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Fitch Upgrades Beazer's IDR to 'B-'; Outlook Stable
(extended version - link back to original post which is shorter. I like this one - East)
Fitch Upgrades Beazer's IDR to 'B-'; Outlook Stable
CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has upgraded the Issuer Default Rating (IDR) of Beazer Homes USA, Inc. (NYSE: BZH) to 'B-' from 'CCC'. The Rating Outlook is Stable.
A full list of rating actions follows at the end of this press release.
The upgrade and the Stable Outlook reflect Beazer's operating performance so far this year, its robust cash position, and moderately better prospects for the housing sector during the remainder of this year and in 2013. The rating is also supported by the company's execution of its business model, land policies, and geographic diversity.
Risk factors include the cyclical nature of the homebuilding industry, the company's high debt load and high leverage, BZH's underperformance relative to its peers in certain operational and financial categories, and its current over-exposure to the credit-challenged entry level market (approximately 60% of BZH's customers are first-time home buyers).
BZH's homebuilding revenues for the third quarter year-to-date (YTD) period increased 57.6% to $628.5 million as home deliveries grew 50.6% to 2,820 homes and the average selling price improved 4.6% to $222,900. The company has also reported improved quarterly net sales in each of the last five quarters, contributing to a 31% increase in homes in backlog at June 30, 2012 compared with year ago levels. The significant increase in backlog, combined with the company's strategy to grow community count, should result in moderately higher deliveries in fiscal 2013 compared with 2012. Nevertheless, Fitch does not expect BZH to be profitable in fiscal 2013.
The company has taken steps to further strengthen its balance sheet and improve its liquidity position to better participate in the housing recovery. In July 2012, BZH completed underwritten public offerings of its common stock, tangible equity units and a private placement of $300 million of 6.625% senior secured notes. Net proceeds from these transactions were roughly $466 million. Concurrently with the debt offering, BZH called for redemption of all of its $250 million 12% senior secured notes due 2017 and repaid $20 million under its outstanding cash secured term loan. These transactions are projected to lower annual interest expense by approximately $15 million.
After giving effect to the debt and equity offerings, the company had unrestricted cash of $417.6 million on a pro forma basis as of June 30, 2012. BZH has also negotiated a commitment letter with four financial institutions for a proposed $150 million three-year secured revolving credit agreement, which would replace the company's existing $22 million revolving credit facility. This credit agreement is expected to close during the September quarter.
The improved liquidity position provides BZH with some cushion as Fitch expects the company will continue to have operating losses and negative cash flow through fiscal 2013. Fitch currently expects BZH to end fiscal 2012 with unrestricted cash of between $400 million and $450 million. With higher land and development spending expected next year, unrestricted cash could fall below $250 million by the end of fiscal 2013.
BZH increased land and development expenditures in 2011 following four years of reduced spending. The company spent approximately $221.6 million on land and development during fiscal 2011 compared with $182.7 million expended in fiscal 2010. Through the first nine months of fiscal 2012 (ending June 30, 2012), BZH spent roughly $140.6 million on land and land development compared with $177.9 million spent during the first nine months of fiscal 2011. The company expects land and development spending for all of 2012 to be similar to 2011 levels. Given the improvement in the overall housing market, BZH expects to more aggressively pursue growth in new communities going forward. Fitch is comfortable with this strategy given the company's enhanced liquidity position and the fact that BZH has no major debt maturities until 2015, when $172.5 million of senior notes become due. Furthermore, management has demonstrated in the past that it is capable of pulling back on land and development spending when necessary.
At June 30, 2012, the company controlled 25,088 lots, of which 84.2% were owned and the remaining lots controlled through options. Based on the latest 12-month closings, BZH controlled six years of land and owned roughly five years of land. The company's owned-lot position includes 4,207 finished lots (or 19.9% of total owned lots), giving the company some discretion and flexibility in controlling its land and development spending.
Builder and investor enthusiasm have for the most part surged so far in 2012. However, national housing metrics have not entirely kept pace. Year-over-year comparisons have been solidly positive on a consistent basis. Yet, month to month the national statistics (single-family starts, new home, and existing home sales) have been erratic and, at times, below expectations. In any case, year to date these housing metrics are well above 2011 levels. As Fitch has noted in the past, recovery will likely occur in fits and starts.
Fitch's housing forecasts for 2012 have been raised since early spring, but still assume only a moderate rise off a very low bottom. In a slowly growing economy with relatively similar distressed home sales competition, less competitive rental cost alternatives, and new home inventories at historically low levels, single-family housing starts should improve about 12%, while new home sales increase approximately 10.5% and existing home sales grow 5.6%. Further moderate improvement is forecast for 2013.
Future ratings and Outlooks will be influenced by broad housing market trends as well as company specific activity, such as trends in land and development spending, general inventory levels, speculative inventory activity (including the impact of high cancellation rates on such activity), gross and net new order activity, debt levels, especially free cash flow trends and uses, and the company's cash position.
Beazer's ratings are constrained in the intermediate term due to weak credit metrics and high leverage. However, positive rating actions may be considered if the recovery in housing is maintained and is meaningfully better than Fitch's current outlook, BZH shows continuous improvement in credit metrics, and preserves a healthy liquidity position.
Negative rating actions could occur if the anticipated recovery in housing does not materialize and the company prematurely steps up its land and development spending, leading to consistent and significant negative quarterly cash flow from operations and diminished liquidity position. In particular, Fitch will review the company's ratings if the company's liquidity position (unrestricted cash plus revolver availability) falls below $200 million.
Fitch has upgraded the following ratings for BZH:
-- Long-term IDR to 'B-' from 'CCC';
-- Secured revolver to 'BB-/RR1' from 'B+/RR1';
-- Second lien secured notes to 'BB-/RR1' from 'B+/RR1';
-- Senior unsecured notes to 'CCC+/RR5' from 'CCC/RR4';
-- Convertible subordinated notes to 'CCC/RR6' from 'C/RR6';
-- Junior subordinated debt to 'CCC/RR6' from 'C/RR6'.
