þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE
(State or other jurisdiction of incorporation or organization) |
58-2086934
(I.R.S. employer Identification no.) |
1000 Abernathy Road, Suite 1200, Atlanta, Georgia
(Address of principal executive offices) |
30328
(Zip Code) |
Large accelerated filer o | Accelerated filer þ | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
Class | Outstanding at July 29, 2011 | |
Common Stock, $0.001 par value | 75,679,860 shares |
| 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; |
| additional asset impairment charges or writedowns; |
| economic changes nationally or in local markets, including changes in consumer confidence, declines in employment levels, volatility of mortgage interest rates and inflation; |
| the effect of changes in lending guidelines and regulations and the uncertain availability of mortgage financing; |
| a slower economic rebound than anticipated, coupled with persistently high unemployment and additional foreclosures; |
| continued or increased downturn in the homebuilding industry; |
| 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; |
| 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; |
| potential inability to comply with covenants in our debt agreements, or satisfy such obligations through repayment or refinancing; |
| increased competition or delays in reacting to changing consumer preference in home design; |
| shortages of or increased prices for labor, land or raw materials used in housing production; |
| 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; |
| the performance of our joint ventures and our joint venture partners; |
| the impact of construction defect and home warranty claims including those related to possible installation of drywall imported from China; |
| the cost and availability of insurance and surety bonds; |
| delays in land development or home construction resulting from adverse weather conditions; |
| potential delays or increased costs in obtaining necessary permits and possible penalties for failure to comply with laws, regulations and governmental policies; |
| potential exposure related to additional repurchase claims on mortgages and loans originated by Beazer Mortgage Corporation; |
| estimates related to the potential recoverability of our deferred tax assets; |
| effects of changes in accounting policies, standards, guidelines or principles; or |
| terrorist acts, acts of war and other factors over which the Company has little or no control. |
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
(in thousands, except share and per share data)
Table of Contents
(in thousands, except per share data)
Three Months Ended
Nine Months Ended
June 30,
June 30,
2011
2010
2011
2010
$
172,829
$
321,848
$
407,497
$
722,407
152,124
280,058
358,413
619,521
6,870
4,973
25,331
23,303
13,835
36,817
23,753
79,583
46,414
52,850
125,208
140,874
2,660
3,353
6,627
9,258
(35,239
)
(19,386
)
(108,082
)
(70,549
)
63
(10
)
372
(8,819
)
95
(9,045
)
(2,909
)
43,901
(17,085
)
(16,373
)
(46,616
)
(53,939
)
(52,166
)
(44,814
)
(157,235
)
(89,406
)
3,589
(21,430
)
570
(116,955
)
(55,755
)
(23,384
)
(157,805
)
27,549
(3,365
)
(4,432
)
(3,878
)
(2,068
)
$
(59,120
)
$
(27,816
)
$
(161,683
)
$
25,481
73,982
68,310
73,930
55,079
73,982
68,310
73,930
65,276
$
(0.75
)
$
(0.34
)
$
(2.14
)
$
0.50
$
(0.05
)
$
(0.07
)
$
(0.05
)
$
(0.04
)
$
(0.80
)
$
(0.41
)
$
(2.19
)
$
0.46
$
(0.75
)
$
(0.34
)
$
(2.14
)
$
0.44
$
(0.05
)
$
(0.07
)
$
(0.05
)
$
(0.03
)
$
(0.80
)
$
(0.41
)
$
(2.19
)
$
0.41
Table of Contents
(in thousands)
Nine Months Ended
June 30,
2011
2010
$
(161,683
)
$
25,481
7,033
9,795
6,599
8,398
28,145
24,281
4,036
(185
)
(4,063
)
161
(3,972
)
544
2,057
141
24,045
38
75
2,343
(44,602
)
301
(1,533
)
4,849
(31,014
)
(150,612
)
20,442
3,391
6,728
15,803
(3,251
)
(38,012
)
(31,626
)
(510
)
(464
)
(277,618
)
777
(12,134
)
(6,658
)
(1,763
)
(5,122
)
(250,074
)
(26,250
)
4,950
33,103
(259,021
)
(4,927
)
(213,755
)
(617,133
)
246,387
373,238
247,368
(5,130
)
(9,296
)
(163
)
(134
)
166,719
57,432
(544
)
(2,057
)
274,163
(31,231
)
(262,476
)
(35,381
)
537,121
507,339
$
274,645
$
471,958
Table of Contents
Table of Contents
Undiscounted Cash Flow Analyses Prepared
Aggregate
# of
Undiscounted
Communities
# of
Book Value
Cash Flow as a
Segment
On Watch List
Communities
(BV)
% of BV
8
4
$
5,079
86.5
%
4
2
9,731
96.5
%
1
1
5,259
44.0
%
1,564
n/a
13
7
$
21,633
81.6
%
7
7
$
32,773
93.4
%
4
4
8,383
104.6
%
3
n/a
2
1
1,326
104.0
%
3,067
n/a
16
12
$
45,549
96.2
%
Table of Contents
Results of Discounted Cash Flow Analyses Prepared
Estimated Fair
Estimated Fair
Value of
Value of
# of
Impaired
# of
Impaired
Communities
# of Lots
Impairment
Inventory at
Communities
# of Lots
Impairment
Inventory at
Segment
Impaired
Impaired
Charge
Period End
Impaired
Impaired
Charge
Period End
Quarter Ended June 30, 2011
Nine Months Ended June 30, 2011
4
153
$
1,571
$
4,223
9
831
$
17,556
$
31,924
1
41
759
5,637
1
41
988
5,637
1
176
3,435
1,812
1
176
3,557
1,812
531
2,139
6
370
6,296
11,672
11
1,048
24,240
39,373
215
6
370
$
6,296
$
11,672
11
1,048
$
24,455
$
39,373
Quarter Ended June 30, 2010
Nine Months Ended June 30, 2010
3
131
$
3,361
$
5,427
12
495
$
10,306
$
24,353
463
3
73
2,581
4,376
48
5
362
6,770
11,095
568
2,040
3
131
4,440
5,427
20
930
21,697
39,824
74
2
40
737
3,279
3
131
$
4,514
$
5,427
22
970
$
22,434
$
43,103
Table of Contents
management has the authority and commits to a plan to sell the land;
the land is available for immediate sale in its present condition;
· there is an active program to locate a buyer and the plan to sell the property has been
initiated;
the sale of the land is probable within one year;
the property is being actively marketed at a reasonable sale price relative to its
current fair value; and
it is unlikely that the plan to sell will be withdrawn or that significant changes to
the plan will be made.
