Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com)
today announced its financial results for the quarter and six months
ended March 31, 2013.
"I'm pleased with our solid operational and financial performance this
quarter,” said Allan Merrill, CEO of Beazer Homes. “Improvements in
closings, average sales price and gross margins enabled us to generate
$15 million in adjusted EBITDA, the highest amount for our fiscal second
quarter since 2007. With a substantially higher backlog, improving
margins and tight control of fixed costs, we expect to report positive
net income for our fiscal fourth quarter, which should allow us to be
profitable for the second half of fiscal 2013.”
Summary results for the quarter and six months ended March 31, 2013 are
as follows (all per share amounts are calculated after giving effect to
a 1-for-5 reverse stock split completed on October 11, 2012):
Q2 Results from Continuing Operations (unless
otherwise specified)
|
|
Quarter Ended March 31,
|
|
|
2013
|
|
|
2012
|
|
|
Change
|
New Home Orders
|
|
1,521
|
|
|
|
1,512
|
|
|
|
0.6
|
%
|
LTM orders per month per community
|
|
2.7
|
|
|
|
2.0
|
|
|
|
35.0
|
%
|
Cancellation rates
|
|
18.7
|
%
|
|
|
22.5
|
%
|
|
|
-380 bps
|
|
|
|
|
|
|
|
|
|
Total Home Closings
|
|
1,127
|
|
|
|
844
|
|
|
|
33.5
|
%
|
Average sales price from closings (in thousands)
|
|
$
|
253.3
|
|
|
|
$
|
224.7
|
|
|
|
12.7
|
%
|
Homebuilding revenue (in millions)
|
|
$
|
285.5
|
|
|
|
$
|
189.6
|
|
|
|
50.6
|
%
|
Homebuilding gross profit margin, excluding impairments and
abandonments (I&A)
|
|
15.9
|
%
|
|
|
10.9
|
%
|
|
|
500 bps
|
Homebuilding gross profit margin, excluding I&A and interest
amortized to cost of sales
|
|
19.1
|
%
|
|
|
17.5
|
%
|
|
|
160 bps
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations before income taxes (in millions)
|
|
$
|
(19.5
|
)
|
|
|
$
|
(38.7
|
)
|
|
|
$
|
19.2
|
|
Benefit from income taxes
|
|
$
|
0.3
|
|
|
|
$
|
0.8
|
|
|
|
$
|
(0.5
|
)
|
Net loss from continuing operations (in millions)
|
|
$
|
(19.1
|
)
|
|
|
$
|
(37.9
|
)
|
|
|
$
|
18.8
|
|
Basic Per Share
|
|
$
|
(0.78
|
)
|
|
|
$
|
(2.41
|
)
|
|
|
$
|
1.63
|
|
Loss on debt extinguishment (in millions)
|
|
$
|
(3.6
|
)
|
|
|
$
|
(2.7
|
)
|
|
|
$
|
(0.9
|
)
|
Inventory impairments (in millions)
|
|
$
|
(2.0
|
)
|
|
|
$
|
(1.2
|
)
|
|
|
$
|
(0.8
|
)
|
Net loss from continuing operations excluding inventory
impairments and loss on debt extinguishment (in millions)
|
|
$
|
(13.5
|
)
|
|
|
$
|
(34.0
|
)
|
|
|
$
|
20.5
|
|
Land and land development spending (in millions)
|
|
$
|
62.6
|
|
|
|
$
|
41.9
|
|
|
|
$
|
20.7
|
|
Total Company Adjusted EBITDA (in millions)
|
|
$
|
15.2
|
|
|
|
$
|
(1.0
|
)
|
|
|
$
|
16.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Month Results from Continuing Operations
(unless otherwise specified)
|
|
Six Months Ended March 31,
|
|
|
2013
|
|
|
2012
|
|
|
Change
|
New Home Orders
|
|
2,453
|
|
|
|
2,236
|
|
|
|
9.7
|
%
|
LTM orders per month per community
|
|
2.7
