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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: March 31, 1997
BEAZER HOMES USA, INC.
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
DELAWARE 001-12822 54-2086934
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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5775 Peachtree Dunwoody Road, Suite C-550
Atlanta Georgia 30342
(Address of Principal
Executive Offices)
(404) 250-3420
(Registrant's telephone number, including area code)
None
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On March 31, 1997, Beazer Homes USA, Inc. issued the press release
attached hereto and made a part hereof.
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PRESS RELEASE
FOR IMMEDIATE RELEASE
BEAZER HOMES USA ANNOUNCES WRITEDOWN OF
TWO PROPERTIES IN NEVADA
ATLANTA, GEORGIA, MARCH 31, 1997 - Beazer Homes USA, Inc. (NYSE: BZH) today
announced that it expects to record a charge in the quarter ending March 31,
1997 to write down the value of two properties in Nevada to their estimated fair
market value as a result of cost overruns. The two properties are Craig Ranch,
in North Las Vegas, and Promontory, Beazer's only property in Reno/Sparks,
Nevada. The pre-tax charge is expected to approximate $6 million.
Ian McCarthy, President and Chief Executive Officer of Beazer Homes, said, "The
writedown of these two properties results from significant overruns in
development costs, the most significant relating to adverse ground conditions at
Promontory that were not anticipated at the beginning of that project. As a
result of these cost overruns, we now expect that the estimated future cash
flows of these projects are less than their current book value. Accordingly, we
will be recognizing an impairment loss to write each of these projects down to
their respective estimated fair market values."
Mr. McCarthy added, "To strengthen and focus our management in Nevada we have
reorganized our management structure in that state by appointing a new division
President for Las Vegas and transferring the management responsibility for the
Reno/Sparks property to our management team in Northern California based in
Sacramento. At this point, we have completed the development of Craig Ranch,
and we expect to complete the development of Promontory during the current
fiscal year and sell out of both of these projects within two years. We believe
that we now have our Nevada operations well under control."
David S. Weiss, Executive Vice President and Chief Financial Officer of Beazer
Homes, said, "The after-tax accounting charge that we expect to take will
approximate $.58 per share on a primary basis, which is the basis on which the
March quarter's earnings per share will be reported. The charge would be $.41
per share if earnings per share were calculated on a fully diluted basis,
consistent with last full fiscal year. "
Mr. Weiss also said, "After giving effect to this charge we expect to report
a net loss for the quarter ending March 31, 1997 of between $.50 and $.55 per
share on a primary basis. Earnings per share excluding the charge would,
therefore, be expected to be $.03 to $.08 per share compared to earnings per
share of $.40 for the quarter ended March 31, 1996. The principal reasons for
the decrease in earnings relative to last year are expected to be reduced home
closings and a reduction in gross margins relating principally to our Nevada
operations. We expect to report our final actual results for the quarter on
April 30, 1997."
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Beazer Homes USA, Inc., based in Atlanta, Georgia, is the country's seventh
largest single family homebuilder, with operations in Arizona, California,
Florida, Georgia, Nevada, North Carolina, South Carolina, Tennessee and Texas.
Contact: David S. Weiss
Executive Vice President and Chief Financial Officer
(404)250-3420
NOTE: CERTAIN STATEMENTS IN THIS PRESS RELEASE ARE "FORWARD-LOOKING STATEMENTS"
WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION ACT OF 1995.
SUCH STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER
FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY. SUCH RISKS,
UNCERTAINTIES AND OTHER FACTORS INCLUDE, BUT ARE NOT LIMITED TO, CHANGES
IN GENERAL ECONOMIC CONDITIONS, FLUCTUATIONS IN INTEREST RATES, INCREASES
IN RAW MATERIALS AND LABOR COSTS, LEVELS OF COMPETITION AND OTHER FACTORS
DESCRIBED IN THE COMPANY'S ANNUAL REPORT FOR THE YEAR ENDED
SEPTEMBER 30, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BEAZER HOMES USA, INC.
Date: April 2, 1997 By: /s/ David S. Weiss
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David S. Weiss
Executive Vice President
and Chief Financial Officer
