Here’s the latest from our colleagues at Big Builder magazine:
Beazer Hopes to Settle With Regulators
Beazer Homes USA’s CEO Ian McCarthy on Friday launched the company’s third-quarter earnings call by reminding all the listeners that the builder is being investigated by the U.S. Attorney’s Office, the Securities and Exchange Commission and “other federal and state agencies.”
“From the outset we have been fully cooperating and will continue to attempt to negotiate a settlement,” he told analysts. Beyond that, he said the company couldn’t comment.
At a time when many CEOs are opting to highlight their good news, it seemed like an odd note on which to start off a conference call, especially since it’s old news. The Atlanta-based company has been under investigation for some of its lending practices for a year now.
Beazer Loss Narrows; Sees No Sign of Market Improvement
Beazer Homes USA (NYSE:BZH) reported a net loss of $109.7 million, or -$2.85 per share, for its fiscal third quarter of 2008, including impairments and abandonment of land option contracts of $95.5 million, joint venture write-downs of $18.5 million and a charge to goodwill of $4.4 million. The results included a $55.8-million tax carryback refund during the quarter.
Centex to Exit Denver Market
Dallas-based Centex Corp. confirmed Monday that it will exit the Denver market by spring 2009. The company said it would complete homes under construction in its 10 active communities.
“Centex will be gradually winding down operations in Denver until spring of 2009,” said company spokesperson Julie Callahan. “We remain committed to fulfilling our obligations to our customers and homeowners in Denver. This means we’ll be completing work on existing homes in progress, completing work on sold homes not yet started, and maintaining the right size team in Denver to provide warranty support.”
Learn more about markets featured in this article: Denver, CO.