|
|
|
|
2.0
|
|
|
|
35.0
|
%
|
Cancellation rates
|
|
21.8
|
%
|
|
|
27.1
|
%
|
|
|
-530 bps
|
|
|
|
|
|
|
|
|
|
Total Home Closings
|
|
2,165
|
|
|
|
1,711
|
|
|
|
26.5
|
%
|
Average sales price from closings (in thousands)
|
|
$
|
244.8
|
|
|
|
$
|
220.0
|
|
|
|
11.3
|
%
|
Homebuilding revenue (in millions)
|
|
$
|
529.9
|
|
|
|
$
|
376.5
|
|
|
|
40.8
|
%
|
Homebuilding gross profit margin, excluding impairments and
abandonments (I&A) (a)
|
|
15.3
|
%
|
|
|
12.1
|
%
|
|
|
320 bps
|
Homebuilding gross profit margin, excluding I&A and interest
amortized to cost of sales (a)
|
|
18.7
|
%
|
|
|
18.9
|
%
|
|
|
-20 bps
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations before income taxes (in millions)
|
|
$
|
(38.6
|
)
|
|
|
$
|
(73.8
|
)
|
|
|
$
|
35.2
|
|
Benefit from income taxes
|
|
$
|
0.6
|
|
|
|
$
|
36.6
|
|
|
|
$
|
(36.0
|
)
|
Net loss from continuing operations (in millions)
|
|
$
|
(38.1
|
)
|
|
|
$
|
(37.2
|
)
|
|
|
$
|
(0.9
|
)
|
Basic Per Share
|
|
$
|
(1.55
|
)
|
|
|
$
|
(2.43
|
)
|
|
|
$
|
0.88
|
|
Loss on debt extinguishment (in millions)
|
|
$
|
(3.6
|
)
|
|
|
$
|
(2.7
|
)
|
|
|
$
|
(0.9
|
)
|
Inventory impairments (in millions)
|
|
$
|
(2.2
|
)
|
|
|
$
|
(4.7
|
)
|
|
|
$
|
2.5
|
|
Net loss from continuing operations excluding inventory
impairments and loss on debt extinguishment (in millions)
|
|
$
|
(32.3
|
)
|
|
|
$
|
(29.8
|
)
|
|
|
$
|
(2.5
|
)
|
Land and land development spending (in millions)
|
|
$
|
152.6
|
|
|
|
$
|
100.1
|
|
|
|
$
|
52.5
|
|
Total Company Adjusted EBITDA (in millions)
|
|
$
|
23.0
|
|
|
|
$
|
2.8
|
|
|
|
$
|
20.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) This homebuilding gross profit for the six months ended March 31,
2012 includes an $11.0 million warranty recovery which contributed 300
bps to this margin.
As of March 31, 2013
-
Total cash and cash equivalents: $672.4 million, including
unrestricted cash of approximately $425.7 million
-
Stockholders' equity: $233.2 million
-
Total backlog from continuing operations: 2,211 homes with a sales
value of $584.2 million, compared to 1,975 homes with a sales value of
$465.0 million as of March 31, 2012
-
Land and lots controlled: 24,693 lots (83.1% owned), a decrease of
3.6% from March 31, 2012
Conference Call
The Company will hold a conference call on May 2, 2013 at 10:00 am ET to
discuss these results. Interested parties may listen to the conference
call and view the Company's slide presentation over the internet on the
"Investor Relations" page of the Company's website, www.beazer.com.
In addition, the conference call will be available by telephone at
800-619-8639 (for international callers, dial 312-470-7002). To be
admitted to the call, verbally supply the pass code "BZH". A replay of
the conference call will be available, until 11:00 PM ET on May 9, 2013,
at 800-677-4960 (for international callers, dial 203-369-3932) with pass
code “3740.” A replay of the webcast will be available at www.beazer.com
for approximately 30 days.
