Supplemental Guarantor Information

3 Months Ended

Dec. 31, 2011

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information

(14) 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.

Beazer Homes USA, Inc.

Unaudited Consolidating Balance Sheet Information

December 31, 2011

(in thousands)

	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	272,869	$	1,882	$	1,175	$	(3,402	)	$	272,524
Restricted cash		276,933		308		—		—			277,241
Accounts receivable (net of allowance of $3,875)		—		27,962		5		—			27,967
Income tax receivable		3,081		—		—		—			3,081
Owned inventory		—		1,178,237		—		—			1,178,237
Consolidated inventory not owned		—		14,625		—		—			14,625
Investments in unconsolidated joint ventures		773		20,716		—		—			21,489
Deferred tax assets, net		5,932		—		—		—			5,932
Property, plant and equipment, net		—		22,589		—		—			22,589
Previously owned rental homes, net		—		17,604		—		—			17,604
Investments in subsidiaries		119,488		—		—		(119,488	)		—
Intercompany		1,031,163		—		3,019		(1,034,182	)		—
Other assets		17,684		12,954		1,930		—			32,568
Total assets	$	1,727,923	$	1,296,877	$	6,129	$	(1,157,072	)	$	1,873,857
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	46,395	$	—	$	—		$	46,395
Other liabilities		39,567		89,154		2,699		—			131,420
Intercompany		1,117		1,036,467		—	$	(1,037,584	)		—
Obligations related to land not owned under option agreements		—		6,874		—		—			6,874
Total debt (net of discounts of $22,278)		1,486,856		1,929		—		—			1,488,785
Total liabilities		1,527,540		1,180,819		2,699	$	(1,037,584	)		1,673,474
Stockholders’ equity		200,383		116,058		3,430		(119,488	)		200,383
Total liabilities and stockholders’ equity	$	1,727,923	$	1,296,877	$	6,129	$	(1,157,072	)	$	1,873,857

Unaudited Consolidating Balance Sheet Information

September 30, 2011

(in thousands)

	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	360,723	$	10,488	$	418	$	(1,226	)	$	370,403
Restricted cash		276,678		380		—		—			277,058
Accounts receivable (net of allowance of $3,872)		—		28,292		11		—			28,303
Income tax receivable		4,823		—		—		—			4,823
Owned inventory		—		1,192,380		—		—			1,192,380
Consolidated inventory not owned		—		11,753		—		—			11,753
Investments in unconsolidated joint ventures		773		8,694		—		—			9,467
Deferred tax assets		2,760		—		—		—			2,760
Property, plant and equipment, net		—		22,613		—		—			22,613
Previously owned rental homes, net		—		11,347		—		—			11,347
Investments in subsidiaries		100,996		—		—		(100,996	)		—
Intercompany		1,013,753		—		4,773		(1,018,526	)		—
Other assets		18,550		25,190		2,830		—			46,570
Total assets	$	1,779,056	$	1,311,137	$	8,032	$	(1,120,748	)	$	1,977,477
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	72,695	$	—	$	—		$	72,695
Other liabilities		93,047		116,210		2,930		—			212,187
Intercompany		1,072		1,018,680		—		(1,019,752	)		—
Obligations related to consolidated inventory not owned		—		5,389		—		—			5,389
Total debt (net of discounts of $23,243)		1,486,557		2,269		—		—			1,488,826
Total liabilities		1,580,676		1,215,243		2,930		(1,019,752	)		1,779,097
Stockholders’ equity		198,380		95,894		5,102		(100,996	)		198,380
Total liabilities and stockholders’ equity	$	1,779,056	$	1,311,137	$	8,032	$	(1,120,748	)	$	1,977,477

Unaudited Consolidating Statement of Operations Information

(in thousands)

