Atlanta-based Beazer Homes USA will report first quarter earnings of its fiscal year Friday morning, and Wall Street analysts are expecting a loss of $0.90 per share compared with the $0.84 profit it posted in the last quarter of its 2009 fiscal year ending Sept. 30.

Of course last quarter's earnings were pushed into the black by an early extinguishment of debt. While analysts aren't expecting the company to pull off a profit again, Beazer has surprised Wall Street prognosticators a fair amount recently, besting their guesses for the last two quarters.

For the past two quarters, Beazer has been busily restructuring its debt by paying some off at a discount and pushing back due dates. It has also sold stock to bring more capital into the company. In a recent debt exchange, the company managed to boost its net worth by triggering re-accounting of its debt. While it didn't bring any actual cash to the company, it did boost its tangible net worth, which will help keep it from triggering debt covenants.

Analysts can expect to hear the results of all that work during the company's conference call Friday morning.

But, those changes are one-off boosts to the balance sheet. In the end, the numbers they'll be most interested in hearing are those related to sales and SG&A percentages, keys to returning to true profitability.