Headquartered in Atlanta, Beazer Homes is one of the country's 10
largest single-family homebuilders. The Company's homes meet or exceed
the benchmark for energy-efficient home construction as established by
ENERGY STAR® and are designed with flexible floorplan options to meet
the personal preferences and lifestyles of its buyers. In addition, the
Company is committed to providing a range of preferred lender choices to
facilitate transparent competition between lenders and enhanced customer
service. The Company offers homes in 16 states, including Arizona,
California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, New
Jersey, New York, North Carolina, Pennsylvania, South Carolina,
Tennessee, Texas and Virginia. Beazer Homes is listed on the New York
Stock Exchange under the ticker symbol “BZH.” For more info visit
Beazer.com, or check out Beazer on Facebook and Twitter.
This press release contains forward-looking statements. These
forward-looking statements represent our expectations or beliefs
concerning future events, and it is possible that the results described
in this press release will not be achieved. These forward-looking
statements are subject to risks, uncertainties and other factors, many
of which are outside of our control, that could cause actual results to
differ materially from the results discussed in the forward-looking
statements, including, among other things, (i) economic changes
nationally or in local markets, including changes in consumer
confidence, changes in the level of housing starts, declines in
employment levels, inflation and changes in the demand and prices of new
homes and resale homes in the market; (ii) a slower economic rebound
than anticipated, coupled with persistently high unemployment and
additional foreclosures; (iii) estimates related to homes to be
delivered in the future (backlog) are imprecise as they are subject to
various cancellation risks which cannot be fully controlled; (iv) a
substantial increase in mortgage interest rates, increased disruption in
the availability of mortgage financing or a change in tax laws regarding
the deductibility of mortgage interest; (v) factors affecting margins
such as decreased land values underlying lot option agreements,
increased land development costs on communities under development or
delays or difficulties in implementing initiatives to reduce production
and overhead cost structure; (vi) the final outcome of various putative
class action lawsuits, multi-party suits and similar proceedings as well
as the results of any other litigation or government proceedings and
fulfillment of the obligations in the Deferred Prosecution Agreement and
consent orders with governmental authorities and other settlement
agreements; (vii) our cost of and ability to access capital and
otherwise meet our ongoing liquidity needs including the impact of any
downgrades of our credit ratings or reductions in our tangible net worth
or liquidity levels; (viii) our ability to comply with covenants in our
debt agreements or satisfy such obligations through repayment or
refinancing; (ix) estimates related to the potential recoverability of
our deferred tax assets; (x) increased competition or delays in reacting
to changing consumer preference in home design; (xi) shortages of or
increased prices for labor, land or raw materials used in housing
production; (xii) additional asset impairment charges or writedowns;
(xiii) the impact of construction defect and home warranty claims; (xiv)
the cost and availability of insurance and surety bonds; (xv) delays in
land development or home construction resulting from adverse weather
conditions; (xvi) potential delays or increased costs in obtaining
necessary permits and possible penalties for failure to comply with
laws, regulations and governmental policies; (xvii) the performance of
our joint ventures and our joint venture partners; (xviii) potential
exposure related to additional repurchase claims on mortgages and loans
originated by Beazer Mortgage Corp.; (xix) effects of changes in
accounting policies, standards, guidelines or principles; or (xx)
terrorist acts, acts of war and other factors over which the Company has
little or no control. Any forward-looking statement speaks only as of
the date on which such statement is made, and, except as required by
law, we do not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time and it
is not possible for management to predict all such factors.
-Tables Follow-
BEAZER HOMES USA, INC.
