Beazer Homes USA said home-building revenue and sales increased in its fiscal fourth quarter, as historically low interest rates helped drive a modest rebound in the national housing market.
Atlanta-based Beazer, which is one of the nation’s largest single-family home builders, said total home closings climbed 16.9 percent in the fourth quarter. Revenue from home construction was up 17.1 compared to the same period last fiscal year.
Housing is a key cog in the economy, and low interest rates are coaxing buyers into the market, though many consumers remain wary.
For the fourth quarter, Beazer reported a net loss of $66.2 million, or $2.82 per share, compared to a year ago period loss of $43.2 million, or $2.91 per share. A sale of new shares this year and recent reverse stock split accounts for the differing per share loss figures.
Beazer also completed a 1-for-5 reverse stock split, meaning investors received one share for every five they own, to help reduce share price volatility.
It was the latest in a string of quarters in the red, but Beazer officials said they are concentrating on returning the company to profitability.
The most recent quarter included a one-time charge of $42.4 million related to extinguishing debt.
For the quarter, new home orders climbed 10.3 percent, and average sale price was essentially flat compared to fourth quarter 2011.
For the full fiscal year, Beazer said its new home orders increased nearly a quarter, and closings were up 36.3 percent.
Beazer continues to concentrate on slow selling communities, and Beazer President and CEO Allan Merrill said the firm will not increase the number of communities under development in fiscal 2013.
Though they likely will not increase communities next fiscal year, Beazer is buying land for development with plans to sell properties in fiscal 2014.
“Operationally and financially, we are a long way from where we want to be, but we’re a long way from where we used to be,” Merrill said.
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