Not pretty. Credit downgrade yesterday will make raising capitol even more difficult. They have a payment due on $1.7 billion in bonds coming up in May...about $57 million or so.
I think they are toast in six months, but will likely be "absorbed" by another builder.
Many of these home builders will go under before this is said and done in the simple fact that because timing of the recovery will take its toll and bring the weak down so consolidation can begin.
BZH has not the adequate cash or assets to withstand this downturn and will likely go under.
Nothing in my post had anything to do with me, it was merely a comment regarding how stupid it is for a company with cash problems to be spending what precious cash they have on relo packages for people at corporate, if that is in fact what they're doing.
BTW, did you realize that everytime you post a comment in one of these threads it bumps it back to the top? If you want these threads to go away since you're such a Beazer homer then stop commenting on them. Why don't you just fess up and tell everyone that you work for Beazer. It's very obvious you know especially since you can't stand to read any criticism about them.
So Beazer is paying $30 - $50K per head for a relo package for people at corporate to go to a division and work? How many have done that? Seems like another huge waste of money to me, especially when they probably had a good people sitting in those positions 3-6 months ago who got laid-off after one knee jerk reaction or another.
Well it don't show anything coming due in May 2009 in the 10Q! Here is what they owe and when its due!! How come you lied?
At December 31, 2008 and September 30, 2008 we had the following long-term debt (in thousands):
December 31, September 30,
Maturity Date 2008 2008
Secured Revolving Credit Facility July 2011 $ — $ —
8 5/8% Senior Notes* May 2011 180,000 180,000
8 3/8% Senior Notes* April 2012 340,000 340,000
6 1/2% Senior Notes* November 2013 200,000 200,000
6 7/8% Senior Notes* July 2015 350,000 350,000
8 1/8% Senior Notes* June 2016 275,000 275,000
4 5/8% Convertible Senior Notes* June 2024 180,000 180,000
Junior subordinated notes July 2036 103,093 103,093
Other secured notes payable Various Dates 51,406 50,618
Model home financing obligations Various Dates 59,238 71,231
Unamortized debt discounts (2,448 ) (2,565 )
Total $ 1,736,289 $ 1,747,377
I agree beazerfly, we have 2 disgruntled ex-employees throwing their weight around. They know things about the company that you or I could not.
Yet the share price keeps going up!
The debt load seems manageable for now. We are beginning the prime season for homebuilding and the housing starts are going up.
You sound pretty bitter towards the CEO and its Top Management!! When did they fire you? Oh by the way, I want you to keep coming here everday and post so we can make 10% per day!! Some days in the last week are even higher!! OBAMA JUST ANNOUNCED A HOME PURCHASE CREDIT!! YA BABY!!!