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands, except per share data)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
March 31,
|
|
|
March 31,
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
Total revenue
|
$
|
287,902
|
|
|
|
$
|
191,643
|
|
|
|
$
|
534,804
|
|
|
|
$
|
380,191
|
|
Home construction and land sales expenses
|
241,992
|
|
|
|
170,283
|
|
|
|
452,606
|
|
|
|
333,059
|
|
Inventory impairments and option contract abandonments
|
2,025
|
|
|
|
1,170
|
|
|
|
2,229
|
|
|
|
4,673
|
|
Gross profit
|
43,885
|
|
|
|
20,190
|
|
|
|
79,969
|
|
|
|
42,459
|
|
Commissions
|
11,686
|
|
|
|
8,375
|
|
|
|
22,328
|
|
|
|
16,746
|
|
General and administrative expenses
|
28,795
|
|
|
|
26,319
|
|
|
|
55,123
|
|
|
|
54,513
|
|
Depreciation and amortization
|
3,093
|
|
|
|
3,190
|
|
|
|
5,808
|
|
|
|
5,593
|
|
Operating income (loss)
|
311
|
|
|
|
(17,694
|
)
|
|
|
(3,290
|
)
|
|
|
(34,393
|
)
|
Equity in income (loss) of unconsolidated entities
|
68
|
|
|
|
4
|
|
|
|
104
|
|
|
|
(73
|
)
|
Loss on extinguishment of debt
|
(3,638
|
)
|
|
|
(2,747
|
)
|
|
|
(3,638
|
)
|
|
|
(2,747
|
)
|
Other expense, net
|
(16,195
|
)
|
|
|
(18,265
|
)
|
|
|
(31,822
|
)
|
|
|
(36,538
|
)
|
Loss from continuing operations before income taxes
|
(19,454
|
)
|
|
|
(38,702
|
)
|
|
|
(38,646
|
)
|
|
|
(73,751
|
)
|
Benefit from income taxes
|
(343
|
)
|
|
|
(836
|
)
|
|
|
(596
|
)
|
|
|
(36,583
|
)
|
Loss from continuing operations
|
(19,111
|
)
|
|
|
(37,866
|
)
|
|
|
(38,050
|
)
|
|
|
(37,168
|
)
|
Loss from discontinued operations, net of tax
|
(529
|
)
|
|
|
(2,082
|
)
|
|
|
(1,978
|
)
|
|
|
(2,041
|
)
|
Net loss
|
$
|
(19,640
|
)
|
|
|
$
|
(39,948
|
)
|
|
|
$
|
(40,028
|
)
|
|
|
$
|
(39,209
|
)
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
24,654
|
|
|
|
15,711
|
|
|
|
24,472
|
|
|
|
15,269
|
|
Diluted
|
24,654
|
|
|
|
15,711
|
|
|
|
24,472
|
|
|
|
15,269
|
|
(Loss) earnings per share:
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share from continuing operations
|
$
|
(0.78
|
)
|
|
|
$
|
(2.41
|
)
|
|
|
$
|
(1.55
|
)
|
|
|
$
|
(2.43
|
)
|
Basic loss per share from discontinued operations
|
$
|
(0.02
|
)
|
|
|
$
|
(0.13
|
)
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
(0.14
|
)
|
Basic loss per share
|
$
|
(0.80
|
)
|
|
|
$
|
(2.54
|
)
|
|
|
$
|
(1.64
|
)
|
|
|
$
|
(2.57
|
)
|
Diluted loss per share from continuing operations
|
$
|
(0.78
|
)
|
|
|
$
|
(2.41
|
)
|
|
|
$
|
(1.55
|
)
|
|
|
$
|
(2.43
|
)
|
Diluted loss per share from discontinued operations
|
$
|
(0.02
|
)
|
|
|
$
|
(0.13
|
)
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
(0.14
|
)
|
Diluted loss per share
|
$
|
(0.80
|
)
|
|
|
$
|
(2.54
|
)
|
|
|
$
|
(1.64
|
)
|
|
|
$
|
(2.57
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
March 31,
|
|
|
March 31,
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
Capitalized interest in inventory, beginning of period
|
$
|
41,922
|
|
|
|
$
|
46,510
|
|
|
|
$
|
38,190
|
|
|
|
$
|
45,973
|
|
Interest incurred
|
29,177
|
|
|
|
32,190
|
|
|
|
57,595
|
|
|
|
64,715
|
|
Capitalized interest impaired
|
—
|
|
|
|
(25
|
)
|
|
|
—
|
|
|
|
(53
|
)
|
Interest expense not qualified for capitalization and included as
other expense
|
(16,246
|
)
|
|
|
(18,797
|
)
|
|
|
(32,457
|
)
|
|
|
(37,914
|
)
|
Capitalized interest amortized to house construction and land sales
expenses
|
(9,352
|
)
|
|
|
(12,636
|
)
|
|
|
(17,827
|
)
|
|
|
(25,479
|
)
|
Capitalized interest in inventory, end of period
|
$
|
45,501
|
|
|
|
$
|
47,242
|
|
|
|
$
|
45,501
|
|
|
|
$
|
47,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BEAZER HOMES USA, INC.
