New home orders up at Beazer
Beazer Homes reported 1,215 orders for new homes for its third fiscal quarter of 2011, a 24% increase from the same period last year, and a 4% increase from the prior quarter. Total home closings from continued operations were 791 homes, a 49% decrease from the same quarter in 2010, but a 40% increase from the second quarter of this year.
Revenue from continuing operations for the quarter, which ended June 30, was $172.8 million, compared with $321.8 million in the prior year. Net loss, including a net loss of $3.4 million from discontinued operations, was $59.1 million for the quarter. For the prior year, the net loss of $27.8 million included a net loss from discontinued operations of $4.4 million.
The home builder’s total backlog was 1,848 homes with a sales value of $438 million, compared with 1,175 homes with a sales value of $288 million as of June 30, 2010.
Beazer’s decision to exit the Northwest Florida market had an impact on the results, the company said.
"I'm pleased with our sales efforts during the third quarter," said Allan Merrill, the newly appointed president and CEO of Beazer Homes. "Our sales team was able to overcome significant headwinds in both the economy and the housing market to record substantially improved orders. Our emphasis on promoting the low cost of ownership of a new Beazer Home compared with both existing homes and other new homes was an important contributor to this effort."
Headquartered in Atlanta, Beazer Homes is one of the 10 largest single-family home builders in the United States. The company offers homes in 16 states: Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.