The Rating Outlook is Stable
The Recovery Rating (RR) of 'RR1' on Beazer's secured credit revolving credit facility and second-lien secured notes indicates outstanding recovery prospects for holders of these debt issues. The 'RR5' on Beazer's senior unsecured notes indicates below-average recovery prospects for holders of these debt issues. Beazer's exposure to claims made pursuant to performance bonds and joint venture debt and the possibility that part of these contingent liabilities would have a claim against the company's assets were considered in determining the recovery for the unsecured debtholders. The 'RR6' on the company's mandatory convertible subordinated notes and junior subordinated notes indicates poor recovery prospects for holders of these debt issues in a default scenario. Fitch applied a liquidation value analysis for these recovery ratings.
Maybe that's because they think it won't happen?
I guess the market likes the R/S. I don't get it, but not complaining.
Fitch raises debt ratings for Beazer Homes
http://finance.yahoo.com/news/fitch-raises-debt-ratings-beazer-220843631.html
Fitch lifts debt ratings for Beazer Homes, citing better prospects for housing sector
Associated Press – Thu, Sep 6, 2012 6:08 PM EDT.. .
CHICAGO (AP) -- Fitch Ratings raised several of its debt ratings on Beazer Homes USA Inc. on Thursday, citing the homebuilder's track record selling homes so far this year and prospects for a moderately improved housing sector heading into 2013.
The ratings firm upgraded Beazer's long-term issuer default rating two notches to "B-" from "CCC." That is still in the non-investment, or junk, category.
Fitch also raised ratings for the Atlanta-based builder's secured revolver, several types of notes and other debt. The firm's outlook on Beazer is "Stable."
The rating upgrade is on Beazer's operating performance so far this year, its robust cash position and moderately better prospects for the housing sector during the remainder of this year and next year, Fitch said.
All told, U.S. sales of newly built homes were up 25 percent in the 12 months ended in July. And builder confidence rose last month to its highest level since the housing market went bust five years ago.
Like other homebuilders, Beazer's sales through the first half of the year are ahead of the same time last year, when U.S. sales of new homes hit the lowest level in a half century.
Beazer, which has operations in 16 states, reported sharp annual increases in completed sales and contracts for new homes between January and June. As a result its revenue more than doubled in the same period, and it reported smaller quarterly losses.
As of June 30 the company's backlog of homes under contract was 31 percent higher than a year earlier. Backlog is a key barometer of future completed sales.
The increased backlog, combined with the company's strategy to grow the number of open communities, should result in higher completed sales in fiscal 2013, Fitch said.
Regardless, Fitch does not anticipate that Beazer will be profitable in fiscal 2013.
Beazer has taken steps, including public offerings and a private placement of notes, to bolster its balance sheet, cash reserves and access to credit. The measures should provide the company with some cushion even as it books operating losses through fiscal 2013, Fitch said.
Beazer shares rose 16 cents, or 5.4 percent, to close at $3.10 amid a broad market rally. The stock is up 25 percent so far this year.
I am against a reverse split. Even with a moderate recovery, the stock price will soon enough be back over $5.00 and the institutional investers will be there. In my opinion, Artificially increasing the price is not the way to prosperity. Time and hard work will bring the price up and the institutions will be there when it happens.
Proxy:
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8434436
PROPOSAL 1 — REVERSE STOCK SPLIT AND DECREASE IN THE AUTHORIZED NUMBER OF SHARES OF COMMON STOCK
General
Our Board of Directors has approved, and recommended that our stockholders approve, a proposal to permit our Board of Directors, in its sole discretion, to file a certificate of amendment to our Amended and Restated Certificate of Incorporation (“Certificate of Incorporation”), in substantially the form attached hereto as Appendix A (the “Reverse Stock Split Amendment”), to (i) effect a 1-for-5 Reverse Stock Split of the outstanding shares of our common stock and (ii) decrease the number of shares of common stock authorized for issuance from 180 million to 100 million.
If our stockholders approve the Reverse Stock Split Amendment, and our Board of Directors decides to implement it, the Reverse Stock Split will become effective upon the filing of the Reverse Stock Split Amendment with the Delaware Secretary of State.
Even if the stockholders approve the Reverse Stock Split Amendment, we may abandon or postpone the proposal if our Board of Directors determines that it is no longer in the best interests of the Company and our stockholders. If the Reverse Stock Split Amendment is not implemented by our Board of Directors within 12 months of the special meeting, the proposal will be deemed abandoned, without further effect. In that case, our Board of Directors may again seek stockholder approval at a future date if it deems a reverse stock split to be advisable at that time.
Reasons for the Reverse Stock Split
Although the proposed Reverse Stock Split will not have the effect of increasing the equity market capitalization of the Company, we believe that implementing the Reverse Stock Split will provide benefits to the Company and our existing stockholders by making shares of our common stock more attractive to certain prospective stockholders in at least four significant ways:
1. Stock Price Volatility. We have been advised by certain institutional investors, as well as by our financial advisors, that a higher stock price may increase the acceptability of our common stock to a number of long-term investors who may not find our shares attractive at their current prices due to the trading volatility often associated with stocks below certain prices.
2. Stock Price Requirements. We understand that many brokerage houses and institutional investors have internal policies and practices that either prohibit them from investing in low-priced stocks or tend to discourage individual brokers from recommending low-priced stocks to their customers or by restricting or limiting the ability to purchase such stocks on margin.
3. Transaction Costs. Investors also may be dissuaded from purchasing stocks below certain prices because the brokerage commissions, as a percentage of the total transaction value, tend to be higher for such low-priced stocks.
4. Equity Research. Finally, although low equity market capitalization is a more prominent reason analysts decline to provide equity research coverage, analysts at many brokerage firms do not provide coverage of lower-priced stocks.
Taken together, we believe the potential benefits of the proposed Reverse Stock Split will make our common stock a more attractive and cost effective investment for many investors, which we believe may help improve our stock price over the long term.
Reasons for the Decrease in Authorized Shares
At present, we do not have any plans or arrangements to issue additional shares of common stock other than shares currently reserved for issuance under our existing equity incentive plans and upon conversion of our outstanding convertible notes and settlement of our outstanding tangible equity units. Nonetheless, the Board of Directors believes the Reverse Stock Split warranted reconsideration of the total number of shares authorized for future issuance under our Certificate of Incorporation.