Three Months Ended June 30,
Nine Months Ended June 30,
2011
2010
2011
2010
$
$
$
(51
)
$
1,061
169
$
$
$
118
$
1,061
17
73
74
232
$
17
$
73
$
192
$
1,293
Table of Contents
Deposits & Non-
refundable
Land Not Owned -
Preacquisition
Remaining
Under Option
Costs Incurred
Obligation
Agreements
$
6,406
$
9,414
$
15,820
1,805
4,946
6,751
17,135
210,467
$
25,346
$
224,827
$
22,571
(a)
Represents lot option agreements with non-VIE entities that we have deemed to be
financing arrangements pursuant to ASC 470-40,
Product Financing Arrangements
.
Table of Contents
Three Months Ended
Nine Months Ended
June 30, 2011
June 30, 2011
Weighted Average
Weighted Average
Grant Date Fair
Grant Date Fair
Shares
Value
Shares
Value
2,334,360
$
7.11
1,839,987
$
14.41
25,000
3.60
754,265
4.69
(257,491
)
5.93
(381,547
)
22.36
0.00
(52,509
)
68.56
(574,107
)
6.11
(632,434
)
9.93
1,527,762
$
7.62
1,527,762
$
7.62
(a)
Our Former Chief Executive Officer returned 52,509 shares of unvested restricted stock due
to his agreement with the Securities and Exchange Commission during the second quarter of
fiscal 2011.
Three Months Ended
Nine Months Ended
June 30, 2011
June 30, 2011
Weighted-
Weighted-
Average
Average
Shares
Exercise Price
Shares
Exercise Price
3,285,834
$
18.80
2,578,354
$
22.69
25,000
3.60
754,265
4.69
(1,614
)
32.96
(667,748
)
5.08
(687,919
)
5.09
2,643,086
$
22.13
2,643,086
$
22.13
1,279,473
$
36.60
1,279,473
$
36.60
2,600,028
$
22.41
2,600,028
$
22.41
4.8 years
51.7
%
1.22
%
$
2.10
Table of Contents
September 30,
(In thousands)
June 30, 2011
2010
$
55,412
$
53,508
17,254
25,821
18,798
35,477
27,431
31,474
8,671
3,678
63,949
60,212
$
191,515
$
210,170
(a)
The June 30, 2011 liability includes approximately $7 million of severance-related
obligations, of which $5.9 million relates to contractual obligations associated with the
June 2011 departure of our former Chief Executive Officer.
Nine Months Ended
June 30,
(In thousands)
2011
2010
$
(16,306
)
$
(9,730
)
17,220
770
515
65
2,337
106,609
103,300
521
299
3,982
102,086
June 30,
September 30,
(In thousands)
2011
2010
$
9,535
$
8,721
302,919
298,418
394,978
394,301
17,916
15,789
Table of Contents
Three Months Ended
Nine Months Ended
June 30,
June 30,
(In thousands)
2011
2010
2011
2010
$
63
$
18
$
464
$
(38
)
(28
)
(92
)
(8,781
)
$
63
$
(10
)
$
372
$
(8,819
)
$
(1
)
$
$
(18
)
$
(163
)
(12,482
)
(495
)
(15,226
)
$
(164
)
$
(12,482
)
$
(513
)
$
(15,226
)
Table of Contents
Table of Contents
June 30,
September 30,
(In thousands)
2011
2010
$
328,067
$
210,104
445,567
444,062
384,658
382,889
36,965
36,259
51,230
36,884
44,299
43,505
$
1,290,786
$
1,153,703
June 30, 2011
September 30, 2010
Projects in
Held for Future
Land Held
Total Owned
Projects in
Held for Future
Land Held
Total Owned
Progress
Development
for Sale
Inventory
Progress
Development
for Sale
Inventory
$
318,839
$
318,692
$
5,243
$
642,774
$
281,912
$
311,472
$
5,273
$
598,657
323,621
41,930
4,947
370,498
269,210
47,381
1,376
317,967
143,162
24,036
75
167,273
121,509
24,036
145,545
73,495
73,495
53,157
53,157
10,046
26,700
36,746
8,767
29,610
38,377
$
869,163
$
384,658
$
36,965
$
1,290,786
$
734,555
$
382,889
$
36,259
$
1,153,703
Table of Contents
Three Months Ended June 30,
Nine Months Ended June 30,
2011
2010
2011
2010
$
32
$
526
$
116
$
533
462
7
595
8
80
262
4
$
574
$
533
$
973
$
545
2,477
5
2,525
9
$
3,051
$
538
$
3,498
$
554
Three Months Ended
Nine Months Ended
June 30,
June 30,
2011
2010
2011
2010
$
47,624
$
41,107
$
36,884
$
38,338
32,872
31,561
98,175
96,977
(380
)
(196
)
(1,789
)
(1,292
)
(17,707
)
(17,381
)
(55,688
)
(57,478
)
(11,179
)
(16,444
)
(26,352
)
(37,898
)
$
51,230
$
38,647