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
($ in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
March 31, 2013
|
|
|
September 30, 2012
|
ASSETS
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
425,660
|
|
|
|
$
|
487,795
|
|
Restricted cash
|
|
246,742
|
|
|
|
253,260
|
|
Accounts receivable (net of allowance of $2,051 and $2,235,
respectively)
|
|
25,070
|
|
|
|
24,599
|
|
Income tax receivable
|
|
2,513
|
|
|
|
6,372
|
|
Inventory
|
|
|
|
|
|
Owned inventory
|
|
1,143,737
|
|
|
|
1,099,132
|
|
Land not owned under option agreements
|
|
8,375
|
|
|
|
12,420
|
|
Total inventory
|
|
1,152,112
|
|
|
|
1,111,552
|
|
Investments in unconsolidated entities
|
|
41,814
|
|
|
|
42,078
|
|
Deferred tax assets, net
|
|
7,000
|
|
|
|
6,848
|
|
Property, plant and equipment, net
|
|
16,928
|
|
|
|
18,974
|
|
Other assets
|
|
28,871
|
|
|
|
30,740
|
|
Total assets
|
|
$
|
1,946,710
|
|
|
|
$
|
1,982,218
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
Trade accounts payable
|
|
$
|
62,235
|
|
|
|
$
|
69,268
|
|
Other liabilities
|
|
140,802
|
|
|
|
147,718
|
|
Obligations related to land not owned under option agreements
|
|
3,286
|
|
|
|
4,787
|
|
Total debt (net of discounts of $2,440 and $3,082, respectively)
|
|
1,507,153
|
|
|
|
1,498,198
|
|
Total liabilities
|
|
$
|
1,713,476
|
|
|
|
$
|
1,719,971
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
Preferred stock (par value $.01 per share, 5,000,000 shares
authorized, no shares issued)
|
|
$
|
—
|
|
|
|
$
|
—
|
|
Common stock (par value $0.001 per share, 63,000,000 shares
authorized, 25,092,502 and 24,601,830 issued and outstanding,
respectively)
|
|
25
|
|
|
|
25
|
|
Paid-in capital
|
|
845,009
|
|
|
|
833,994
|
|
Accumulated deficit
|
|
(611,800
|
)
|
|
|
(571,772
|
)
|
Total stockholders’ equity
|
|
233,234
|
|
|
|
262,247
|
|
Total liabilities and stockholders’ equity
|
|
$
|
1,946,710
|
|
|
|
$
|
1,982,218
|
|
|
|
|
|
|
|
Inventory Breakdown
|
|
|
|
|
|
Homes under construction
|
|
$
|
271,882
|
|
|
|
$
|
251,828
|
|
Development projects in progress
|
|
420,914
|
|
|
|
391,019
|
|
Land held for future development
|
|
355,613
|
|
|
|
367,102
|
|
Land held for sale
|
|
10,413
|
|
|
|
10,149
|
|
Capitalized interest
|
|
45,501
|
|
|
|
38,190
|
|
Model homes
|
|
39,414
|
|
|
|
40,844
|
|
Land not owned under option agreements
|
|
8,375
|
|
|
|
12,420
|
|
Total inventory
|
|
$
|
1,152,112
|
|
|
|
$
|
1,111,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BEAZER HOMES USA, INC.
