(By Balachander) Beazer Homes USA Inc. (NYSE: BZH) posted a wider quarterly loss as a loss on debt extinguishment offset rise in revenue and in new orders.
Net loss from continuing operations was $60.4 million or $2.57 per share for the fourth quarter, compared with a loss of $42.4 million or $2.86 per share in the comparable quarter of the previous year.
Excluding loss on debt extinguishment of $42.4 million, net loss from continuing operations narrowed to $16.3 million from $35.3 million.
Revenue rose nearly 11 percent to $370.9 million.
Wall Street analysts, on average, expected the company to lose $1.22 per share on revenue of $335.11 million.
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Gross profit margin, excluding impairments and abandonments, expanded 190 basis points to 11.8 percent.
Total new orders grew 10.3 percent to 1,110 homes, while total home closing increased 17 percent to 1,608 homes, the Atlanta, Georgia-based company said.
"In 2013, we expect to meaningfully improve our EBITDA, primarily by achieving margin expansion and further improvement in our sales per community metrics," Allan Merrill, President and Chief Executive Officer, said. "While our community count will likely decrease for much of the year, we are actively investing in a substantial number of new communities, which we expect to deliver closings starting in fiscal year 2014."
As of September 30, 2012, total backlog from continuing operations was 1,923 homes with a sales value of $479.1 million, versus 1,450 homes with a sales value of $334.5 million as of September 30, 2011.
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BZH closed Friday's regular trading session at $16.64, down 2.12 percent. The stock has been trading in the 52-week range between $3.46 and $20.15.