Home builder Beazer reports $110 million net loss

Investigations of company practices are ongoing

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Home builder Beazer Homes USA Inc. announced a net loss of $109.7 million, or $2.85 per share, for the third-quarter ended June 30. The company's net loss was lower than expected: analysts had predicted a loss of $2.34 per share. The company, which has been the subject of several ongoing state and federal investigations, reported that the loss included $95.5 million in pre-tax charges related to inventory impairments and the abandment of land option contracts. The net loss for the quarter was actually an improvement over third-quarter 2007 results, when the company reported a $118.9 million net loss, or $3.09 per share. Beazer had $455.6 million in total revenues during third-quarter 2008, compared to $753.5 million in total revenues for the same quarter last year. The company reported 1,677 home closings, compared to 2,659 for the prior year's third quarter. The average sales price of Beazer-built homes dropped 8.8 percent year-over-year in the third quarter, falling from ...