As a matter of Delaware law, implementation of the Reverse Stock Split does not require a change in the total number of shares of our common stock authorized under our Certificate of Incorporation. Despite this fact, the Board of Directors carefully considered whether such a change was in the best interests of stockholders. In determining whether to recommend a change to the total number of shares of our common stock authorized under our Certificate of Incorporation, the Board of Directors considered a number of factors including: (i) the number of shares that would be available if we did not reduce our total authorized shares from the current limit of 180 million shares; (ii) the number of shares that would be available if our authorized shares were reduced in the same ratio as the Reverse Stock Split; (iii) the potential for future stock issuances to raise capital, effect acquisitions and/or provide equity incentives to employees; (iv) the proportion of authorized shares remaining available for issuance among our homebuilding peer group; and (v) the impact of potential future stock issuances on our deferred tax assets (as more fully described below).
After weighing these factors, the Board of Directors concluded that the Company’s authorized shares should be reduced from 180 million to 100 million. This level of authorized shares would leave the Company with approximately 66.4 million shares available for issuance after the Reverse Stock Split, or 66% of total authorized shares. The Board believes that this reduction strikes the right balance between having an unnecessarily large number of shares available for issuance, and having too few shares available for issuance, particularly in light of the substantial number of authorized shares available to our homebuilding peers.
• If the Reverse Stock Split were completed in the absence of a reduction in authorized shares, our total shares issued and outstanding, or reserved for issuance, would be approximately 33.6 million, leaving approximately 146.4 million shares, or 81.4% of our authorized total shares available for future issuance.
• At August 15, 2012, we had approximately 123.1 million shares issued and outstanding. In addition, we had approximately 2.2 million shares reserved for issuance under our existing equity incentive plans, which were previously approved by stockholders, and approximately 42.5 million shares reserved for issuance upon conversion of our outstanding convertible notes and settlement of our outstanding tangible equity units. Taken together, we had approximately 167.8 million shares issued and outstanding or reserved for issuance as of August 15, 2012, which means the Company currently has approximately 12.2 million shares, or 6.8% of our authorized total shares available for future issuance. If our total authorized shares were reduced in the same ratio as the Reverse Stock Split, we would have approximately 2.4 million, or 6.8%, available for future issuance.
• While the Company and the Board of Directors are cognizant of stockholder concerns regarding ownership dilution that would result from future equity issuances, we believe that it is advisable to retain a competitive level of flexibility for future stock issuances as conditions in the housing market strengthen. Future opportunities may arise in which a share issuance is in stockholders’ best interests, including raising additional capital for land acquisitions, expanding through acquisitions or providing incentives to our employees consistent with peer practices, among other alternatives.
• Based on our analysis of available information for publicly traded homebuilders, we believe approximately 60% of their respective total authorized shares remain available for issuance by our publicly traded homebuilding peers on average. This ratio increases to approximately 70% of remaining authorized shares on average when considering only those public homebuilders which, like us, have a market capitalization of less than $2 billion.
• In recent years, we have generated significant net operating losses and unrealized tax losses (collectively, “NOLs”), which have given rise to our total deferred tax assets of $495.7 million, net of certain deferred tax liabilities as of June 30, 2012. Until we generate taxable income, these NOLs are likely to become larger. As long as a future “ownership change” does not occur, which under Section 382 of the Internal Revenue Code is determined in part by taking into account share issuances, we expect to be able to utilize a majority of our deferred tax assets upon achievement of sustained profitability. Because we cannot predict when or to what extent we will return to profitability , we carefully monitor — and will continue to carefully monitor — potential Section 382 ownership shifts, including limiting future share issuances that could limit or eliminate our ability to utilize these tax assets in future years.
All the home builders are starting off up in pre-market trading. Let's see if BZH can make it over 3 and stay there.
The big boys have been accumulating all summer. They got their fill, issue the upgrades and make a fortune. Fine with me.
Beazer Homes (BZH) Rallies as New Bull Enters Camp
9:26 AM ET, 08/09/2012 - Street Insider
http://www.streetinsider.com/Upgrades/Beazer+Homes+%28BZH%29+Rallies+as+New+Bull+Enters+Camp/7645680.html
Beazer Homes (NYSE: BZH) is rallying in pre-open trading after JPMorgan upgraded the stock two notches from Underweight to Overweight.
JP Morgan sees demand, price increases in U.S. housing market
10:57 AM ET, 08/09/2012 - Reuters
Aug 9 (Reuters) - The U.S. housing market is set to improve over atleast the next 18 months as demand increases and low supply pushes up home prices, J.P. Morgan Securities said, upgrading stocks of three homebuilders.
The brokerage upgraded PulteGroup Inc, K.B. Home and Beazer Homes, saying investors should buy homebuilders' stocks more aggressively on pullbacks despite their strong gains this year.
The Standard & Poor's homebuilder index has risen nearly 60 percent in 2012.
"While household formation, the core demand driver of housing starts, has begun to improve in 2012, greater gains still lie ahead," JP Morgan analyst Michael Rehaut said.
An incremental tightening of supply in 2012 should act as a solid protection against downside risk in the housing market, particularly in terms of home prices, in the event that demand slows or the macroeconomy falters near term, he added.
Rehaut downgraded Toll Brothers Inc on valuation.
The homebuilder index was up 2 percent on Thursday morning. Shares of PulteGroup touched a more than 2-year high at $12.63. Shares of KB Home and Beazer Homes were up 5 percent on Thursday morning on the New York Stock Exchange. (Reporting by A. Ananthalakshmi in Bangalore)
Beazer Homes Reports Third Quarter Fiscal 2012 Results
Friday , August 03, 2012 06:30ET
ATLANTA--(BUSINESS WIRE)-- Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today announced its financial results for the quarter ended June 30, 2012.
"I am very pleased with our third quarter results," said Allan Merrill, CEO of Beazer Homes. "We generated improvement in new home orders, home closings and backlog, recording our fourth consecutive quarter of year-over-year increases in these metrics. This improvement reflects both the continuing operational benefits of our path-to-profitability strategies and gradually improving conditions in the housing market.
