8-K

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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

99.1

Press release issued November 5, 2002.

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

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Item 5. Other Events.
Item 7. Financial Statements and Exhibits.

SIGNATURES

EX-99.1

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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

•

Record Diluted EPS: $3.03 (up 18% vs. $2.56 in prior year)

•

Home closings: 4,839 (up 58%)



•

Total revenues $904 million (up 47%)



•

Earnings before interest, taxes, depreciation and amortization (EBITDA): $84.5 million (up 60%)



•

EBITDA Margin: 9.3% (up 80 basis points)



•

Net income: $40.7 million (up 71%)



•

Record September quarter new orders: 3,731 (up 59%)

Year Ended September 30, 2002

•

Record Diluted EPS: $10.74 (up 31% vs. $8.18 in prior year)

•

Home closings: 13,603 (up 50%)



•

Total revenues $2.6 billion (up 46%)



•

Earnings before interest, taxes, depreciation and amortization (EBITDA): $254.5 million (up 53%)



•

EBITDA Margin: 9.6% (up 40 basis points)



•

Net income: $122.6 million (up 64%)



•

Record new orders: 13,610 (up 36%)

Record Year-End Backlog

•

Record year-end backlog: 6,519 homes (up 64%), sales value $1.3 billion (up 67%)

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)