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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: November 5, 2002

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.)

5775 Peachtree Dunwoody Road, Suite B-200
Atlanta Georgia 30342
(Address of Principal
Executive Offices)

(404) 250-3420
(Registrant's telephone number, including area code)

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


Item 5. Other Events.

        On November 5, 2002, Beazer Homes USA, Inc. (the "Company") issued the press release attached hereto as exhibit 99.1 and made a part hereof announcing its results for the quarter and year ended September 30, 2002. For additional information, please see the press release.


Item 7. Financial Statements and Exhibits.

(c) Exhibits

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.

    BEAZER HOMES USA, INC.

Date: November 6, 2002
 
By:
 
/s/  DAVID S. WEISS      
David S. Weiss
 Executive Vice President and Chief Financial Officer

3



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SIGNATURES

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LOGO

PRESS RELEASE
FOR IMMEDIATE RELEASE

Beazer Homes Announces Record Fourth Quarter EPS of $3.03, Up 18%,
And Fiscal 2002 EPS of $10.74, Up 31%

Atlanta, Ga., November 5, 2002—Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today announced results for the quarter and year ended September 30, 2002. Highlights of the quarter and year, compared to the same periods of the prior year, are as follows:

Quarter Ended September 30, 2002

Year Ended September 30, 2002

Record Year-End Backlog

Record Earnings for September Quarter and Fiscal Year

Ian J. McCarthy, President and Chief Executive Officer of Beazer Homes, said, "We are extremely pleased to announce a strong finish to another record-breaking year. Earnings per share of $3.03 for the 2002 fourth fiscal quarter were up 18% from the fourth quarter of fiscal 2001 and represent an all-time quarterly record for Beazer. EPS for the full year was $10.74, up 31% over fiscal 2001 and also an all-time Company record. The record earnings for both the quarter and the full year reflect significant increases in our operating profit margin over the prior year."

Record Fourth Quarter New Orders and Year-End Backlog

Mr. McCarthy said, "Perhaps as important as our record financial performance during the fourth quarter of fiscal 2002 are the increases we achieved in new orders and backlog, breaking previous fourth quarter records. During the quarter we had 3,731 new orders for homes, a 59% increase over fiscal 2001. New orders increased during the quarter in both our Beazer Homes and our Crossmann Communities operations acquired in April 2002. New orders for the quarter were up 14% compared to 3,286 combined new orders, on a pro forma basis, for Beazer and Crossmann in the September quarter of fiscal 2001."

Mr. McCarthy also said, "The integration of Crossmann Communities with Beazer Homes has been proceeding extremely well, as demonstrated by the combined increase in our new orders. At this point we have fully combined those operations where there was overlap between the two companies. With the start of our new fiscal year, we have also fully implemented our Value Created framework for managing the homebuilding business throughout Crossmann. As with Beazer's operations, we expect this to drive growth and profitability while controlling the balance sheet."

Mr. McCarthy also said, "Our year-end backlog now stands at 6,519 homes with a sales value of $1.3 billion, up 67% from the sales value of backlog at September 30, 2001. We believe that this record year-end backlog gives us good visibility for another record-breaking year in fiscal 2003."

Profit Margin in Fiscal 2002 Sets New Record; Strong Financial Position

David S. Weiss, Executive Vice President and Chief Financial Officer, said, "During fiscal 2002, we increased our earnings before interest, taxes, depreciation and amortization (EBITDA) margin by 40 basis points, from 9.2% to 9.6%, a new annual record. Our EBITDA margin increased by 80 basis points in the fourth quarter. We believe that this improved margin reflects a strong housing market, the realization of profit improvement initiatives that we have implemented and the increased leverage over our fixed costs with the addition of Crossmann in the current year. We target further improvements in our EBITDA margin and believe that we can achieve an EBITDA margin of over 10% in fiscal 2003."

Mr. Weiss continued, "We strengthened our financial position at Beazer during fiscal 2002 and improved our credit statistics. Our interest coverage (EBITDA divided by interest incurred) increased from 4.6x to 5.0x and at year-end our debt to total capitalization improved to 48% from 53% at September 30, 2001. Our net debt to total capitalization now stands at 43%, including $125 million of cash on our balance sheet. Improvements in debt to total capitalization and interest coverage were achieved taking into account significant growth and completion of a major acquisition. A strong balance sheet gives us flexibility to react to changes in the economic environment and take advantage of opportunities in a consolidating industry. Our goal is to continue to show year-over-year improvements in our leverage and interest coverage throughout fiscal 2003."

Beazer Targets EPS of $12.25 Per Share in Fiscal 2003

Mr. McCarthy said, "Our strong backlog gives us confidence in growth in fiscal 2003 relative to fiscal 2002. We believe that strong demographics combined with constraints on housing supply will continue to drive earnings for large homebuilders like Beazer. Therefore, we are raising our guidance for fiscal 2003 from $12.00 to $12.25."

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

Contact:   David S. Weiss
Executive Vice President and
Chief Financial Officer
(404) 250-3420
 dweiss@beazer.com

 
 
 
Note:   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 and other factors described in the Company's Annual Report for the year ended September 30, 2001.

