Supplemental Guarantor Information

9 Months Ended

Jun. 30, 2011

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information

(12) Supplemental Guarantor Information

As discussed in Note 7, our obligations to pay principal, premium, if any, and interest under certain debt are guaranteed on a joint and several basis by substantially all of our subsidiaries. Certain of our immaterial subsidiaries do not guarantee our Senior Notes or our Secured Revolving Credit Facility. The guarantees are full and unconditional and the guarantor subsidiaries are 100% owned by Beazer Homes USA, Inc. We have determined that separate, full financial statements of the guarantors would not be material to investors and, accordingly, supplemental financial information for the guarantors is presented.

Beazer Homes USA, Inc.
Consolidating Balance Sheet Information
June 30, 2011
(in thousands)

												Consolidated
	Beazer Homes		Guarantor			Non-Guarantor			Consolidating			Beazer Homes
	USA, Inc.		Subsidiaries			Subsidiaries			Adjustments			USA, Inc.
ASSETS
Cash and cash equivalents	$	277,985	$	324		$	1,159		$	(4,823	)	$	274,645
Restricted cash		284,043		281			—			—			284,324
Accounts receivable		—		32,177			8			—			32,185
Income tax receivable		2,835		—			—			—			2,835
Owned inventory		—		1,290,786			—			—			1,290,786
Land not owned under option agreements		—		22,571			—			—			22,571
Investments in unconsolidated joint ventures		773		8,762			—			—			9,535
Deferred tax assets, net		7,964		—			—			—			7,964
Property, plant and equipment, net		—		29,239			—			—			29,239
Investments in subsidiaries		119,948		—			—			(119,948	)		—
Intercompany		1,108,288		(1,116,863	)		3,752			4,823			—
Other assets		19,547		28,408			3,030			—			50,985
Total assets	$	1,821,383	$	295,685		$	7,949		$	(119,948	)	$	2,005,069
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	69,221		$	—		$	—		$	69,221
Other liabilities		93,069		95,200			3,246			—			191,515
Intercompany		1,067		—			(1,067	)		—			—
Obligations related to land not owned under option agreements		—		14,360			—			—			14,360
Total debt		1,486,239		2,726			—			—			1,488,965
Total liabilities		1,580,375		181,507			2,179			—			1,764,061
Stockholders’ equity		241,008		114,178			5,770			(119,948	)		241,008
Total liabilities and stockholders’ equity	$	1,821,383	$	295,685		$	7,949		$	(119,948	)	$	2,005,069

Beazer Homes USA, Inc.
Consolidating Balance Sheet Information
September 30, 2010
(in thousands)

												Consolidated
	Beazer Homes		Guarantor			Non-Guarantor			Consolidating			Beazer Homes
	USA, Inc.		Subsidiaries			Subsidiaries			Adjustments			USA, Inc.
ASSETS
Cash and cash equivalents	$	530,847	$	8,343		$	200		$	(2,269	)	$	537,121
Restricted cash		38,781		419			—			—			39,200
Accounts receivable		—		32,632			15			—			32,647
Income tax receivable		7,684		—			—			—			7,684
Owned inventory		—		1,153,703			—			—			1,153,703
Land not owned under option agreements		—		49,958			—			—			49,958
Investments in unconsolidated joint ventures		773		7,948			—			—			8,721
Deferred tax assets, net		7,779		—			—			—			7,779
Property, plant and equipment, net		—		23,995			—			—			23,995
Investments in subsidiaries		233,507		—			—			(233,507	)		—
Intercompany		846,471		(857,409	)		8,669			2,269			—
Other assets		20,434		17,163			4,497			—			42,094
Total assets	$	1,686,276	$	436,752		$	13,381		$	(233,507	)	$	1,902,902
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	53,418		$	—		$	—		$	53,418
Other liabilities		87,354		118,534			4,282			—			210,170
Intercompany		1,068		—			(1,068	)		—			—
Obligations related to land not owned under option agreements		—		30,666			—			—			30,666
Total debt		1,200,753		10,794			—			—			1,211,547
Total liabilities		1,289,175		213,412			3,214			—			1,505,801
Stockholders’ equity		397,101		223,340			10,167			(233,507	)		397,101
Total liabilities and stockholders’ equity	$	1,686,276	$	436,752		$	13,381		$	(233,507	)	$	1,902,902

Beazer Homes USA, Inc.
Unaudited Consolidating Statement of Operations Information
(in thousands)

