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 5/10 Good --- www.charlotte.com http://www.charlotte.com/122/index.rss
| News, sports and entertainment from Charlotte.com ... |
Friday, May 16, 2008 --- 71 days ago http://www.charlotteobserver.com/business/story/626407.html
| Troubled builder Beazer Homes USA reported more steep losses on Thursday, days after saying it lost hundreds of millions last year. The once major Charlotte builder said Thursday that it lost $230 million in the first three months of the year, four times its loss a year ago. The number of houses sold fell 43 percent. Beazer, based in Atlanta, also lost $138 million in the final three months of 2007, according to a report filed late in the day. "It was ugly," said Vicki Bryan, an analyst with corporate bond research firm Gimme Credit in New York. "This is a time when people are trying to circle the wagons and hoard cash, trying to reduce debt. Beazer is not having much luck doing either." Thursday's reports, in addition to multiple filings submitted Monday, bring the home builder current with quarterly financial reports due federal regulators. Beazer had delayed filings since last summer when it fired its chief accounting officer for attempting to destroy documents during an internal investigation. That company investigation followed an Observer report last year that found Beazer arranged loans some buyers couldn't afford and violated lending rules. The paper's report triggered ongoing investigations by regulators and the FBI. In February, Beazer halted lending after having acknowledged employees of its mortgage arm violated federal housing regulations. The company said this week that it had fired an undisclosed number of people in ... |
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