	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended December 31, 2011
Total revenue	$	—		$	188,548		$	220		$	(220	)	$	188,548
Home construction and land sales expenses		12,843			150,153			—			(220	)		162,776
Inventory impairments and option contract abandonments		28			3,475			—						3,503
Gross (loss) profit		(12,871	)		34,920			220			—			22,269
Commissions		—			8,371			—			—			8,371
General and administrative expenses		—			28,166			28			—			28,194
Depreciation and amortization		—			2,403			—			—			2,403
Operating (loss) income		(12,871	)		(4,020	)		192			—			(16,699	)
Equity in loss of unconsolidated joint ventures		—			(77	)		—			—			(77	)
Other (expense) income, net		(19,117	)		834			10			—			(18,273	)
(Loss) income before income taxes		(31,988	)		(3,263	)		202			—			(35,049	)
(Benefit from) provision for income taxes		(12,434	)		(23,383	)		70			—			(35,747	)
Equity in income of subsidiaries		20,252			—			—			(20,252	)		—
Income from continuing operations		698			20,120			132			(20,252	)		698
Income (loss) from discontinued operations					44			(3	)		—			41
Equity in income of subsidiaries		41						—			(41	)		—
Net income	$	739		$	20,164		$	129		$	(20,293	)	$	739
	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended December 31, 2010
Total revenue	$	—		$	108,952		$	251		$	(251	)	$	108,952
Home construction and land sales expenses		6,894			90,408			—			(251	)		97,051
Inventory impairments and option contract abandonments		—			639			—						639
Gross (loss) profit		(6,894	)		17,905			251			—			11,262
Commissions		—			4,990			—			—			4,990
General and administrative expenses		—			32,471			32			—			32,503
Depreciation and amortization		—			1,905			—			—			1,905
Operating (loss) income		(6,894	)		(21,461	)		219			—			(28,136	)
Equity in income of unconsolidated joint ventures		—			238			—			—			238
Loss on extinguishment of debt		(2,902	)		—			—			—			(2,902	)
Other (expense) income, net		(18,923	)		831			27			—			(18,065	)
(Loss) income before income taxes		(28,719	)		(20,392	)		246			—			(48,865	)
(Benefit from) provision for income taxes		(11,163	)		10,484			86			—			(593	)
Equity in (loss) income of subsidiaries		(30,716	)		—			—			30,716			—
(Loss) income from continuing operations		(48,272	)		(30,876	)		160			30,716			(48,272	)
Loss from discontinued operations		—			(533	)		(3	)		536			—
Equity in loss of subsidiaries		(536	)		—			—			—			(536	)
Net (loss) income	$	(48,808	)	$	(31,409	)	$	157		$	31,252		$	(48,808	)

Unaudited Consolidating Statements of Cash Flow Information

(in thousands)

	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
For the three months ended December 31, 2011
Net cash (used in) provided by operating activities	$	(105,844	)	$	33,963		$	794		$	—		$	(71,087	)
Cash flows from investing activities:
Capital expenditures		—			(8,636	)		—			—			(8,636	)
Investments in unconsolidated joint ventures		—			(477	)		—			—			(477	)
Increases in restricted cash		(255	)		(417	)		—			—			(672	)
Decreases in restricted cash		—			489			—			—			489
Net cash used in investing activities		(255	)		(9,041	)		—			—			(9,296	)
Cash flows from financing activities:
Repayment of debt		(1,181	)		(341	)		—			—			(1,522	)
Settlement of unconsolidated JV debt obligations		—			(15,862	)		—			—			(15,862	)
Debt issuance costs		(97	)		—			—			—			(97	)
Common stock redeemed		(11	)		—			—			—			(11	)
Excess tax benefit from equity-based compensation		(4	)		—			—			—			(4	)
Dividends paid		(1,800	)		—			1,800			—			—
Advances to/from subsidiaries		(21,338	)		(17,325	)		(1,837	)		(2,176	)		—
Net cash (used in) provided by financing activities		(18,245	)		(33,528	)		(37	)		(2,176	)		(17,496	)
(Decrease) increase in cash and cash equivalents		(87,854	)		(8,606	)		757			(2,176	)		(97,879	)
Cash and cash equivalents at beginning of period		360,723			10,488			418			(1,226	)		370,403
Cash and cash equivalents at end of period	$	272,869		$	1,882		$	1,175		$	(3,402	)	$	272,524
	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
For the three months ended December 31, 2010
Net cash used in operating activities	$	(26,880	)	$	(110,063	)	$	(100	)	$	—		$	(137,043	)
Cash flows from investing activities:
Capital expenditures		—			(2,405	)		—			—			(2,405	)
Investments in unconsolidated joint ventures		—			(1,106	)		—			—			(1,106	)
Increases in restricted cash		(32,708	)		(111	)		—			—			(32,819	)
Decreases in restricted cash		1,134			261			—			—			1,395
Net cash used in investing activities		(31,574	)		(3,361	)		—			—			(34,935	)
Cash flows from financing activities:
Repayment of debt		(185,578	)		(118	)		—			—			(185,696	)
Proceeds from issuance of new debt		246,387			—			—			—			246,387
Proceeds from issuance of cash secured loan		32,591			—			—			—			32,591
Debt issuance costs		(5,060	)		—			—			—			(5,060	)
Common stock redeemed		(64	)		—			—			—			(64	)
Excess tax benefit from equity-based compensation		(1,557	)		—			—			—			(1,557	)
Advances to/from subsidiaries		(103,603	)		105,650			5			(2,052	)		—
Net cash (used in) provided by financing activities		(16,884	)		105,532			5			(2,052	)		86,601
Decrease in cash and cash equivalents		(75,338	)		(7,892	)		(95	)		(2,052	)		(85,377	)
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	$	455,509		$	451		$	105		$	(4,321	)	$	451,744