(loss) income
|
$ | (155,232 | ) | $ | 83,707 | $ | (411,073 | ) | $ | 368,836 | ||||||
|
Net
(loss) income per common share:
|
||||||||||||||||
|
Basic
|
$ | (4.03 | ) | $ | 2.18 | $ | (10.70 | ) | $ | 9.26 | ||||||
|
Diluted
|
$ | (4.03 | ) | $ | 1.99 | $ | (10.70 | ) | $ | 8.44 | ||||||
|
Weighted
average shares outstanding, in thousands:
|
||||||||||||||||
|
Basic
|
38,475 | 38,420 | 38,410 | 39,812 | ||||||||||||
|
Diluted
|
38,475 | 42,627 | 38,410 | 44,345 | ||||||||||||
|
SELECTED
BALANCE SHEET DATA
|
September
30,
|
September
30,
|
||||||||||||||
|
2007
|
2006
|
|||||||||||||||
|
As
Restated
|
||||||||||||||||
|
Cash
and cash equivalents (including restricted cash)
|
$ | 459,508 | $ | 172,443 | ||||||||||||
|
Inventory
|
2,775,173 | 3,608,462 | ||||||||||||||
|
Total
assets
|
3,930,021 | 4,714,671 | ||||||||||||||
|
Total
debt (net of discount of $3,033 and $3,578)
|
1,857,249 | 1,955,739 | ||||||||||||||
|
Shareholders'
equity
|
1,323,722 | 1,730,467 | ||||||||||||||
|
Inventory
Breakdown
|
||||||||||||||||
|
Homes
under construction
|
$ | 787,102 | $ | 1,144,750 | ||||||||||||
|
Development
projects in progress
|
1,546,389 | 1,813,720 | ||||||||||||||
|
Unimproved
land held for future development
|
11,101 | 12,213 | ||||||||||||||
|
Land
held for sale
|
49,473 | 30,074 | ||||||||||||||
|
Model
homes
|
143,726 | 136,264 | ||||||||||||||
|
Consolidated
inventory not owned
|
237,382 | 471,441 | ||||||||||||||
| $ | 2,775,173 | $ | 3,608,462 | |||||||||||||
|
BEAZER
HOMES USA, INC.
|
||||||||||||||||
|
CONSOLIDATED
OPERATING AND FINANCIAL DATA
|
||||||||||||||||
|
(Dollars
in thousands)
|
||||||||||||||||
|
OPERATING
DATA
|
||||||||||||||||
|
Quarter
Ended
|
Year
Ended
|
|||||||||||||||
|
September
30,
|
September
30,
|
|||||||||||||||
|
SELECTED
OPERATING DATA
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
|
Closings:
|
As
Restated
|
As
Restated
|
||||||||||||||
|
West
region
|
911 | 1,675 | 3,036 | 4,942 | ||||||||||||
|
Mid-Atlantic
region
|
481 | 641 | 1,157 | 2,043 | ||||||||||||
|
Florida
region
|
400 | 875 | 1,261 | 2,241 | ||||||||||||
|
Southeast
region
|
1,107 | 1,457 | 3,125 | 4,228 | ||||||||||||
|
Other
homebuilding
|
1,050 | 1,620 | 3,441 | 4,907 | ||||||||||||
|
Total
closings
|
3,949 | 6,268 | 12,020 | 18,361 | ||||||||||||
|
New
orders, net of cancellations:
|
||||||||||||||||
|
West
region
|
128 | 351 | 2,352 | 3,084 | ||||||||||||
|
Mid-Atlantic
region
|
95 | 196 | 1,223 | 1,427 | ||||||||||||
|
Florida
region
|
100 | 46 | 991 | 1,490 | ||||||||||||
|
Southeast
region
|
180 | 527 | 2,308 | 3,795 | ||||||||||||
|
Other
homebuilding
|
479 | 801 | 3,029 | 4,395 | ||||||||||||
|
Total
new orders
|
982 | 1,921 | 9,903 | 14,191 | ||||||||||||
|
Backlog
units at end of period:
|
||||||||||||||||
|
West
region
|
491 | 1,175 | ||||||||||||||
|
Mid-Atlantic
region
|
643 | 577 | ||||||||||||||
|
Florida
region
|
238 | 508 | ||||||||||||||
|
Southeast
region
|
504 | 1,321 | ||||||||||||||
|
Other
homebuilding
|
1,109 | 1,521 | ||||||||||||||
|
Total
backlog units
|
2,985 | 5,102 | ||||||||||||||
|
Dollar
value of backlog at end of period
|