$
51,230
$
38,647
Three Months Ended
Nine Months Ended
June 30,
June 30,
2011
2010
2011
2010
$
(55,755
)
$
(23,384
)
$
(157,805
)
$
27,549
(3,365
)
(4,432
)
(3,878
)
(2,068
)
$
(59,120
)
$
(27,816
)
$
(161,683
)
$
25,481
73,982
68,310
73,930
55,079
$
(0.75
)
$
(0.34
)
$
(2.14
)
$
0.50
$
(0.05
)
$
(0.07
)
$
(0.05
)
$
(0.04
)
$
(0.80
)
$
(0.41
)
$
(2.19
)
$
0.46
Table of Contents
Three Months Ended
Nine Months Ended
June 30,
June 30,
2011
2010
2011
2010
$
(55,755
)
$
(23,384
)
$
(157,805
)
$
27,549
1,434
$
(55,755
)
$
(23,384
)
$
(157,805
)
$
28,983
(3,365
)
(4,432
)
(3,878
)
(2,068
)
$
(59,120
)
$
(27,816
)
$
(161,683
)
$
26,915
73,982
68,310
73,930
55,079
7,738
2,459
73,982
68,310
73,930
65,276
$
(0.75
)
$
(0.34
)
$
(2.14
)
$
0.44
$
(0.05
)
$
(0.07
)
$
(0.05
)
$
(0.03
)
$
(0.80
)
$
(0.41
)
$
(2.19
)
$
0.41
June 30,
September 30,
Maturity Date
2011
2010
August 2012
$
$
November 2013
164,473
July 2015
172,454
209,454
June 2016
172,879
180,879
October 2017
250,000
250,000
June 2018
300,000
300,000
May 2019
250,000
August 2013
11,226
14,594
(24,208
)
(23,617
)
1,132,351
1,095,783
January 2013
57,500
57,500
July 2036
49,020
47,470
November 2017
247,368
Various Dates
2,726
10,794
$
1,488,965
$
1,211,547
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Three Months Ended
Nine Months Ended
June 30,
June 30,
2011
2010
2011
2010
$
18,699
$
26,666
$
25,821
$
30,100
1,344
2,349
3,158
5,112
(504
)
779
(3,187
)
731
(2,285
)
(4,421
)
(8,538
)
(10,570
)
$
17,254
$
25,373
$
17,254
$
25,373
Table of Contents
Table of Contents
Table of Contents
Level 1
Level 2
Level 3
Total
39,373
39,373
13,184
13,184
43,103
43,103
2,039
2,039
4,060
4,060
As of June 30, 2011
As of September 30, 2010
Carrying
Carrying
Amount
Fair Value
Amount
Fair Value
$
1,132,351
$
1,069,390
$
1,095,783
$
1,093,855
57,500
42,895
57,500
61,525
49,020
49,020
47,470
47,470
$
1,238,871
$
1,161,305
$
1,200,753
$
1,202,850
Table of Contents
East
: Delaware, Indiana, Maryland, New Jersey, New York, Pennsylvania, Tennessee (Nashville) and Virginia
Southeast
: Florida, Georgia, North Carolina (Raleigh), and South Carolina
Three Months Ended
Nine Months Ended
June 30,
June 30,
2011
2010
2011
2010
$
55,502
$
117,764
$
131,841
$
284,327
77,895
143,855
186,527
312,823
39,288
60,229
88,985
125,257
144
144
$
172,829
$
321,848
$
407,497
$
722,407
Three Months Ended
Nine Months Ended
June 30,
June 30,
2011
2010
2011
2010
$
(2,542
)
$
2,486
$
(28,567
)
$
6,128
1,905
9,687
1,462
19,996
(3,381
)
4,700
(4,194
)
(947
)
(75
)
(318
)
(4,093
)
16,873
(31,617
)
25,177
(31,146
)
(36,259
)
(76,465
)
(95,726
)
(35,239
)
(19,386
)
(108,082
)
(70,549
)
63
(10
)
372
(8,819
)
95
(9,045
)
(2,909
)
43,901
(17,085
)
(16,373
)
(46,616
)
(53,939
)
$
(52,166
)
$
(44,814
)
$
(157,235
)
$
(89,406
)
Table of Contents
Three Months Ended
Nine Months Ended
June 30,
June 30,
2011
2010
2011
2010
$
1,160
$
1,425
$
2,282
$
3,869
544
839
1,517
2,439
222
559
473
1,258
12
13
1,938
2,823
4,285
7,566
722
530
2,342
1,692
$
2,660
$
3,353
$
6,627
$
9,258
Nine Months Ended
June 30,
2011
2010
$
3,197
$
2,558
1,720
1,076
1,189
917
4,801
1,200
2,002
27
105
$
12,134
$
6,658
June 30,
September 30,
2011
2010
$
679,101
$
630,376
383,981
333,648
181,661
161,392
4,843
717,766
727,681
37,717
49,805
$
2,005,069
$
1,902,902
(a)
Corporate and unallocated includes amortization of capitalized interest and numerous shared
services functions that benefit all segments, the costs of which are not allocated to the
operating segments reported above including information technology, national sourcing and
purchasing, treasury, corporate finance, legal, branding and other national marketing costs.