|
CONSOLIDATED OPERATING AND FINANCIAL DATA – CONTINUING OPERATIONS
|
($ in thousands, except otherwise noted)
|
|
|
|
|
|
|
|
|
Quarter Ended March 31,
|
|
|
Six Months Ended March 31,
|
SELECTED OPERATING DATA
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
Closings:
|
|
|
|
|
|
|
|
|
|
|
|
West region
|
|
504
|
|
|
|
369
|
|
|
|
1,003
|
|
|
|
739
|
East region
|
|
383
|
|
|
|
292
|
|
|
|
736
|
|
|
|
602
|
Southeast region
|
|
240
|
|
|
|
183
|
|
|
|
426
|
|
|
|
370
|
Total closings
|
|
1,127
|
|
|
|
844
|
|
|
|
2,165
|
|
|
|
1,711
|
|
|
|
|
|
|
|
|
|
|
|
|
New orders, net of cancellations:
|
|
|
|
|
|
|
|
|
|
|
|
West region
|
|
658
|
|
|
|
655
|
|
|
|
1,082
|
|
|
|
958
|
East region
|
|
442
|
|
|
|
502
|
|
|
|
751
|
|
|
|
751
|
Southeast region
|
|
421
|
|
|
|
355
|
|
|
|
620
|
|
|
|
527
|
Total new orders
|
|
1,521
|
|
|
|
1,512
|
|
|
|
2,453
|
|
|
|
2,236
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog units at end of period:
|
|
|
|
|
|
|
|
|
|
|
|
West region
|
|
918
|
|
|
|
789
|
|
|
|
918
|
|
|
|
789
|
East region
|
|
762
|
|
|
|
787
|
|
|
|
762
|
|
|
|
787
|
Southeast region
|
|
531
|
|
|
|
399
|
|
|
|
531
|
|
|
|
399
|
Total backlog units
|
|
2,211
|
|
|
|
1,975
|
|
|
|
2,211
|
|
|
|
1,975
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollar value of backlog at end of period (in millions)
|
|
$
|
584.2
|
|
|
|
$
|
465.0
|
|
|
|
$
|
584.2
|
|
|
|
$
|
465.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
West region
|
|
$
|
117,496
|
|
|
|
$
|
77,810
|
|
|
|
$
|
227,249
|
|
|
|
$
|
148,064
|
East region
|
|
116,537
|
|
|
|
74,902
|
|
|
|
213,001
|
|
|
|
156,669
|
Southeast region
|
|
51,438
|
|
|
|
36,905
|
|
|
|
89,646
|
|
|
|
71,736
|
Total homebuilding revenue
|
|
$
|
285,471
|
|
|
|
$
|
189,617
|
|
|
|
$
|
529,896
|
|
|
|
$
|
376,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended March 31,
|
|
|
Six Months Ended March 31,
|
SUPPLEMENTAL FINANCIAL DATA
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding
|
|
$
|
285,471
|
|
|
|
$
|
189,617
|
|
|
|
$
|
529,896
|
|
|
|
$
|
376,469
|
Land sales and other
|
|
2,431
|
|
|
|
2,026
|
|
|
|
4,908
|
|
|
|
3,722
|
Total
|
|
$
|
287,902
|
|
|
|
$
|
191,643
|
|
|
|
$
|
534,804
|
|
|
|
$
|
380,191
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding
|
|
$
|
43,253
|
|
|
|
$
|
19,467
|
|
|
|
$
|
78,883
|
|
|
|
$
|
40,819
|
Land sales and other
|
|
632
|
|
|
|
723
|
|
|
|
1,086
|
|
|
|
1,640
|
Total
|
|
$
|
43,885
|
|
|
|
$
|
20,190
|
|
|
|
$
|
79,969
|
|
|
|
$
|
42,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of homebuilding gross profit before impairments and
abandonments and interest amortized to cost of sales and the related
gross margins to homebuilding gross profit and gross margin, the most
directly comparable GAAP measure, is provided for each period discussed
below. Management believes that this information assists investors in
comparing the operating characteristics of homebuilding activities by
eliminating many of the differences in companies' respective level of
impairments and level of debt. Homebuilding gross profit for the six
months ended March 31, 2012 included an $11.0 million warranty recovery
which added 300 basis points to homebuilding gross profit before
impairments and abandonments and interest amortized to cost of sales.