Subsequent to quarter-end, we successfully raised over $170 million in growth capital from concurrent equity and equity-linked offerings which we will use to reinvest in targeted markets. We also refinanced our 12% secured notes at a significantly lower cost which will save approximately $15 million per year. Taken together, we expect these actions to help accelerate our return to profitability."
Summary results of the quarter are as follows:
Quarter Ended June 30, 2012 - Results from Continuing Operations (unless otherwise specified)
-- Total new orders: 1,555 homes, a 28.0% increase from fiscal 2011
o Cancellation rates: 24.5%, compared with 24.3% in fiscal 2011
-- Total home closings: 1,109 homes, a 40.2% increase from fiscal 2011
-- Revenue: $254.6 million, compared to $172.8 million in fiscal 2011
o Average sales price from closings: $227.3 thousand, compared with
$213.0 thousand in fiscal 2011
-- Gross profit margin: 8.3%, compared to 8.0% in fiscal 2011. These
margins were impacted by $5.8 million and $6.9 million in fiscal 2012
and fiscal 2011, respectively, for impairments and option contract
abandonments.
o Homebuilding gross profit margin, excluding impairments and
abandonments: 10.5%, compared to 11.1% in fiscal 2011
o Homebuilding gross profit margin, excluding impairments, abandonments
and interest amortized to cost of sales: 16.7%, compared to 17.8% in
fiscal 2011.
-- Net loss from continuing operations: $(38.1) million, or a diluted loss
per share of $(0.38), including non-cash pre-tax charges of $5.8 million
for inventory impairments. This compared to a loss from continuing
operations in the third quarter of fiscal 2011 of $(55.8) million, or $
(0.75) per share, which included non-cash pre-tax charges of $6.9
million for inventory impairments.
-- Net Loss: $(39.9) million (including a loss from discontinued operations
of $(1.8) million), compared with a net loss of $(59.1) million for
fiscal 2011 (including loss from discontinued operations of $(3.4)
million)
-- Total Company land and land development spending: $40.5 million,
compared with $54.2 million in fiscal 2011
Nine Months Ended June 30, 2012 - Results from Continuing Operations (unless otherwise specified)
-- Total new orders: 3,791 homes, a 29.8% increase from fiscal 2011
o Cancellation rates: 26.0%, compared with 24.1% in fiscal 2011
-- Total home closings: 2,820 homes, a 50.6% increase from fiscal 2011
-- Revenue: $634.7 million, compared to $407.5 million in fiscal 2011
o Average sales price from closings: $222.9 thousand, compared with
$213.0 thousand in fiscal 2011
-- Gross profit margin: 10.0%, compared to 5.8% in fiscal 2011. These
margins were impacted by $10.5 million and $25.3 million in fiscal 2012
and fiscal 2011, respectively, for impairments and option contract
abandonments.
o Homebuilding gross profit margin, excluding impairments and
abandonments was 11.4% for both periods
o Homebuilding gross profit margin, excluding impairments, abandonments
and interest amortized to cost of sales was 18.0% for both periods
-- Net loss from continuing operations: $(75.2) million, or a diluted loss
per share of $(0.90), including non-cash pre-tax charges of $10.5
million for inventory impairments. This compared to a loss from
continuing operations for the nine months ended in fiscal 2011 of $
(157.8) million, or $(2.14) per share, which included non-cash pre-tax
charges of $25.3 million for inventory impairments.
-- Net Loss: $(79.1) million (including a loss from discontinued operations
of $(3.9) million), compared with a net loss of $(161.7) million for
fiscal 2011 (including loss from discontinued operations of $(3.9)
million)
-- Total Company land and land development spending: $140.6 million,
compared with $178.0 million in fiscal 2011
As of June 30, 2012
-- Total cash and cash equivalents: $503.4 million, including unrestricted
cash of approximately $231.6 million
-- Stockholders' equity: $179.1 million, not including $9.4 million of
mandatory convertible subordinated notes, which automatically convert to
common stock at maturity in 2013
-- Total backlog from continuing operations: 2,421 homes with a sales value
of $572.8 million, compared to 1,820 homes with a sales value of $431.2
million as of June 30, 2011
-- Land and lots controlled: 25,088 lots (84.2% owned), a decrease of 15.8%
from June 30, 2011
Capital Raising Initiative
Subsequent to June 30, 2012, we engaged in several capital raising transactions designed to further strengthen our balance sheet and position us to better participate in the emerging housing recovery. We completed underwritten public offerings of 22 million shares of Beazer common stock at $2.90 per share and 4.6 million 7.50% tangible equity units and a private placement $300 million of 6.625% senior secured notes due 2018, generating net proceeds of approximately $466 million. A portion of these proceeds were used to fund the redemption of our $250 million 12% senior secured notes due 2017. The remaining funds will be used to fund an expansion in our new home community count in targeted markets and for general corporate purposes, including the repayment of outstanding indebtedness.
In addition, while we believe we possess sufficient liquidity to participate in a housing recovery, we are mindful of potential short-term, or seasonal, requirements for enhanced liquidity that may arise. As such, we have negotiated a commitment letter with four financial institutions for a proposed $150 million secured revolving credit agreement that we expect to finalize in the fourth quarter.
Financials continued at:
http://www.knobias.com/story.htm?eid=3.1.86bf6a59359a5e8695a0f6d04ecaf5a7b770bbe9c44811b4021863cad9e32707
BZH: Q3 EPS (40c) vs (80c) Misses (33c) Est
Friday , August 03, 2012 07:24ET
QUARTER RESULTS
Beazer Homes USA, Inc. (BZH) reported Q3 results ended June 2012. Q3 Revenues were $254.60M; +47.31% vs yr-ago; MISSING revenue consensus by -3.52%. Q3 EPS was (40c); +50.00% vs yr-ago; MISSING earnings consensus by -21.21%.
Q3 RESULTS Reported Year-Ago Y/Y Chg Estimate SURPRISE
---------- ------------ ------------ ---------- ------------ ----------
Revenues: $254.60M $172.83M +47.31% $263.89M -3.52%
---------- ------------ ------------ ---------- ------------ ----------
EPS: (40c) (80c) +50.00% (33c) -21.21%
---------- ------------ ------------ ---------- ------------ ----------
"Sooner or Later" is scary when it comes to earnings and never seems to go the way you think, the numbers come out flat and the stock shoots through the roof.