													Consolidated
	Beazer Homes			Guarantor			Non-Guarantor			Consolidating			Beazer Homes
	USA, Inc.			Subsidiaries			Subsidiaries			Adjustments			USA, Inc.
Three Months Ended June 30, 2011
Total revenue	$	—		$	172,829		$	286		$	(286	)	$	172,829
Home construction and land sales expenses		11,179			141,231			—			(286	)		152,124
Inventory impairments and option contract abandonments		380			6,490			—			—			6,870
Gross (loss) profit		(11,559	)		25,108			286			—			13,835
Selling, general and administrative expenses		—			46,388			26			—			46,414
Depreciation and amortization		—			2,660			—			—			2,660
Operating (loss) income		(11,559	)		(23,940	)		260			—			(35,239	)
Equity in income of unconsolidated joint ventures		—			63			—			—			63
Gain on extinguishment of debt		95			—			—			—			95
Other (expense) income, net		(17,707	)		609			13			—			(17,085	)
(Loss) income before income taxes		(29,171	)		(23,268	)		273			—			(52,166	)
(Benefit from) provision for income taxes		(11,339	)		14,832			96			—			3,589
Equity in (loss) income of subsidiaries		(37,923	)		—			—			37,923			—
(Loss) income from continuing operations		(55,755	)		(38,100	)		177			37,923			(55,755	)
Loss from discontinued operations		—			(3,362	)		(3	)		—			(3,365	)
Equity in (loss) of subsidiaries		(3,365	)		—			—			3,365			—
Net (loss) income	$	(59,120	)	$	(41,462	)	$	174		$	41,288		$	(59,120	)

Beazer Homes USA, Inc.
Unaudited Consolidating Statement of Operations Information
(in thousands)

													Consolidated
	Beazer Homes			Guarantor			Non-Guarantor			Consolidating			Beazer Homes
	USA, Inc.			Subsidiaries			Subsidiaries			Adjustments			USA, Inc.
Nine Months Ended June 30, 2011
Total revenue	$	—		$	407,497		$	819		$	(819	)	$	407,497
Home construction and land sales expenses		26,352			332,880			—			(819	)		358,413
Inventory impairments and option contract abandonments		1,789			23,542			—			—			25,331
Gross (loss) profit		(28,141	)		51,075			819			—			23,753
Selling, general and administrative expenses		—			125,118			90			—			125,208
Depreciation and amortization		—			6,627			—			—			6,627
Operating (loss) income		(28,141	)		(80,670	)		729			—			(108,082	)
Equity in income of unconsolidated joint ventures		—			372			—			—			372
Loss on extinguishment of debt		(2,909	)		—			—			—			(2,909	)
Other (expense) income, net		(55,688	)		9,015			57			—			(46,616	)
(Loss) income before income taxes		(86,738	)		(71,283	)		786			—			(157,235	)
(Benefit from) provision for income taxes		(33,715	)		34,010			275			—			570
Equity in (loss) income of subsidiaries		(104,782	)		—			—			104,782			—
(Loss) income from continuing operations		(157,805	)		(105,293	)		511			104,782			(157,805	)
Loss from discontinued operations		—			(3,870	)		(8	)		—			(3,878	)
Equity in loss of subsidiaries		(3,878	)		—			—			3,878			—
Net (loss) income	$	(161,683	)	$	(109,163	)	$	503		$	108,660		$	(161,683	)

Beazer Homes USA, Inc.
Unaudited Consolidating Statement of Operations Information
(in thousands)

													Consolidated
	Beazer Homes			Guarantor			Non-Guarantor			Consolidating			Beazer Homes
	USA, Inc.			Subsidiaries			Subsidiaries			Adjustments			USA, Inc.
Three Months Ended June 30, 2010
Total revenue	$	—		$	321,566		$	282		$	—		$	321,848
Home construction and land sales expenses		16,444			263,614			—			—			280,058
Inventory impairments and option contract abandonments		196			4,777			—			—			4,973
Gross (loss) profit		(16,640	)		53,175			282			—			36,817
Selling, general and administrative expenses		—			52,824			26			—			52,850
Depreciation and amortization		—			3,353			—			—			3,353
Operating (loss) income		(16,640	)		(3,002	)		256			—			(19,386	)
Equity in loss of unconsolidated joint ventures		—			(10	)		—			—			(10	)
Gain on extinguishment of debt		(9,045	)		—			—			—			(9,045	)
Other (expense) income, net		(17,381	)		997			11			—			(16,373	)
Income (loss) before income taxes		(43,066	)		(2,015	)		267			—			(44,814	)
(Benefit from) provision for income taxes		(16,258	)		(5,265	)		93			—			(21,430	)
Equity in (loss) income of subsidiaries		3,424			—			—			(3,424	)		—
Income (loss) from continuing operations		(23,384	)		3,250			174			(3,424	)		(23,384	)
Loss from discontinued operations		—			(4,425	)		(7	)		—			(4,432	)
Equity in loss of subsidiaries		(4,432	)		—			—			4,432			—
Net income (loss)	$	(27,816	)	$	(1,175	)	$	167		$	1,008		$	(27,816	)

Beazer Homes USA, Inc.
Unaudited Consolidating Statement of Operations Information
(in thousands)

