-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U0bbNyOFbo247sHMxNmqmpomOXW26idKgkFuk4jcy2IlXVp/wXco5vDdHZZPt9gb YtWTWu5SwC9QXlzSrfJkRQ== 0000912057-00-003223.txt : 20000203 0000912057-00-003223.hdr.sgml : 20000203 ACCESSION NUMBER: 0000912057-00-003223 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000125 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEAZER HOMES USA INC CENTRAL INDEX KEY: 0000915840 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 582086934 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12822 FILM NUMBER: 518657 BUSINESS ADDRESS: STREET 1: 5775 PEACHTREE DUNW00DY RD STREET 2: STE C 550 CITY: ATLANTA STATE: GA ZIP: 30342 BUSINESS PHONE: 4042503420 MAIL ADDRESS: STREET 1: 5775 PEACHTREE DUNWOODY RD STREET 2: STE C-550 CITY: ATLANTA STATE: GA ZIP: 30342 8-K 1 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: January 25, 2000 BEAZER HOMES USA, INC. (Exact name of registrant as specified in its charter) DELAWARE 001-12822 54-2086934 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) 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 January 25, 2000, Beazer Homes USA, Inc. issued the press release attached as an exhibit hereto and made a part hereof. Item 7. Financial Statements and Exhibits. (c) Exhibits. 99. Press release issued January 25, 2000. 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: January 31, 2000 By: /S/ DAVID S. WEISS ---------------------------------- David S. Weiss Executive Vice President and Chief Financial Officer EX-99 2 EXHIBIT 99 PRESS RELEASE FOR IMMEDIATE RELEASE BEAZER HOMES ANNOUNCES RECORD FIRST QUARTER EPS OF $.85, UP 60% OVER PRIOR YEAR; NEW ORDERS UP 12% ATLANTA, GEORGIA, JANUARY 25, 2000 - Beazer Homes USA, Inc. (NYSE: BZH; WWW.BEAZER.COM) today announced results for the quarter ended December 31, 1999, the first quarter of its 2000 fiscal year. Highlights of the quarter, compared to the same period of the prior year, are as follows: - DILUTED EPS: $.85 (UP 60% VS. $.53 IN PRIOR YEAR'S DECEMBER QUARTER) - Home closings: 1,611 (up 15%); total revenues $309 million (up 28%) - Earnings before interest, taxes, depreciation and amortization (EBITDA) $19.6 million (up 44%) - EBITDA Margin: 6.4% (up 80 basis points) - Net income: $7.5 million (up 61%) - New orders: 1,505 (up 12%) - Dollar Backlog: $472 million (up 1%) RECORD FIRST QUARTER RESULTS Ian McCarthy, President and Chief Executive Officer of Beazer Homes, said, "We are extremely pleased to report record results for the first quarter of our 2000 fiscal year. Closings, net income, new orders and dollar backlog were all December quarter Company records." Mr. McCarthy continued, "Our earnings per share were up 60% on a 15% increase in homes closed, reflecting both a higher average sales price and our improved profit margin. We are particularly proud of the 80 basis point improvement in our EBITDA margin, driven by a 60 basis point reduction in selling, general and administrative expenses as a percentage of revenues during the quarter. This improvement demonstrates the operating efficiency gains that we have achieved over the past year. We expect to report reductions in SG&A as a percentage of revenues throughout fiscal 2000." RECORD DECEMBER QUARTER NEW ORDERS, DESPITE DELAYS IN OPENING NEW SUBDIVISIONS Mr. McCarthy also said, "We are pleased to report a 12% increase in new orders during the quarter despite a decline in our number of active subdivisions at December 31. New orders of 1,505 homes represent a December quarter Company record. The increase in new orders reflects the continued strength of the homebuilding market in many of the areas we serve, especially California, Texas and the Mid-Atlantic. The US homebuilding market remains strong despite recent increases in interest rates. This strength reflects the positive impact of demographics, particularly population growth driven by immigration, that we believe will continue to fuel the homebuilding market over the coming decade." -- More -- -- 2 -- Mr. McCarthy continued, "The decrease in our number of active subdivisions at December 31, 1999 resulted from delays in opening new subdivisions. These delays have been caused by the lengthening time needed to get permits and approvals in many areas. During the March 2000 quarter, however, we anticipate opening a number of new subdivisions just in time for the traditional home selling season and we expect our subdivision count to increase during the quarter ending March 31, 2000." BEAZER BUYS BACK SHARES AT A DISCOUNT TO BOOK VALUE The Company also announced that it has repurchased 182,150 shares of its common stock at an average price of $18.89 per share. These repurchases were made pursuant to the Company's plan, that it announced in November 1999, to repurchase up to 500,000 shares of its common stock. David S. Weiss, Executive Vice President and Chief Financial Officer of Beazer Homes, said, "Our repurchases of common stock during the quarter were made at a 30% discount to book value of $27.12 per share at December 31, 1999 and at 4.2 times our last twelve months' earnings of $4.47 per share. At these levels, we believe