Good luck.
Baught 2,500 shares at 3.46 another 2,500 at 2.82 and now debating about buying another 2,500 before the report comes out. Sooner or later, this company has to get back to profitability.
The numbers should look better for the quarter imo.
http://www.forbes.com/sites/narrativescience/2012/07/31/forbes-earnings-preview-beazer-homes-usa-4/?partner=yahootix
I sure hope this quarter results come in better than expected. We need something to stop this decline.
Interesting information, thanks.
Maybe. Maybe not. I didn't see it myself so I don't know. Often larger lots continue processing into the moments right after the bell. It's rare someone catches it as it happens. You just happened to have caught it. Good eye, perhaps?
Did you scroll down on that finviz link I sent you on another board? You mentioned it hadn't been updated for awhile but that was the top portion of the site and the analyst upgrades which only get updated if they update their opinions. If one stops there the site looks outdated...But
Here is Beazers - And current news is easier seen on their page:
http://finviz.com/quote.ashx?t=bzh
Nothing new since the 28th of July but handy to have for a quick check.
Note: BZH sits at an interesting place on the chart. IMHO - It's important it finds some support here as the fin lines stay fairly true.
Sorry, your right but at 4:05 yesterday afternoon, there was two sales totaling almost 150k listed on the Ihub trading board. Evidently the Ihub board had to be in error.
Wrong.
That was posted to you last night and if you look at the date on the link it clearly states:
Data as of 07/30/2012 16:42
900 in after hours. According to nasdaq
What you saw, I would think, was the close out of the day rolling into the few minutes that followed the bell ringing. 4:05? Right?
That 900 is for today the 31st. The 30th after hours was 150,000 shares sold in two transactions at about 4:05 pm. Today is another day, good luck
RE: Wonder what's with the big sale after hours?
I show only 900 shares and down only .009
http://www.nasdaq.com/symbol/bzh/after-hours
The government says new home sales are down yet the home builders claim sales are up. Now who do you believe? My money is on the builders.
BZH 3Q earnings 8-3-12 Before Market Opens
Beazer Homes USA, Inc. to Webcast Its Third Quarter Fiscal 2012 Financial Results Conference Call on August 3, 2012
Press Release: Beazer Homes USA, Inc. – Fri, Jul 20, 2012 4:30 PM EDT..
ATLANTA--(BUSINESS WIRE)--
Beazer Homes USA, Inc. (BZH) (www.beazer.com) has scheduled the release of its financial results for the quarter ended June 30, 2012 on Friday, August 3, 2012 before the open of the market. The Company will hold a conference call on the same day at 10:00 AM ET to discuss the results.
The public may listen to the conference call and view the Company's slide presentation over the internet on the "Investor Relations" page of the Company's website, www.beazer.com. In addition, the conference call will be available by telephone at 800-619-8639 (for international callers, dial 312-470-7002). To be admitted to the call, verbally supply the pass code "BZH". A replay of the conference call will be available, until 11:00 PM ET on August 10, 2012, at 800-294-7483 (for international callers, dial 203-369-3234) with pass code “3740.”
This is rediculeous. Someone says building is slow in the Washington DC area but the rest of the country is gaining and builder stocks go down. Course the building is slow in DC, those politicians can't hold a job long enough to get a credit rating good enough to buy a home.
Beazer Homes USA, Inc. Announces Closings of Over $470 Million of Offerings and Redemption of 12% Senior Secured Notes
Wednesday, July 18, 2012 16:01ET
ATLANTA--(BUSINESS WIRE)-- Beazer Homes USA, Inc. (NYSE: BZH) announced today the closings this week of its underwritten public offerings of 22,000,000 shares of common stock and 4,600,000 of 7.50% tangible equity units (collectively, the "equity offerings") as well as the closing of its offering of $300 million aggregate principal amount of 6.625% Senior Secured Notes due 2018 at par (the "2018 notes offering"). The closing of the Company's offering of tangible equity units includes the exercise by the underwriters of an over-allotment option of 600,000 units.
Net proceeds from the equity offerings will be used to grow the Company's operations, including land investments in Florida, California, Texas, North Carolina and Arizona of approximately $100 million, and for general corporate purposes, including the repayment of outstanding indebtedness. The Company used the net proceeds from the 2018 notes offering to replenish cash used to fund the redemption of the Company's 12% senior secured notes due 2017 (the "2017 notes") and for general corporate purposes. In connection with the redemption of the 2017 notes, which will occur on August 17, 2012, the Company today announced that it had satisfied and discharged its obligations under the 2017 notes by depositing funds sufficient for the redemption.
In addition, as previously disclosed, the Company has received commitments from four financial institutions for a proposed $150 million secured revolving credit facility, which will replace the Company's existing credit facility.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities constituting the equity offering in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Further, this press release does not constitute an offer to sell or the solicitation of an offer to buy any of the notes sold in the 2018 notes offering nor does it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The notes sold in the 2018 notes offering have not been registered under the Securities Act or applicable state securities laws, and the notes offered pursuant thereto were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in accordance with Regulation S under the Securities Act. Unless so registered, the notes sold in the 2018 notes offering cannot be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
About Beazer Homes USA, Inc.
Beazer Homes USA Inc., headquartered in Atlanta, Georgia, is one of the ten largest single-family homebuilders in the United States. The Company's industry-leading high performance homes are designed to lower the total cost of home ownership while reducing energy and water consumption. With award-winning floor-plans, the Company offers homes that incorporate exceptional value and quality to consumers in 16 states, including Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia. Beazer Homes is listed on the New York Stock Exchange and trades under the ticker symbol "BZH."
At it's peak in 06 BZH hit a high of 82.00. Six years later we sit here at under 3.00. If things pick back up, where do you think we might be six years from now? Maybe not back to 82.00? but 40.00 would be pretty good.
Quit looking at what happened yesterday. Today they show significent increases in third quarter sales. That will convert to a much better figures when the third quarter report comes out.