|
|
Quarter Ended March 31,
|
|
|
Six Months Ended March 31,
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
Homebuilding gross profit
|
|
$
|
43,253
|
|
|
15.2
|
%
|
|
|
$
|
19,467
|
|
|
10.3
|
%
|
|
|
$
|
78,883
|
|
|
14.9
|
%
|
|
|
$
|
40,819
|
|
10.8
|
%
|
Inventory impairments and lot option abandonments (I&A)
|
|
2,025
|
|
|
|
|
|
1,170
|
|
|
|
|
|
2,229
|
|
|
|
|
|
4,673
|
|
|
Homebuilding gross profit before I&A
|
|
45,278
|
|
|
15.9
|
%
|
|
|
20,637
|
|
|
10.9
|
%
|
|
|
81,112
|
|
|
15.3
|
%
|
|
|
45,492
|
|
12.1
|
%
|
Interest amortized to cost of sales
|
|
9,352
|
|
|
|
|
|
12,636
|
|
|
|
|
|
17,827
|
|
|
|
|
|
25,479
|
|
|
Homebuilding gross profit before I&A and interest amortized to cost
of sales
|
|
$
|
54,630
|
|
|
19.1
|
%
|
|
|
$
|
33,273
|
|
|
17.5
|
%
|
|
|
$
|
98,939
|
|
|
18.7
|
%
|
|
|
$
|
70,971
|
|
18.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA (earnings before interest, taxes,
depreciation, amortization, debt extinguishment, impairments and
abandonments) to total company net loss (including discontinued
operations), the most directly comparable GAAP measure, is provided for
each period discussed below. Management believes that Adjusted EBITDA
assists investors in understanding and comparing the operating
characteristics of homebuilding activities by eliminating many of the
differences in companies' respective capitalization, tax position and
level of impairments.
|
|
Quarter Ended March 31,
|
|
Six Months Ended March 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Net loss
|
|
$
|
(19,640
|
)
|
|
$
|
(39,948
|
)
|
|
$
|
(40,028
|
)
|
|
$
|
(39,209
|
)
|
Benefit from income taxes
|
|
(352
|
)
|
|
(850
|
)
|
|
(627
|
)
|
|
(36,996
|
)
|
Interest amortized to home construction and land sales expenses,
capitalized interest impaired, and interest expense not qualified
for capitalization
|
|
25,598
|
|
|
31,458
|
|
|
50,284
|
|
|
63,446
|
|
Depreciation and amortization and stock compensation amortization
|
|
3,947
|
|
|
4,423
|
|
|
7,446
|
|
|
8,126
|
|
Inventory impairments and option contract abandonments
|
|
2,025
|
|
|
1,147
|
|
|
2,246
|
|
|
4,654
|
|
Loss on debt extinguishment
|
|
3,638
|
|
|
2,747
|
|
|
3,638
|
|
|
2,747
|
|
Joint venture impairment and abandonment charges
|
|
—
|
|
|
7
|
|
|
—
|
|
|
36
|
|
Adjusted EBITDA
|
|
$
|
15,216
|
|
|
$
|
(1,016
|
)
|
|
$
|
22,959
|
|
|
$
|
2,804
|
|