(b)
Primarily consists of cash and cash equivalents, consolidated inventory not owned, deferred
taxes, capitalized interest and other corporate items that are not allocated to the segments.
Table of Contents
Table of Contents
Consolidating Balance Sheet Information
September 30, 2010
(in thousands)
Table of Contents
Unaudited Consolidating Statement of Operations Information
(in thousands)
Consolidated
Beazer Homes
Guarantor
Non-Guarantor
Consolidating
Beazer Homes
USA, Inc.
Subsidiaries
Subsidiaries
Adjustments
USA, Inc.
$
$
172,829
$
286
$
(286
)
$
172,829
11,179
141,231
(286
)
152,124
380
6,490
6,870
(11,559
)
25,108
286
13,835
46,388
26
46,414
2,660
2,660
(11,559
)
(23,940
)
260
(35,239
)
63
63
95
95
(17,707
)
609
13
(17,085
)
(29,171
)
(23,268
)
273
(52,166
)
(11,339
)
14,832
96
3,589
(37,923
)
37,923
(55,755
)
(38,100
)
177
37,923
(55,755
)
(3,362
)
(3
)
(3,365
)
(3,365
)
3,365
$
(59,120
)
$
(41,462
)
$
174
$
41,288
$
(59,120
)
Unaudited Consolidating Statement of Operations Information
(in thousands)
Consolidated
Beazer Homes
Guarantor
Non-Guarantor
Consolidating
Beazer Homes
USA, Inc.
Subsidiaries
Subsidiaries
Adjustments
USA, Inc.
$
$
407,497
$
819
$
(819
)
$
407,497
26,352
332,880
(819
)
358,413
1,789
23,542
25,331
(28,141
)
51,075
819
23,753
125,118
90
125,208
6,627
6,627
(28,141
)
(80,670
)
729
(108,082
)
372
372
(2,909
)
(2,909
)
(55,688
)
9,015
57
(46,616
)
(86,738
)
(71,283
)
786
(157,235
)
(33,715
)
34,010
275
570
(104,782
)
104,782
(157,805
)
(105,293
)
511
104,782
(157,805
)
(3,870
)
(8
)
(3,878
)
(3,878
)
3,878
$
(161,683
)
$
(109,163
)
$
503
$
108,660
$
(161,683
)
Table of Contents
Unaudited Consolidating Statement of Operations Information
(in thousands)
Consolidated
Beazer Homes
Guarantor
Non-Guarantor
Consolidating
Beazer Homes
USA, Inc.
Subsidiaries
Subsidiaries
Adjustments
USA, Inc.
$
$
321,566
$
282
$
$
321,848
16,444
263,614
280,058
196
4,777
4,973
(16,640
)
53,175
282
36,817
52,824
26
52,850
3,353
3,353
(16,640
)
(3,002
)
256
(19,386
)
(10
)
(10
)
(9,045
)
(9,045
)
(17,381
)
997
11
(16,373
)
(43,066
)
(2,015
)
267
(44,814
)
(16,258
)
(5,265
)
93
(21,430
)
3,424
(3,424
)
(23,384
)
3,250
174
(3,424
)
(23,384
)
(4,425
)
(7
)
(4,432
)
(4,432
)
4,432
$
(27,816
)
$
(1,175
)
$
167
$
1,008
$
(27,816
)
Unaudited Consolidating Statement of Operations Information
(in thousands)
Consolidated
Beazer Homes
Guarantor
Non-Guarantor
Consolidating
Beazer Homes
USA, Inc.
Subsidiaries
Subsidiaries
Adjustments
USA, Inc.
$
$
720,888
$
1,519
$
$
722,407
37,898
581,623
619,521
1,292
22,011
23,303
(39,190
)
117,254
1,519
79,583
140,788
86
140,874
9,258
9,258
(39,190
)
(32,792
)
1,433
(70,549
)
(8,819
)
(8,819
)
43,625
276
43,901
(57,478
)
3,487
52
(53,939
)
(53,043
)
(37,848
)
1,485
(89,406
)
(20,024
)
(97,451
)
520
(116,955
)
60,568
(60,568
)
27,549
59,603
965
(60,568
)
27,549
(2,057
)
(11
)
(2,068
)
(2,068
)
2,068
$
25,481
$
57,546
$
954
$
(58,500
)
$
25,481
Table of Contents
Unaudited Consolidating Statements of Cash Flow Information
(in thousands)
Consolidated
Beazer Homes
Guarantor
Non-Guarantor
Consolidating
Beazer Homes
USA, Inc.
Subsidiaries
Subsidiaries
Adjustments
USA, Inc.
$
(33,549
)
$
(245,010
)
$
941
$
$
(277,618
)
(12,134
)
(12,134
)
(1,763
)
(1,763
)
(250,526
)
452
(250,074
)
5,539
(589
)
4,950
(244,987
)
(14,034
)
(259,021
)
(212,841
)
(914
)
(213,755
)
246,387
246,387
247,368
247,368
(5,130
)
(5,130
)
(163
)
(163
)
(544
)
(544
)
(249,403
)
251,939
18
(2,554
)
25,674
251,025
18
(2,554
)
274,163
(252,862
)
(8,019
)
959
(2,554
)
(262,476
)
530,847
8,343
200
(2,269
)
537,121
$
277,985
$
324
$
1,159
$
(4,823
)
$
274,645
Consolidated
Beazer Homes
Guarantor
Non-Guarantor
Consolidating
Beazer Homes
USA, Inc.