$ | 838,806 | $ | 1,555,456 | ||||||||||||
|
CONSOLIDATED
OPERATING AND FINANCIAL DATA (Continued)
|
||||||||||||||||
|
(Dollars
in thousands)
|
||||||||||||||||
|
Quarter
Ended
|
Year
Ended
|
|||||||||||||||
|
September
30,
|
September
30,
|
|||||||||||||||
|
SUPPLEMENTAL
FINANCIAL DATA
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
|
As
Restated
|
As
Restated
|
|||||||||||||||
|
Revenues
|
||||||||||||||||
|
Homebuilding
operations
|
$ | 1,065,408 | $ | 1,783,932 | $ | 3,359,594 | $ | 5,220,021 | ||||||||
|
Land
and lot sales
|
25,670 | 26,098 | 99,063 | 90,217 | ||||||||||||
|
Financial
Services
|
14,465 | 22,218 | 47,437 | 65,947 | ||||||||||||
|
Intercompany
elimination
|
(4,738 | ) | (4,379 | ) | (15,275 | ) | (19,681 | ) | ||||||||
|
Total
revenues
|
$ | 1,100,805 | $ | 1,827,869 | $ | 3,490,819 | $ | 5,356,504 | ||||||||
|
Gross
(loss) profit
|
||||||||||||||||
|
Homebuilding
operations
|
$ | (59,881 | ) | $ | 322,526 | $ | (116,290 | ) | $ | 1,186,378 | ||||||
|
Land
and lot sales
|
1,978 | 193 | 3,423 | (1,114 | ) | |||||||||||
|
Financial
Services
|
14,465 | 22,218 | 47,437 | 65,947 | ||||||||||||
|
Total
gross (loss) profit
|
$ | (43,438 | ) | $ | 344,937 | $ | (65,430 | ) | $ | 1,251,211 | ||||||
|
Selling,
general and administrative
|
||||||||||||||||
|
Homebuilding
operations
|
$ | 110,410 | $ | 184,504 | $ | 410,432 | $ | 581,202 | ||||||||
|
Financial
Services
|
18,197 | 15,053 | 43,690 | 48,120 | ||||||||||||
|
Total
selling, general and administrative
|
$ | 128,607 | $ | 199,557 | $ | 454,122 | $ | 629,322 | ||||||||
|
SELECTED
SEGMENT INFORMATION
|
||||||||||||||||
|
Revenue:
|
||||||||||||||||
|
West
region
|
$ | 294,259 | $ | 616,558 | $ | 1,109,051 | $ | 1,828,731 | ||||||||
|
Mid-Atlantic
region
|
211,092 | 295,260 | 520,268 | 946,663 | ||||||||||||
|
Florida
region
|
119,690 | 265,913 | 389,814 | 684,563 | ||||||||||||
|
Southeast
region
|
250,766 | 314,898 | 742,125 | 885,037 | ||||||||||||
|
Other
homebuilding
|
215,271 | 317,401 | 697,399 | 965,244 | ||||||||||||
|
Financial
services
|
14,465 | 22,218 | 47,437 | 65,947 | ||||||||||||
|
Intercompany
elimination
|
(4,738 | ) | (4,379 | ) | (15,275 | ) | (19,681 | ) | ||||||||
|
Total
revenue
|
$ | 1,100,805 | $ | 1,827,869 | $ | 3,490,819 | $ | 5,356,504 | ||||||||
| - | - | |||||||||||||||
|
Operating
(loss) income
|
||||||||||||||||
|
West
region
|
$ | (131,103 | ) | $ | 57,109 | $ | (253,685 | ) | $ | 252,389 | ||||||
|
Mid-Atlantic
region
|
(7,733 | ) | 53,484 | (44,938 | ) | 203,550 | ||||||||||
|
Florida
region
|
(4,670 | ) | 55,421 | (47,230 | ) | 139,194 | ||||||||||
|
Southeast
region
|
16,495 | 33,676 | 34,283 | 78,288 | ||||||||||||
|
Other
homebuilding
|
(6,879 | ) | (1,166 | ) | (59,308 | ) | (5,420 | ) | ||||||||
|
Financial
services
|
(3,825 | ) | 7,035 | 3,299 | 17,366 | |||||||||||
|
Segment
operating (loss) income
|
(137,715 | ) | 205,559 | (367,579 | ) | 685,367 | ||||||||||
|
Corporate
and unallocated
|
(67,758 | ) | (73,566 | ) | (238,322 | ) | (105,903 | ) | ||||||||
|
Total
operating (loss) income
|
$ | (205,473 | ) | $ | 131,993 | $ | (605,901 | ) | $ | 579,464 | ||||||