Beazer Homes Announces Pricing of Upsized Offering of $300 Million Senior Secured Notes
Today : Wednesday 11 July 2012
Beazer Homes USA, Inc. (NYSE: BZH) today priced its previously announced offering of $300 million aggregate principal amount of 6.625% Senior Secured Notes due 2018 (the “Notes”) at par. This represents an increase of $25 million over the aggregate principal amount previously announced. The Notes are being offered in a private offering that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”).
The Company is offering the Notes within the United States to qualified institutional buyers in accordance with Rule 144A and outside the United States in accordance with Regulation S under the Securities Act. The Company intends to use the net proceeds from the offering to fund or replenish cash that is expected to be used to fund the redemption of its 12% senior secured notes due 2017 and for general corporate purposes.
Will These Beazer Homes Top Institutional Shareholders FROWN on the New Stock Issue?
By Debbie Baratz
July 11 2012
http://wallstcheatsheet.com/investing/will-these-beazer-homes-top-institutional-shareholders-frown-on-the-new-stock-issue.html/?ref=YF
In 2012, Beazer Homes USA Inc.’s (NYSE:BZH) shares are up 17.34 percent. On Monday, the company announced in a regulatory filing that it would raise about $75 million through the selling of common stock shares. It also said that has estimated an increase in orders for the third quarter and the offering of three million tangible equity units. According to Reuters, the proceeds will fund its home community count expansion and repay debt.
With opportunities for expansion and debt repayment, will Beazer Home’s largest shareholder increase its position? 1 institutional firms indicated owning shares of Beazer Homes USA Inc. (NYSE:BZH) in Q2 2012. These firms reported owning a total of 109,301 shares on 06/30/2012. The shares closed at $3.25 on 06/30/2012.
Here are the ten largest positions in Beazer Homes USA Inc. at the end of June 30th, 2012.
Tradeworx Inc. held 109,301 shares on 06/30/2012 worth $355,228. This brought the portfolio total to 0.26%.
FMR LLC held 5,494,120 shares on 03/31/2012 worth $17,855,890. This brought the portfolio total to 0.0%.
Vanguard Group Inc held 3,570,244 shares on 03/31/2012 worth $11,603,293. This brought the portfolio total to 0.0%.
Capital Growth Management LP held 3,220,000 shares on 03/31/2012 worth $10,465,000. This brought the portfolio total to 0.23%.
Brigade Capital Management LLC held 2,650,000 shares on 03/31/2012 worth $8,612,500. This brought the portfolio total to 1.81%.
Brookfield Asset Management Inc. held 2,537,010 shares on 03/31/2012 worth $8,245,283. This brought the portfolio total to 0.03%.
Blackrock Institutional Trust Company N.A. held 2,319,852 shares on 03/31/2012 worth $7,539,519. This brought the portfolio total to 0.0%.
Paulson & Co Inc held 2,301,483 shares on 03/31/2012 worth $7,479,820. This brought the portfolio total to 0.05%.
D. E. Shaw & Co. Inc. held 2,097,996 shares on 03/31/2012 worth $6,818,487. This brought the portfolio total to 0.02%.
Caspian Capital LP held 1,886,517 shares on 03/31/2012 worth $6,131,180. This brought the portfolio total to 1.87%.
Beazer Homes Announces Proposed Offering of $275 Million Senior Secured Notes
Press Release: Beazer Homes USA, Inc. – 5 hours ago.. .
http://finance.yahoo.com/news/beazer-homes-announces-proposed-offering-110200119.html
ATLANTA--(BUSINESS WIRE)--
Beazer Homes USA, Inc. (BZH) announced today that it is proposing to issue $275 million aggregate principal amount of Senior Secured Notes due 2018 (the “Notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”).
The Company intends to offer the Notes within the United States to qualified institutional buyers in accordance with Rule 144A and outside the United States in accordance with Regulation S under the Securities Act. The Company intends to use the net proceeds from the offering to fund or replenish cash that is expected to be used to fund the redemption of its 12% senior secured notes due 2017.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes nor does it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offer and sale of the Notes will not be registered under the Securities Act or applicable state securities laws, and are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in accordance with Regulation S under the Securities Act. Unless so registered, the Notes cannot be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
I hope they are right. I just sold all my bank stock and put it into BZH.
S&P gives this move a thumbs up....
Notes 'B'
The following is a press release from Standard & Poor's:
NEW YORK (Standard & Poor's) July 11, 2012--Standard & Poor's Ratings Services
today assigned its 'B' rating and '2' recovery rating to Beazer Homes USA
Inc.'s proposed $275 million senior secured notes due 2018. Our '2' recovery
rating indicates our expectation for a substantial recovery (70%-90%) in the
event of default. The company intends to use proceeds from the debt offering
to refinance existing, higher-cost secured debt. The proposed financing
follows a recent equity offering of common equity and tangible equity units
that raised an aggregate $164 million.
Substantially all of the company's existing subsidiaries will jointly and
severally guarantee the proposed senior secured notes. The collateral for the
notes and guarantees will be secured by most of the company's tangible and
intangible assets and will be effectively subordinated to the company's
existing revolving credit facility.
The company intends to use proceeds from both note offerings to fund or
replenish cash that we expect Beazer to, in turn, use to redeem Beazer's 12%
senior secured notes due 2017.
Our current ratings on Beazer reflect the homebuilder's "vulnerable" business
risk profile, which mirrors our expectations for a slow and uneven recovery in
the U.S. housing sector that we believe will constrain profitability over the
next 12 months. We consider Beazer's financial risk profile to be "highly
leveraged," given the company's heavy debt load. The company's currently
adequate liquidity position has been further supported by the recent equity
offering, in our view, and the proposed debt refinancing could moderately
reduce Beazer's current heavy interest burden.
Our current rating outlook on Beazer is negative. We would consider a
downgrade if the company's EBITDA growth fails to meet our expectations or if
the downturn in the housing market lingers longer than we expect and unit
volume remains depressed. Alternatively, we would consider a stable outlook if
Beazer comfortably meets our base-case expectations for operating results,
addresses any potential covenant pressures, and maintains adequate liquidity.
