Beazer Homes USA, Inc. (BZH) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $0.85 million, or $ 0.03 a share in the quarter, against a net profit of $356.26 million, or $11.21 a share in the last year period.
Revenue during the quarter went down marginally by 0.12 percent to $632.12 million from $632.85 million in the previous year period.
Cost of revenue went up marginally by 0.77 percent or $4.07 million during the quarter to $529.72 million. Gross margin for the quarter contracted 74 basis points over the previous year period to 16.20 percent.
Total expenses were $601.28 million for the quarter, up 0.90 percent or $5.38 million from year-ago period. Operating margin for the quarter contracted 96 basis points over the previous year period to 4.88 percent.
Operating income for the quarter was $30.84 million, compared with $36.94 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $65.95 million compared with $71.10 million in the prior year period. At the same time, adjusted EBITDA margin contracted 80 basis points in the quarter to 10.43 percent from 11.23 percent in the last year period.
"Our fiscal year 2016 results reflected our fifth consecutive year of growth in revenue and profitability, as well as material improvements to our balance sheet and credit ratings," said Allan Merrill, CEO of Beazer Homes. “With improved orders and a sequential improvement in gross margin in the fourth quarter, we are poised to achieve even better operational results in 2017."
Real estate inventory fell 7.56 percent or $128.31 million to $1,569.28 million on Sep. 30, 2016. Net receivables were at $53.52 million as on Sep. 30, 2016, up 1.36 percent or $0.72 million from year-ago. Accounts payable declined 8.25 percent or $9.36 million to $104.17 million on Sep. 30, 2016.
Total assets declined 8.14 percent or $196.14 million to $2,213.16 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,570.30 million as on Sep. 30, 2016, down 11.72 percent or $208.56 million from year-ago.
Return on assets was negative at 0.04 percent in the quarter against a positive 14.64 percent in the last year period. Return on equity was negative at 0.13 percent in the quarter against a positive 56.51 percent in the last year period.
Debt comes down
Total debt was at $1,331.88 million as on Sep. 30, 2016, down 12.17 percent or $184.49 million from year-ago. Shareholders equity stood at $642.85 million as on Sep. 30, 2016, up 1.97 percent or $12.43 million from year-ago. As a result, debt to equity ratio went down 33 basis points to 2.07 percent in the quarter.
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