Beazer Homes USA to restate financials
Beazer Homes USA, Inc. (NYSE: BZH) today said it will need to restate its financial statements for fiscal years 2004 through 2006 and the interim periods of fiscal 2006 and fiscal 2007 as part of the single-family homebuilder’s independent internal investigation into its mortgage origination business and certain accounting and financial reporting matters.
The small cap said the restatement will also impact the financial results for fiscal years 1999 through 2003 and expects it will reflect the impact of financial results for these prior years as a part of the opening balances in the financial statements for the restatement period.
Beazer said it expects the restatement's cumulative impact will likely result in an increase in net income, but will reflect an expected decrease in net income for the company's 2006 fiscal year.
Shares of Beazer (BZH) gained $0.38, or 3.83%, to $10.31 in pre-market trading. Shares of Beazer have been trading in the range of $8.08 to $48.60 for the past 52 weeks.
