Beazer Homes Friday posted a deeper-than-expected quarterly loss as the builder labored under the sharpest housing market downturn in decades and a federal investigation into its accounting.
The Atlanta-based home builder's loss narrowed to $109.8 million, or $2.85 per share, in the third quarter ended on June 30 from $118.7 million, or $3.09 per share, a year earlier.
Analysts had expected a loss of $2.66 per share, according to Reuters Estimates.
The results included charges relating to inventory impairments and option contracts of $95.5 million, plus joint venture impairment charges of $18.5 million and goodwill impairments of $4.4 million.
Third-quarter revenue fell 40 percent to $455.6 million, beating analyst estimates of $419.5 million, as the number of homes sold fell 37 percent to 1,677.
The average sales price was down 8.8 percent to $257,400.
It ended the third quarter with cash and cash equivalents of $314.2 million, an increase from $273.7 million as of March 31.
Beazer restated financial reports between 2003 and 2006 and had to make adjustments going back to 1999.
Fiscal 2007 reports were delayed because of accounting irregularities the company discovered while investigating its mortgage lending practices.
The company is being investigated by the U.S. Attorney's Office for the Western District of North Carolina and the U.S. Securities and Exchange Commission.
Shares of Beazer Homes fell 0.5 percent in Frankfurt trading.