Beazer Homes Losses Triple in Quarter

Atlanta, GA, Dec. 2, 2008–Beazer Homes says fiscal fourth-quarter losses more than tripled as revenue plunged and income taxes ballooned.

Losses for the quarter ended Sept. 30 totaled $473.9 million, or $12.29 per share, compared with year-ago losses of $155.2 million, or $4.03 per share. Losses from continuing operations totaled $12.32 per share in the latest period.

Beazer says revenue fell to $712.6 million from $1.09 billion as home closings tumbled 38 percent. Meanwhile, income taxes swelled to $334.9 million versus a tax gain of $76.6 million last year.

The homebuilder said demand for new homes continues to be hurt by low consumer confidence, falling prices, extensive supply and less access to mortgage financing.