For additional information on Beazer, please see "Summary: Beazer Homes USA
Inc.," published June 29, 2012, and "Recovery Report: Beazer Homes USA Inc.'s
Recovery Rating Profile," published July 9, 2012, on RatingsDirect on the
Global Credit Portal, at www.globalcreditportal.com
RELATED CRITERIA AND RESEARCH
-- The Credit Overhang: The Differing Recovery Trajectories Of U.S. Auto
Companies and Homebuilders, published May 21, 2012.
-- Capital markets Update: Homebuilder Bond Spreads May Foretell U.S.
Housing Price Trends, published April 20, 2012.
-- Industry Report Card: Operating Performance For U.S. Homebuilders Is
On The Mend, But Risks Remain, published April 10, 2012.
-- Issuer Ranking: U.S. Homebuilders, Strongest To Weakest, published
April 10, 2012.
-- Key Credit Factors: Global Criteria For Single-Family Homebuilders,
Sept. 28, 2011.
Ratings List
Beazer Homes USA Inc.
Corporate credit rating B-/Negative
New Ratings
Beazer Homes USA Inc.
$275 million sr secured notes due 2018 B
Recovery rating 2
Complete ratings information is available to subscribers of RatingsDirect on
the Global Credit Portal at www.globalcreditportal.com. All ratings affected
by this rating action can be found on Standard & Poor's public Web site at
www.standardandpoors.com. Use the Ratings search box located in the left
column.
Primary Credit Analyst: Matthew Lynam, CFA, New York (1) 212-438-8002;
matthew_lynam@standardandpoors.com
Secondary Contact: Lisa Sarajian, New York (1) 212-438-2597;
lisa_sarajian@standardandpoors.com
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(END) Dow Jones Newswires
July 11, 2012 10:56 ET (14:56 GMT)
071112 14:56 -- GMT
It will bounce back. NCT stayed strong all day. RE related stocks are shrugging these DOW dips off.
I'm really happy with the pricing.
I may have to 'rethink what I was thinking.' ;)
Home Builders Beef Up on Cash to Gird for Next Wave .
By ROBBIE WHELAN And DAWN WOTAPKA
http://online.wsj.com/article/SB10001424052702303292204577519091363274160.html?ru=yahoo&mod=yahoo_hs
U.S. home builders, anticipating that a recovery in new-home sales is on the horizon, are raising cash on Wall Street to repair balance sheets and rebuild their depleted supply of land.
On Monday, Atlanta-based Beazer Homes USA Inc. BZH -11.83% said in a regulatory filing that it will raise about $75 million by selling shares of common stock. That filing followed an announcement on Monday by Meritage Homes Corp., MTH -1.33%a Scottsdale, Ariz., builder, saying that it had registered to sell 2.3 million new shares of common stock to raise about $75.7 million.
In 4 p.m. New York Stock Exchange composite trading on Tuesday, Beazer dropped 40 cents, or 12%, to $2.98. Meritage fell 47 cents, or 1.3%, to $34.91, after gaining 0.6% on Monday.
Stock analysts said the moves are coming at a good time because investors have been eager to purchase home-builder stocks. The Dow Jones U.S. Home Construction Index, which tracks the stocks of seven home builders, has gained nearly 50% this year.
Hovnanian Enterprises Inc. HOV -7.85%took advantage of the rising value of its common stock, which has nearly doubled in value since January, to reduce its debt load by issuing in the past two weeks 1.5 million class-A shares to bondholders in exchange for $6 million in debt.
By issuing stock now, builders are outrunning any potential weakness in the market that could result from rising unemployment, elections in November and problems in Europe.
"Things are lining up for home building right now," said David Goldberg, a home-builder analyst with UBS. "If I'm a company and I say 'I know I have to raise capital at some point,' maybe this is an opportune time to do it."
Much of the proceeds from the stock sales will be used to acquire land. Builders typically need to own thousands of home sites with infrastructure like sewer lines, sidewalks and power lines installed, known in the industry as finished lots, to be ready to respond to consumer demand and quickly erect houses.
With minimal new lots being delivered since the housing crisis, ready-to-build sites in prime locations with established school districts and short commute times to job centers have become scarcer and more pricey, sparking bidding wars for land.
Some builders have responded by buying raw land and paying to add infrastructure and amenities themselves, counting on consumer demand for new homes rising over the next few years. Since developing a single lot typically costs tens of thousands of dollars, buying raw land is an expensive gamble for builders.
"All of the lots in the best markets or the best submarkets…have pretty much been purchased," said Brent Anderson, Meritage's vice president of investor relations. "We've got to feed the machine…[Issuing stock] gives us the ability to add communities, which we've been trying to do for a while. It gives us some more dry powder."
For other builders, land plays a role, but there are other factors involved. Beazer and Hovnanian, for example, are saddled with heavy debt loads and are working to repair their balance sheets. For Hovnanian, which issued $25 million in shares at $2 apiece in April, this latest transaction continues a strategy of buying "land at or near the bottom of this home-building cycle so that we can grow revenues and return to profitability while simultaneously reducing the amount of debt on our balance sheet," said Larry Sorsby, the company's chief financial officer.
Some market watchers think KB Home, KBH -4.93%a Los Angeles builder catering largely to first-time buyers, could be the next builder to issue stock. As of May 31, KB Home had $377 million in cash and cash equivalents, one of the sector's lowest amounts. Industry watchers also are concerned about its weak orders for new homes.
A KB Home spokeswoman declined to comment. During a March conference call with analysts, KB's chief financial officer, Jeff Kaminski, said the builder has "adequate liquidity to support [its] current business needs."
But analysts aren't so sure. "It's thought that for them to fully participate in a housing recovery and generate strong growth, they might need to issue capital," said Jade Rahmani, a builder analyst with Keefe, Bruyette & Woods Inc.
Analysts don't expect bigger builders with large cash supplies, including D.R. Horton Inc. DHI -3.44%and Toll Brothers Inc., TOL -1.83%to issue additional stock in the near term. "The large-cap companies and the ones that have less leverage we would first expect to use their cash and credit facilities" to buy land, Mr. Rahmani said. Toll Brothers declined to comment. D.R. Horton didn't immediately respond to a request for comment.