Subsidiaries
Subsidiaries
Adjustments
USA, Inc.
$
(108,436
)
$
111,653
$
(2,440
)
$
$
777
(6,658
)
(6,658
)
(5,122
)
(5,122
)
(25,156
)
(1,094
)
(26,250
)
31,880
1,223
33,103
6,724
(11,651
)
(4,927
)
(615,008
)
(2,125
)
(617,133
)
373,238
373,238
(9,296
)
(9,296
)
(134
)
(134
)
166,719
166,719
57,432
57,432
(2,057
)
(2,057
)
105,413
(104,898
)
(82
)
(433
)
76,307
(107,023
)
(82
)
(433
)
(31,231
)
(25,405
)
(7,021
)
(2,522
)
(433
)
(35,381
)
495,692
11,482
2,915
(2,750
)
507,339
$
470,287
$
4,461
$
393
$
(3,183
)
$
471,958
Table of Contents
Three Months Ended
Nine Months Ended
June 30,
June 30,
2011
2010
2011
2010
$
4,717
$
18,280
$
14,627
$
35,390
4,002
14,629
11,236
28,929
2,494
152
2,814
978
(1,779
)
3,499
577
5,483
1,137
2,442
3,553
6,666
282
271
406
537
(3,198
)
786
(3,382
)
(1,720
)
(164
)
(12,482
)
(513
)
(15,226
)
33
26
105
(3,362
)
(11,663
)
(3,869
)
(16,841
)
3
(7,231
)
9
(14,773
)
$
(3,365
)
$
(4,432
)
$
(3,878
)
$
(2,068
)
June 30,
September 30,
2011
2010
$
$
411
358
2,214
36,746
46,280
613
900
$
37,717
$
49,805
$
3,983
$
8,727
4,568
6,279
857
$
8,551
$
15,863
Table of Contents
Exited numerous markets that we determined were not core to our long-term profitability
objectives, including Northwest Florida this quarter;
Reduced overhead expenses by eliminating headcount and centralizing or regionalizing
various functional activities;
Value-engineered our homes to reduce direct construction costs;
Limited our construction of unsold homes to align our inventory with anticipated
near-term demand; and
Scaled back our land and land development spending.
Table of Contents
Table of Contents
Three Months Ended
Nine Months Ended
June 30,
June 30,
($ in thousands)
2011
2010
2011
2010
$
168,444
$
321,387
$
398,887
$
717,077
4,385
461
8,610
5,330
$
172,829
$
321,848
$
407,497
$
722,407
$
11,877
$
36,369
$
20,127
$
76,899
1,958
448
3,626
2,684
$
13,835
$
36,817
$
23,753
$
79,583
7.1
%
11.3
%
5.0
%
10.7
%
44.7
%
97.2
%
42.1
%
50.4
%
8.0
%
11.4
%
5.8
%
11.0
%
$
46,414
$
52,850
$
125,208
$
140,874
26.9
%
16.4
%
30.7
%
19.5
%
$
2,660
$
3,353
$
6,627
$
9,258
$
63
$
18
$
464
$
(38
)
(28
)
(92
)
(8,781
)
$
63
$
(10
)
$
372
$
(8,819
)
$
95
$
(9,045
)
$
(2,909
)
$
43,901
Table of Contents
Three Months Ended
Nine Months Ended
June 30,
June 30,
2011
2010
2011
2010
Development projects and homes in process (Held for Development)
$
1,571
$
3,361
$
17,556
$
10,306
759
463
988
2,581
3,435
48
3,557
6,770
531
568
2,139
2,040
$
6,296
$
4,440
$
24,240
$
21,697
$
$
$
(51
)
$
1,061
169
$
$
$
118
$
1,061
$
32
$
526
$
116
$
533
462
7
595
8
80
262
4
$
574
$
533
$
973
$
545
$
6,870
$
4,973
$
25,331
$
23,303
Estimated Fair Value of Impaired
Communities
Quarter Ended
Inventory at Period End
Lots Impaired
Impaired
2011
2010
2011
2010
2011
2010
$
11,672
$
5,427
370
131
6
3
$
29,244
$
24,528
730
497
7
12
$
$
13,997
379
7
Table of Contents
Three Months Ended
Nine Months Ended
June 30,
June 30,
(dollars in thousands)
2011
2010
2011
2010
23
85
73
154
31
55
77
150
$
4,717
$
17,421
$
14,186
$
33,083
186
435
886
673
6
1,421
$
4,717
$
18,280
$
14,627
$
35,390
Table of Contents
Unit Data by Segment
Three Months Ended June 30,
New Orders, net
Cancellation Rates
Backlog
2011
2010
11 v 10
2011
2010
2011
2010
11 v 10
447
354
26.3
%
26.5
%
35.6
%
637
406
56.9
%
466
398
17.1
%
26.8
%
28.5
%
837
508
64.8
%
302
230
31.3
%
15.9
%
18.4
%
346
220
57.3
%
1,215
982
23.7
%
24.3
%
29.3
%
1,820
1,134
60.5
%
Nine Months Ended June 30,
New Orders, net
Cancellation Rates
Backlog
2011
2010
11 v 10
2011
2010
2011
2010
11 v 10
1,038
1,353
-23.3
%
27.0
%
26.4
%
637
406
56.9
%
1,203
1,250
-3.8
%
26.0
%
23.8
%
837
508
64.8
%
680
685
-0.7
%
14.9
%
14.9
%
346
220
57.3
%
2,921
3,288
-11.2
%
24.1
%
23.2
%
1,820
1,134
60.5
%
Table of Contents
