Company president and CEO Ian J. McCarthy says Beazer's performance "surpassed numerous milestones. For the first time, we generated annual revenue in excess of $3 billion and the fourth-quarter marked our first-ever $1 billion revenue quarter."
McCarthy expects a repeat performance in 2004. "Our year-end backlog now stands at 7,426 homes with a sales value of $1.6 billion, up 14% and 27% respectively from the backlog homes and sales value at Sept. 30, 2002," he says. "This sizable year-end backlog increase provides excellent visibility for another strong performance during fiscal 2004."
For the quarter ended Sept. 30, Beazer posted company records in diluted earnings per share, home closings, total revenue, net income and new orders. EPS was $4.18, up 38% versus $3.03 in the prior year. Closings hit 5,014, up 4%. Revenue was $1 billion, up 15%. Net income totaled $57.2 million, up 41%. September new orders came in at 3,862, up 4%. Earnings before interest, taxes, depreciation and amortization was $115.4 million, up 37%. The EBITDA margin was 11.1%, up 180 basis points.
The company also has a new branding strategy, "aimed at building a unified consumer brand across all regions in which we operate," McCarthy says. "Beazer Homes becomes a more dynamic force when we present ourselves as one company with one name, one logo, one message and one purpose."
McCarthy says the new Beazer appearance is "about much more than a universal name and a new look. The homebuilding industry continues to undergo change and raid consolidation, with large public builders poised to capitalize sustainable competitive advantages."
He adds, "While our brand strategy has many components, the customer is the constant focus. A strengthened national brand identity positions us to consistently address the needs of our customers across all of our our markets.
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