that our stock is significantly undervalued and represents an excellent investment opportunity." Mr. Weiss also said, "Even with the repurchases of our common stock, we continue to maintain one of the strongest balance sheets in the homebuilding industry. We have reduced our debt by $11 million and our debt to total capitalization ratio from 58% to 53%, since last year's December quarter." OUR FUTURE IN BLACK AND WHITE Mr. McCarthy said, "In our recently issued 1999 Annual Report, 'Our Future In Black and White', we describe our optimism for the future of both Beazer Homes and the homebuilding industry. The US homebuilding market continues to drive forward, fueled by a healthy economy and strong demographics. We expect the number of US households to continue to increase dramatically over the coming decade. With our strong position in the growth markets of the US and our aggressive e-business initiatives, led by BEAZER.COM, we believe that we are uniquely qualified to take advantage of that growth." Mr. McCarthy concluded, " Americans' number one dream continues to be 'Own my own home' and Beazer is well positioned to make the home-owning dream of these millions come true." -- More -- -- 3 -- Beazer Homes USA, Inc., based in Atlanta, Georgia, is one of the country's ten largest single-family homebuilders with operations in Arizona, California, Florida, Georgia, Maryland, Nevada, New Jersey, North Carolina, South Carolina, Tennessee, Texas and Virginia. 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 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, 1999. -- Table Follows -- BEAZER HOMES USA, INC. CONSOLIDATED OPERATING AND FINANCIAL DATA (Dollars in thousands, except per share amounts) FINANCIAL DATA
Quarter Ended DECEMBER 31, -------------------------------------- 1999 1998 ----- ---- INCOME STATEMENT Revenues $ 308,745 $ 242,110 Costs and expenses: Home construction and land sales 255,748 201,167 Interest 5,523 5,035 Selling, general and administrative expense 34,273 28,246 ---------------- ----------------- Operating income 13,201 7,662 Other income (expense) (878) (48) ---------------- ----------------- Income before income taxes 12,323 7,614 Income taxes 4,806 2,931 ---------------- ----------------- Net income $ 7,517 $ 4,683 ================ ================= Dividends and other payments to preferred shareholders $ - $ 1,000 Net income to common shareholders: Basic $ 7,517 $ 3,683 Diluted $ 7,517 $ 4,683 Net income per share: Basic $0.88 $0.62 ================ ================= Diluted $0.85 $0.53 ================ ================= Weighted average shares outstanding, in thousands: Basic 8,530 5,896 Diluted 8,825 8,868 Interest incurred $ 6,631 $ 5,939 Depreciation and amortization $ 1,763 $ 1,008
SELECTED BALANCE SHEET DATA DECEMBER 31, -------------------------------------- 1999 1998 ---------------- ----------------- Inventory $ 575,700 $ 540,233 Total assets 628,075 589,405 Total debt 273,500 285,000 Stockholders' equity 239,375 203,129
BEAZER HOMES USA, INC. CONSOLIDATED OPERATING AND FINANCIAL DATA (Continued) (Dollars in thousands) OPERATING DATA
QUARTER ENDED DECEMBER 31, -------------------------------------- SELECTED OPERATING DATA 1999 1998 ----- ---- Closings: Southeast region 551 535 Southwest region 685 595 Central region 122 136 Mid-Atlantic region 253 130 ---------------- ----------------- Total closings 1,611 1,396 ================ ================= New orders, net of cancellations (A): Southeast region 537 597 Southwest region 620 610 Central region 88 78 Mid-Atlantic region 260 64 ---------------- ----------------- Total new orders 1,505 1,349 ================ ================= Backlog at end of period 2,452 2,565 ================ ================= Dollar value of backlog at end of period $ 471,856 $ 468,780 ================ ================= Active subdivisions: Southeast region 111 113 Southwest region 59 61 Central region 30 30 Mid-Atlantic region 42 46 ---------------- ----------------- Total active subdivisions 242 250 ================ =================
QUARTER ENDED DECEMBER 31, -------------------------------------- SUPPLEMENTAL FINANCIAL DATA: 1999 1998 ----- ---- Revenues Home sales $ 303,584 $ 239,797 Land and lot sales 3,305 639 Mortgage origination revenue 3,107 2,536 Intercompany elimination - mortgage (1,251) (862) ---------------- ----------------- Total revenues $ 308,745 $ 242,110 ================ ================= Cost of home construction and land sales Home sales $ 253,849 $ 201,575 Land and lot sales 3,150 454 Intercompany elimination - mortgage (1,251) (862) ---------------- ----------------- Total costs of home construction and land sales $ 255,748 $ 201,167 ================ ================= Selling, general and administrative Homebuilding operations $ 32,117 $ 26,512 Mortgage origination operations 2,156 1,734 ---------------- ----------------- Total selling, general and administrative $ 34,273 $ 28,246 ================ =================
(A) New orders for the quarter ended December 31, 1998 does not include 555 homes in backlog acquired in a business acquisition. -----END PRIVACY-ENHANCED MESSAGE-----