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Beazer Homes USA Inc. Message Board

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  • csco_brat csco_brat Jan 6, 2008 5:17 PM Flag

    Nov 5-Beazer Homes Provides Certain Preliminary Fourth Quarter Financial and Operating Data

    12/31/06 inventory impairment of $94.7 million.
    3/31/07 inventory impairment of $60.8 million.
    6/30/07 inventory impairment was $113.9 million
    9/30/07 Another $230 million of impairments. I assume at least $120 million of this was land inventory.

    So in the last 4 quarters BZH has taken about $390 million in land impairments not counting options and goodwill.

    I think your statement that they have taken an insignificant amount of writedowns already is WRONG.

    I calculated that they bought about $1 billion in land after 2003. It would seem that they have writen down about 40% of this already. I'm guessing that they will not have more than another $100-$200 million in write downs or another $3/share after tax to go.

    With book at $30 as of 9/30/07, I think they are in ok shape covenant wise to take another $3/share writedown.

    Loss from homebuilder operations has been running under 50 cents/share per quarter excluding charges.

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