Three Months Ended June 30,
Homebuilding Revenues
Average Selling Price
Closings
2011
2010
11 v 10
2011
2010
11 v 10
2011
2010
11 v 10
$
53,549
$
117,764
-54.5
%
$
196.2
$
192.1
2.1
%
273
613
-55.5
%
76,226
143,855
-47.0
%
245.1
230.9
6.1
%
311
623
-50.1
%
38,669
59,768
-35.3
%
186.8
185.6
0.6
%
207
322
-35.7
%
$
168,444
$
321,387
-47.6
%
$
213.0
$
206.3
3.2
%
791
1,558
-49.2
%
Nine Months Ended June 30,
Homebuilding Revenues
Average Selling Price
Closings
2011
2010
11 v 10
2011
2010
11 v 10
2011
2010
11 v 10
$
128,885
$
280,933
-54.1
%
$
192.4
$
203.9
-5.6
%
670
1,378
-51.4
%
182,367
311,362
-41.4
%
249.1
244.4
1.9
%
732
1,274
-42.5
%
87,635
124,782
-29.8
%
186.1
192.0
-3.1
%
471
650
-27.5
%
$
398,887
$
717,077
-44.4
%
$
213.0
$
217.2
-1.9
%
1,873
3,302
-43.3
%
Table of Contents
Three Months Ended June 30, 2011
Impairments &
HB Gross
HB Gross
Interest
HB Gross Profit
HB Gross Margin
HB Gross
HB Gross
Abandonments
Profit w/o
Margin w/o
Amortized to
w/o I&A and
w/o I&A and
(In thousands)
Profit (Loss)
Margin
(I&A)
I&A
I&A
COS
Interest
Interest
$
7,023
13.1
%
$
1,603
$
8,626
16.1
%
$
$
8,626
16.1
%
10,645
14.0
%
1,221
11,866
15.6
%
11,866
15.6
%
3,141
8.1
%
3,515
6,656
17.2
%
6,656
17.2
%
(8,932
)
531
(8,401
)
11,179
2,778
$
11,877
7.1
%
$
6,870
$
18,747
11.1
%
$
11,179
$
29,926
17.8
%
Three Months Ended June 30, 2010
Impairments &
HB Gross
HB Gross
Interest
HB Gross Profit
HB Gross Margin
HB Gross
HB Gross
Abandonments
Profit w/o
Margin w/o
Amortized to
w/o I&A and
w/o I&A and
(In thousands)
Profit
Margin
(I&A)
I&A
I&A
COS
Interest
Interest
$
18,052
15.3
%
$
3,887
$
21,939
18.6
%
$
$
21,939
18.6
%
23,083
16.0
%
470
23,553
16.4
%
23,553
16.4
%
10,858
18.2
%
48
10,906
18.2
%
10,906
18.2
%
(15,624
)
568
(15,056
)
16,444
1,388
$
36,369
11.3
%
$
4,973
$
41,342
12.9
%
$
16,444
$
57,786
18.0
%
Nine Months Ended June 30, 2011
Impairments &
HB Gross
HB Gross
Interest
HB Gross Profit
HB Gross Margin
HB Gross
HB Gross
Abandonments
Profit w/o
Margin w/o
Amortized to
w/o I&A and
w/o I&A and
(In thousands)
Profit
Margin
(I&A)
I&A
I&A
COS
Interest
Interest
$
2,609
2.0
%
$
17,621
$
20,230
15.7
%
$
$
20,230
15.7
%
26,479
14.5
%
1,583
28,062
15.4
%
28,062
15.4
%
10,520
12.0
%
3,988
14,508
16.6
%
14,508
16.6
%
(19,481
)
2,139
(17,342
)
26,352
9,010
$
20,127
5.0
%
$
25,331
$
45,458
11.4
%
$
26,352
$
71,810
18.0
%
Nine Months Ended June 30, 2010
Impairments &
HB Gross
HB Gross
Interest
HB Gross Profit
HB Gross Margin
HB Gross
HB Gross
Abandonments
Profit w/o
Margin w/o
Amortized to
w/o I&A and
w/o I&A and
(In thousands)
Profit
Margin
(I&A)
I&A
I&A
COS
Interest
Interest
$
44,985
16.0
%
$
11,900
$
56,885
20.2
%
$
$
56,885
20.2
%
49,622
15.9
%
2,589
52,211
16.8
%
52,211
16.8
%
11,938
9.6
%
6,774
18,712
15.0
%
18,712
15.0
%
(29,646
)
2,040
(27,606
)
37,898
10,292
$
76,899
10.7
%
$
23,303
$
100,202
14.0
%
$
37,898
$
138,100
19.3
%
Table of Contents
-12.6
%
6.8
%
-5.8
%
21.3
%
15.5
%
Land Sales & Other Revenues
Land Sales and Other Gross Profit
Three Months Ended June 30,
Three Months Ended June 30,
2011
2010
11 v
10
2011
2010
11 v
10
$
1,953
$
n/m
$
640
$
(13
)
n/m
1,669
n/m
577
n/m
619
461
34.3
%
620
461
34.5
%
144
n/m
121
n/m
$
4,385
$
461
851.2
%
$
1,958
$
448
337.1
%
Land Sales & Other Revenues
Land Sales and Other Gross Profit
Nine Months Ended June 30,
Nine Months Ended June 30,
2011
2010
11 v
10
2011
2010
11 v
10
$
2,956
$
3,394
-12.9
%
$
1,034
$
356
190.4
%
4,160
1,461
184.7
%
1,241
1,853
-33.0
%
1,350
475
184.2
%
1,238
475
160.6
%
144
n/m
113
n/m
$
8,610
$
5,330
61.5
%
$
3,626
$
2,684
35.1
%
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Extension and Amendment to the Companys Amended and Restated Credit Agreement, dated
as of August 5, 2009, by and between the Company and Citibank, N.A.