Beazer Homes Announces Record Fourth Quarter/Page 3


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

FINANCIAL DATA

 
   Quarter Ended
September 30,
   Year Ended
September 30,
  
 
   2002
   2001
   2002
   2001
  
INCOME STATEMENT                          
Revenues   $ 904,331   $ 617,005   $ 2,641,173   $ 1,805,177  
Costs and expenses:                          
  Home construction and land sales     720,661     495,451     2,112,414     1,444,215  
  Interest     14,176     10,520     43,001     33,235  
  Selling, general and administrative expense     105,394     72,756     292,584     205,498  
   
 
 
 
 
Operating income     64,100     38,278     193,174     122,229  
Other income     3,103     812     8,885     1,721  
   
 
 
 
 
Income before income taxes and extraordinary item     67,203     39,090     202,059     123,950  
Income taxes     26,545     15,245     79,425     48,341  
   
 
 
 
 
Net income before extraordinary item     40,658     23,845     122,634     75,609  
   
 
 
 
 
Extraordinary item-loss on early extinguishment of debt (net of taxes of $469)     —     —     —     (733 )
   
 
 
 
 
Net income   $ 40,658   $ 23,845   $ 122,634   $ 74,876  
   
 
 
 
 
Basic:                          
  Net income per share before extraordinary item   $ 3.21   $ 2.90   $ 11.64   $ 9.28  
  Extraordinary item     —     —     —     (0.09 )
   
 
 
 
 
  Net income per common share   $ 3.21   $ 2.90   $ 11.64   $ 9.19  
   
 
 
 
 
Diluted:                          
  Net income per share before extraordinary item   $ 3.03   $ 2.56   $ 10.74   $ 8.26  
  Extraordinary item     —     —     —     (0.08 )
   
 
 
 
 
  Net income per common share   $ 3.03   $ 2.56   $ 10.74   $ 8.18  
   
 
 
 
 
Weighted average shares outstanding, in thousands:                          
  Basic     12,647     8,224     10,535     8,145  
  Diluted     13,407     9,313     11,415     9,156  
Interest incurred   $ 16,653   $ 9,247   $ 51,171   $ 35,825  
Depreciation and amortization   $ 3,131   $ 3,082   $ 9,453   $ 9,253  

SELECTED BALANCE SHEET DATA

 
   September 30,
 
   2002
   2001
Cash   $ 124,989   $ 41,678
Inventory     1,364,133     844,737
Total assets     1,892,847     995,289
Total debt     739,100     395,238
Shareholders' equity     799,515     351,195

Beazer Homes Announces Record Fourth Quarter/Page 4


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

OPERATING DATA

 
   Quarter Ended
September 30,
   Year Ended
September 30,
 
   2002
   2001
   2002
   2001
SELECTED OPERATING DATA                    
Closings:                    
  Southeast region     1,719     1,183   4,575   3,414
  West region     1,272     1,089   4,442   3,412
  Central region     331     336   1,121   897
  Mid-Atlantic region     324     459   1,412   1,336
  Midwest region     1,193     —   2,053   —
   
 
 
 
Total closings     4,839     3,067   13,603   9,059
   
 
 
 
New orders, net of cancellations:                    
  Southeast region     1,185     856   4,623   3,770
  West region     1,175     867   4,669   3,810
  Central region     327     285   1,244   1,022
  Mid-Atlantic region     263     332   1,365   1,437
  Midwest region     781     —   1,709   —
   
 
 
 
Total new orders     3,731     2,340   13,610   10,039
   
 
 
 
Backlog at end of period     6,519     3,977        
   
 
       
Dollar value of backlog at end of period   $ 1,293,290   $ 775,612        
   
 
       
Active subdivisions:                    
  Southeast region     188     124        
  West region     73     86        
  Central region     34     31        
  Mid-Atlantic region     35     40        
  Midwest region     138     —        
   
 
       
Total active subdivisions     468     281        
   
 
       

Beazer Homes Announces Record Fourth Quarter/Page 5


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

SUPPLEMENTAL FINANCIAL DATA

 
   Quarter Ended
September 30,
   Year Ended
September 30,
  
 
   2002
   2001
   2002
   2001
  
Revenues:                          
  Home sales   $ 885,548   $ 608,027   $ 2,594,910   $ 1,769,069  
  Land and lot sales     8,422     2,541     18,051     18,017  
  Mortgage origination revenue     14,689     9,272     41,006     26,572  
  Intercompany elimination—mortgage     (4,328 )   (2,835 )   (12,794 )   (8,481 )
   
 
 
 
 
Total revenues   $ 904,331   $ 617,005   $ 2,641,173   $ 1,805,177  
   
 
 
 
 
Cost of home construction and land sales:                          
  Homes sales   $ 717,347   $ 495,781   $ 2,109,756   $ 1,438,101  
  Land and lot sales     7,642     2,505     15,452     14,595  
  Intercompany elimination—mortgage     (4,328 )   (2,835 )   (12,794 )   (8,481 )
   
 
 
 
 
Total costs of home construction and land sales   $ 720,661   $ 495,451   $ 2,112,414   $ 1,444,215  
   
 
 
 
 
Selling, general and administrative:                          
  Homebuilding operations   $ 97,316   $ 67,469   $ 269,655   $ 190,551  
  Mortgage origination operations     8,078     5,287     22,929     14,947  
   
 
 
 
 
Total selling, general and administrative   $ 105,394   $ 72,756   $ 292,584   $ 205,498  
   
 
 
 
 


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Beazer Homes Announces Record Fourth Quarter EPS of $3.03, Up 18%, And Fiscal 2002 EPS of $10.74, Up 31%
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 (Dollars in thousands) (Continued)
BEAZER HOMES USA, INC. CONSOLIDATED OPERATING AND FINANCIAL DATA (Dollars in thousands) (Continued)