Commons being priced at 2.90 is a whole lot better than some random number like 1.90, because it's not uncommon to see a pps trade down to what an offering price is.
2.90 works.
(note: Current pps at eod on 7/10/12 was 2.98)
I wonder how long this will take to close?
That's another thing worth watching.
Good indication is when an offering gets snatched up quickly.
Beazer Homes USA, Inc. Announces Pricing of $164 Million Aggregate Offerings of Common Stock and Tangible Equity Units
Today : Tuesday 10 July 2012
Beazer Homes USA, Inc. (NYSE: BZH) announced today that it has priced its previously announced offering of 22,000,000 shares of its common stock at a price to the public of $2.90 per share, resulting in net proceeds of approximately $60.1 million to the Company, after deducting underwriting discounts and commissions and estimated offering expenses.
The Company also priced its offering of 4,000,000 7.50% tangible equity units at $25 each, resulting in net proceeds to the Company of approximately $96.5 million.
The Company has granted the underwriters a 30-day option to purchase up to an additional 600,000 tangible equity units to cover over-allotments and a 30-day option to purchase up to an additional 3,300,000 shares of common stock. The Company’s common stock is listed on the New York Stock Exchange under the symbol “BZH,” and the Company intends to apply to list the tangible equity units on the New York Stock Exchange under the symbol “BZT.”
The Company intends to use the net proceeds from these concurrent offerings for growth capital, including for approximately $100 million of potential land investments in Florida, California, Texas, North Carolina and Arizona, and for general corporate purposes, including the repayment of outstanding indebtedness.
Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Deutsche Bank Securities Inc. and UBS Securities LLC are serving as the joint book-running managers for the offerings and KKR Capital Markets LLC and Moelis & Company LLC are serving as co-managers for the offerings.
The shares of common stock and the tangible equity units, including the underlying stock purchase contracts and senior amortizing notes, will all be issued pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC). Preliminary prospectus supplements related to the offerings have been filed with the SEC and are available free of charge on the SEC's website at http://www.sec.gov. Copies of the preliminary prospectus supplements and the accompanying base prospectus related to the common stock and tangible equity units offerings may be obtained from (i) Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York, 10010, or by telephone at +1 (800) 221-1037, or by email at newyork.prospectus@credit-suisse.com; (ii) Goldman, Sachs & Co., via telephone: (866) 471-2526, email: prospectus-ny@ny.email.gs.com, or standard mail at Goldman, Sachs & Co., 200 West Street, New York, NY 10282, Attn: Prospectus Department; (iii) Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836 or by telephone at: (800) 503-4611, or by email at: prospectus.CPDG@db.com; or (iv) UBS Securities LLC, 299 Park Avenue, New York, NY 10171, Attention: Prospectus Department, or by calling (888) 827-7275. Investors should read these documents for more complete information prior to investing.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Beazer Homes USA, Inc.
Beazer Homes USA Inc., headquartered in Atlanta, Georgia, is one of the ten largest single-family homebuilders in the United States.The Company’s industry-leading high performance homes are designed to lower the total cost of home ownership while reducing energy and water consumption. With award-winning floor-plans, the Company offers homes that incorporate exceptional value and quality to consumers in 16 states, including Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia.Beazer Homes is listed on the New York Stock Exchange and trades under the ticker symbol “BZH.”
Bounce around 2.95 I would suspect
Beazer Homes falls on stock and unit offering
Beazer falls after saying it will sell stock and equity units to raise money for investments
Associated Press – 1 hour 13 minutes ago.. .
http://finance.yahoo.com/news/beazer-homes-falls-stock-unit-161626532.html
NEW YORK (AP) -- Beazer Homes tumbled in Tuesday afternoon trading after the homebuilder began a sale of stock and equity units.
THE SPARK: After the market closed Monday, Beazer said it will sell $75 million in stock and 3 million equity units. The units are made up of a prepaid stock purchase contract and an unsecured senior note due in 2015. The underwriters of the offering will have options to buy an additional $11.3 million in stock and 450,000 equity units to cover any over allotments.
THE BIG PICTURE: Beazer said it expects about $100 million in net proceeds from the offering and the Atlanta company said it is seeking opportunities to invest in land in Florida, California, Texas, North Carolina, and Arizona, some areas where values have dropped drastically. The equity units will trade on the New York Stock Exchange under the ticker symbol "BZT."
In early May, Beazer reported a smaller second-quarter loss and said new home orders grew 29 percent and its backlog of orders increased. However cancelations also increased.
SHARE ACTION: Shares of Beazer Homes USA Inc. lost 31 cents, or 9.3 percent, to $3.06 in midday trading. The stock is up 37.4 percent since June 1.
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FROM SEA TO SHINNING SEA
EXECUTIVES and DIRECTORS
Name Age Since Current Position
Allan P. Merrill President, Chief Executive Officer, Director
Robert L. Salomon Chief Financial Officer, Executive Vice President, Chief Accounting Officer
Kenneth F. Khoury Chief Administrative Officer, Executive Vice President, General Counsel
Nick Peacock Vice President - Lender Relations
Brian Cyril Beazer Non-Executive Independent Chairman of Board
Laurent Alpert Lead Independent Director
Elizabeth S. Acton Director
Peter G. Leemputte Independent Director
Norma A. Provencio Independent Director
Beazer Homes USA, Inc., designs homes at various price points to appeal to homebuyers across various demographic segments. The Company's product offering is broken down into three product categories: Economy, Value and Style. Economy class homes are targeted primarily at entry-level buyers, are generally 1,500 square feet or less in size and are intended to meet the needs of those buyers for whom price is the most important factor in the buying decision. Value category homes are targeted at entry-level and move-up buyers, generally range from 1,500 to 2,500 square feet in size and are intended to appeal to buyers who are more interested in style and features, but are still somewhat price-focused. Style class homes are targeted at more affluent move-up buyers, are generally greater than 2,500 square feet in size and are intended to appeal to buyers in the more luxurious segment of the market, who place greater emphasis on style and features
BZH Home Page
Beazer Homes Code of Conduct
1000 Abernathy Road, Suite 1200
Atlanta, GA 30328
Phone: (770) 829-3700
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