Beazer Homes finally filed its long-delayed annual and fourth-quarter 2007 reports with the Securities and Exchange Commission yesterday. The public builder's financials have been undergoing auditing since 2007, when the company's board discovered accounting irregularities and financial errors through an investigation of Beazer's mortgage business.
The scrutiny resulted in amended results for Beazer in 2003-2006, with a net gain of $27.6 million for those fiscal years.
In fiscal 2007, which ended Sept. 30, 2007, Beazer lost $411.1 million or $10.70 per diluted share. Annual closings dropped 35 percent to 12,020. Revenues slid downward by the same percentage, to $3.49 billion. Cancellation rates hit a painful 68 percent in Beazer's fourth-quarter 2007, averaging a more tolerable 41 percent for the year.
The builder recorded nearly $700 million in impairments in fiscal 2007, including $488.9 million in inventory write-downs, $122.9 million in forfeited lot options, and $34 million worth of joint venture investment.
Overall, Beazer controlled more than 62,000 lots at the fiscal year's end, 60 percent of which are owned.
Beazer is expected to file its late 2008 quarterly statements this week.
For more information, visit http://ir.beazer.com/phoenix.zhtml?c=98372&p=irol-IRHome.