Fifteenth Supplemental Indenture, dated July 22, 2011, between the Company and U.S.
Bank National Association, amending and supplementing the Thirteenth Supplemental
Indenture, dated May 20, 2010, and the Fourteenth Supplemental Indenture, dated November
12, 2010
Certification pursuant to 17 CFR 240.13a-14 promulgated under Section 302 of the
Sarbanes-Oxley Act of 2002
Certification pursuant to 17 CFR 240.13a-14 promulgated under Section 302 of the
Sarbanes-Oxley Act of 2002
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002.
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002.
Beazer Homes USA, Inc.
Date: August 9, 2011
By:
/s/ Robert L. Salomon
Name:
Robert L. Salomon
Executive Vice President and
Chief Financial Officer
2
3
4
BEAZER HOMES USA, INC.
,
as Borrower |
||||
By: | /s/ Jeffrey Hoza | |||
Name: | Jeffrey Hoza | |||
Title: | Vice President & Treasurer | |||
CITIBANK, N.A.,
as Lender |
||||
By: | /s/ Timicka C. Anderson | |||
Name: | Timicka C. Anderson | |||
Title: | Vice President | |||
APRIL CORPORATION
BEAZER ALLIED COMPANIES HOLDINGS, INC. BEAZER GENERAL SERVICES, INC. BEAZER HOMES CORP. BEAZER HOMES HOLDINGS CORP. BEAZER HOMES INDIANA HOLDINGS CORP. BEAZER HOMES SALES, INC. BEAZER HOMES TEXAS HOLDINGS, INC. BEAZER REALTY, INC. BEAZER REALTY CORP. BEAZER REALTY LOS ANGELES, INC. BEAZER REALTY SACRAMENTO, INC. BEAZER/SQUIRES REALTY, INC. HOMEBUILDERS TITLE SERVICES, INC. HOMEBUILDERS TITLE SERVICES OF VIRGINIA, INC |
||||
|
By: | /s/ Jeffrey Hoza | (SEAL) | |||||
|
Name: Jeffrey Hoza
Title: Vice President & Treasurer |
|||||||
|
|
BEAZER MORTGAGE CORPORATION |
|
By: | /s/ Jeffrey Hoza | (SEAL) | |||||
|
Name: Jeffrey Hoza
Title: Vice President & Treasurer |
|
ARDEN PARK VENTURES, LLC
BEAZER CLARKSBURG, LLC BEAZER COMMERCIAL HOLDINGS, LLC BEAZER HOMES INVESTMENTS, LLC BEAZER HOMES MICHIGAN, LLC DOVE BARRINGTON DEVELOPMENT LLC |
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By: | BEAZER HOMES CORP., its Sole Member | ||||||
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By: | /s/ Jeffrey Hoza | (SEAL) | |||||
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Name: Jeffrey Hoza
Title: Vice President & Treasurer |
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BEAZER SPE, LLC |
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By: | BEAZER HOMES HOLDINGS CORP., its Sole Member | ||||||
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By: | /s/ Jeffrey Hoza | (SEAL) | |||||
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Name: Jeffrey Hoza
Title: Vice President & Treasurer |
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BEAZER HOMES INDIANA LLP |
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By: | BEAZER HOMES INVESTMENTS, LLC, its Managing Partner | ||||||
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By: | BEAZER HOMES CORP., its Sole Member | ||||||
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By: | /s/ Jeffrey Hoza | (SEAL) | |||||
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Name: Jeffrey Hoza
Title: Vice President & Treasurer |
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BEAZER REALTY SERVICES, LLC |
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By: |
BEAZER HOMES INVESTMENTS, LLC,
its Sole Member |
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By: |
BEAZER HOMES CORP.,
its Sole Member |
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By: | /s/ Jeffrey Hoza | (SEAL) | |||||
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Name: Jeffrey Hoza
Title:Vice President & Treasurer |
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PARAGON TITLE, LLC TRINITY HOMES, LLC |
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By: | BEAZER HOMES INVESTMENTS, LLC, a Member | ||||||
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By: |
BEAZER HOMES CORP.,
its Sole Member |
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By: | /s/ Jeffrey Hoza | (SEAL) | |||||
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Name: Jeffrey Hoza
Title: Vice President & Treasurer |
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BEAZER HOMES TEXAS, L.P. |
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By: |
BEAZER HOMES TEXAS HOLDINGS, INC.,
its General Partner |
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By: | /s/ Jeffrey Hoza | (SEAL) | |||||
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Name: Jeffrey Hoza
Title: Vice President & Treasurer |
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BH BUILDING PRODUCTS, LP | |||||||
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By: |
BH PROCUREMENT
SERVICES, LLC,
its General Partner |
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By: |
BEAZER HOMES TEXAS,
L.P.,
its Sole Member |
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By: |
BEAZER HOMES TEXAS
HOLDINGS, INC.,
its General Partner |
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By: | /s/ Jeffrey Hoza | (SEAL) | |||||
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Name: Jeffrey Hoza
Title: Vice President & Treasurer |
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BH PROCUREMENT SERVICES, LLC | |||||||
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By: |
BEAZER HOMES TEXAS,
L.P.,
its Sole Member |
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By: | BEAZER HOMES TEXAS HOLDINGS, INC., its General Partner | ||||||
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By: | /s/ Jeffrey Hoza | (SEAL) | |||||
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Name: Jeffrey Hoza
Title: Vice President & Treasurer |
2
3
BEAZER HOMES USA, INC.