													Consolidated
	Beazer Homes			Guarantor			Non-Guarantor			Consolidating			Beazer Homes
	USA, Inc.			Subsidiaries			Subsidiaries			Adjustments			USA, Inc.
Nine Months Ended June 30, 2010
Total revenue	$	—		$	720,888		$	1,519		$	—		$	722,407
Home construction and land sales expenses		37,898			581,623			—			—			619,521
Inventory impairments and option contract abandonments		1,292			22,011			—			—			23,303
Gross (loss) profit		(39,190	)		117,254			1,519			—			79,583
Selling, general and administrative expenses		—			140,788			86			—			140,874
Depreciation and amortization		—			9,258			—			—			9,258
Operating (loss) income		(39,190	)		(32,792	)		1,433			—			(70,549	)
Equity in loss of unconsolidated joint ventures		—			(8,819	)		—			—			(8,819	)
Gain on extinguishment of debt		43,625			276			—			—			43,901
Other (expense) income, net		(57,478	)		3,487			52			—			(53,939	)
(Loss) income before income taxes		(53,043	)		(37,848	)		1,485			—			(89,406	)
(Benefit from) provision for income taxes		(20,024	)		(97,451	)		520			—			(116,955	)
Equity in (loss) income of subsidiaries		60,568			—			—			(60,568	)		—
Income from continuing operations		27,549			59,603			965			(60,568	)		27,549
Loss from discontinued operations		—			(2,057	)		(11	)		—			(2,068	)
Equity in loss of subsidiaries		(2,068	)		—			—			2,068			—
Net income	$	25,481		$	57,546		$	954		$	(58,500	)	$	25,481

Beazer Homes USA, Inc.
Unaudited Consolidating Statements of Cash Flow Information
(in thousands)

												Consolidated
	Beazer Homes			Guarantor			Non-Guarantor		Consolidating			Beazer Homes
	USA, Inc.			Subsidiaries			Subsidiaries		Adjustments			USA, Inc.
For the nine months ended June 30, 2011
Net cash (used in) provided by operating activities	$	(33,549	)	$	(245,010	)	$	941	$	—		$	(277,618	)
Cash flows from investing activities:
Capital expenditures		—			(12,134	)		—		—			(12,134	)
Investments in unconsolidated joint ventures		—			(1,763	)		—		—			(1,763	)
Increases in restricted cash		(250,526	)		452			—		—			(250,074	)
Decreases in restricted cash		5,539			(589	)		—		—			4,950
Net cash used in investing activities		(244,987	)		(14,034	)		—		—			(259,021	)
Cash flows from financing activities:
Repayment of debt		(212,841	)		(914	)		—		—			(213,755	)
Proceeds from issuance of new debt		246,387			—			—		—			246,387
Proceeds from issuance of cash secured loan		247,368			—			—		—			247,368
Debt issuance costs		(5,130	)		—			—		—			(5,130	)
Common stock redeemed		(163	)		—			—		—			(163	)
Excess tax benefit from equity-based compensation		(544	)		—			—		—			(544	)
Advances to/from subsidiaries		(249,403	)		251,939			18		(2,554	)		—
Net cash provided by (used in) by financing activities		25,674			251,025			18		(2,554	)		274,163
(Decrease) increase in cash and cash equivalents		(252,862	)		(8,019	)		959		(2,554	)		(262,476	)
Cash and cash equivalents at beginning of period		530,847			8,343			200		(2,269	)		537,121
Cash and cash equivalents at end of period	$	277,985		$	324		$	1,159	$	(4,823	)	$	274,645

													Consolidated
	Beazer Homes			Guarantor			Non-Guarantor			Consolidating			Beazer Homes
	USA, Inc.			Subsidiaries			Subsidiaries			Adjustments			USA, Inc.
For the nine months ended June 30, 2010
Net cash (used in) provided by operating activities	$	(108,436	)	$	111,653		$	(2,440	)	$	—		$	777
Cash flows from investing activities:
Capital expenditures		—			(6,658	)		—			—			(6,658	)
Investments in unconsolidated joint ventures		—			(5,122	)		—			—			(5,122	)
Increases in restricted cash		(25,156	)		(1,094	)		—			—			(26,250	)
Decreases in restricted cash		31,880			1,223			—			—			33,103
Net cash provided by (used in) investing activities		6,724			(11,651	)		—			—			(4,927	)
Cash flows from financing activities:
Repayment of debt		(615,008	)		(2,125	)		—			—			(617,133	)
Proceeds from issuance of new debt		373,238			—			—			—			373,238
Debt issuance costs		(9,296	)		—			—			—			(9,296	)
Common stock redeemed		(134	)		—			—			—			(134	)
Common stock issued		166,719			—			—			—			166,719
Proceeds from the issuance of TEU prepaid stock purchase contracts		57,432			—			—			—			57,432
Excess tax benefit from equity-based compensation		(2,057	)		—			—			—			(2,057	)
Advances to/from subsidiaries		105,413			(104,898	)		(82	)		(433	)		—
Net cash provided by (used in) financing activities		76,307			(107,023	)		(82	)		(433	)		(31,231	)
Decrease in cash and cash equivalents		(25,405	)		(7,021	)		(2,522	)		(433	)		(35,381	)
Cash and cash equivalents at beginning of period		495,692			11,482			2,915			(2,750	)		507,339
Cash and cash equivalents at end of period	$	470,287		$	4,461		$	393		$	(3,183	)	$	471,958