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By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: |
Executive Vice President and
Chief Financial Officer |
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APRIL CORPORATION
BEAZER ALLIED COMPANIES HOLDINGS, INC. BEAZER GENERAL SERVICES, INC. BEAZER HOMES CORP. BEAZER HOMES HOLDINGS CORP. BEAZER HOMES INDIANA HOLDINGS CORP. BEAZER HOMES SALES, INC. BEAZER HOMES TEXAS HOLDINGS, INC. BEAZER REALTY CORP. BEAZER REALTY, INC. BEAZER REALTY LOS ANGELES, INC. BEAZER REALTY SACRAMENTO, INC. BEAZER/SQUIRES REALTY, INC. HOMEBUILDERS TITLE SERVICES OF VIRGINIA, INC. HOMEBUILDERS TITLE SERVICES, INC. |
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By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: | Executive Vice President | |||
BEAZER MORTGAGE CORPORATION
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By: | /s/ Allan P. Merrill | |||
Name: | Allan P. Merrill | |||
Title: | President | |||
BEAZER HOMES INDIANA LLP
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By: | BEAZER HOMES INVESTMENTS, LLC, | |||
its Managing Partner | ||||
By: | BEAZER HOMES CORP., | |||
its Sole Member | ||||
By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: | Executive Vice President | |||
ARDEN PARK VENTURES, LLC
BEAZER CLARKSBURG, LLC BEAZER COMMERCIAL HOLDINGS, LLC DOVE BARRINGTON DEVELOPMENT LLC BEAZER HOMES INVESTMENTS, LLC BEAZER HOMES MICHIGAN, LLC ELYSIAN HEIGHTS POTOMIA, LLC |
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By: | BEAZER HOMES CORP., | |||
its Sole Member | ||||
By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: | Executive Vice President | |||
BEAZER HOMES TEXAS, L.P.
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By: | BEAZER HOMES TEXAS HOLDINGS, INC., | |||
its General Partner | ||||
By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: | Executive Vice President | |||
BEAZER REALTY SERVICES, LLC
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By: | BEAZER HOMES INVESTMENTS, LLC, | |||
its Sole Member | ||||
By: | BEAZER HOMES CORP., | |||
its Sole Member | ||||
By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: | Executive Vice President | |||
BEAZER SPE, LLC
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By: | BEAZER HOMES HOLDINGS CORP., | |||
its Sole Member | ||||
By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: | Executive Vice President | |||
BH BUILDING PRODUCTS, LP
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By: | BH PROCUREMENT SERVICES, LLC, | |||
its General Partner | ||||
By: | BEAZER HOMES TEXAS, L.P., | |||
its Sole Member | ||||
By: | BEAZER HOMES TEXAS | |||
HOLDINGS, INC., | ||||
its General Partner | ||||
By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: | Executive Vice President | |||
BH PROCUREMENT SERVICES, LLC
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By: | BEAZER HOMES TEXAS, L.P., | |||
its Sole Member | ||||
By: | BEAZER HOMES TEXAS HOLDINGS, INC., | |||
its General Partner | ||||
By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: | Executive Vice President | |||
PARAGON TITLE, LLC
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By: | BEAZER HOMES INVESTMENTS, LLC, | |||
its Sole Member and Manager | ||||
By: | BEAZER HOMES CORP., | |||
its Sole Member | ||||
By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: | Executive Vice President | |||
TRINITY HOMES, LLC
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By: | BEAZER HOMES INVESTMENTS, LLC, | |||
its Member | ||||
By: | BEAZER HOMES CORP., | |||
its Sole Member | ||||
By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: | Executive Vice President | |||
CLARKSBURG ARORA LLC
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By: | BEAZER CLARKSBURG, LLC, | |||
its Sole Member | ||||
By: | BEAZER HOMES CORP., | |||
its Sole Member | ||||
By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: | Executive Vice President | |||
CLARKSBURG SKYLARK, LLC
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By: | CLARKSBURG ARORA LLC, | |||
its Sole Member | ||||
By: | BEAZER CLARKSBURG, LLC, | |||
its Sole Member | ||||
By: | BEAZER HOMES CORP., | |||
its Sole Member | ||||
By: | /s/ Robert L. Salomon | |||
Name: | Robert L. Salomon | |||
Title: | Executive Vice President | |||
U.S. BANK NATIONAL ASSOCIATION
as Trustee |
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By: | /s/ William B. Echols | |||
Name: | William B. Echols | |||
Title: | Vice President | |||
1. | I have reviewed this quarterly report on Form 10-Q of Beazer Homes USA, Inc.; | ||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
(d) | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and | ||
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ Allan P. Merrill | ||||
Allan P. Merrill | ||||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Beazer Homes USA, Inc.; | ||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
(d) | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and | ||
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: August 9, 2011
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/s/ Robert L. Salomon | ||||
Robert L. Salomon | ||||
Executive Vice President and Chief Financial Officer |
/s/ Allan P. Merrill | ||||
Allan P. Merrill | ||||
President and Chief Executive Officer | ||||
/s/ Robert L. Salomon | ||||
Robert L. Salomon | ||||
Executive Vice President and Chief Financial Officer | ||||