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Beazer Homes USA Announces $50 Mln Stock Repurchase Plan

Beazer Homes USA Inc. (BZH) said that its board has approved a new share repurchase program authorizing management to repurchase up to $50 million of the company's outstanding common stock. The company intends to reduce its outstanding Senior Notes by approximately the same dollar value of shares repurchased during fiscal 2019.
The company said it intends to update its previous guidance for fiscal year 2019 on its earnings call.

Under the repurchase program, the Company intends to initially purchase $16.5 million of its outstanding shares pursuant to an accelerated share repurchase program (ASR).

Net income from continuing operations for the fourth quarter 2018 was $60.5 million, an increase of $26.8 million from the fourth quarter of fiscal 2017. This included a tax benefit of $18.9 million driven by an additional release of the valuation allowance for the Company's deferred tax asset. Offsetting the tax benefit were a $1.9 million loss on debt extinguishment from the retirement of the Company's 2019 Senior Notes, as well as $6.3 million in inventory impairments.

On a pretax basis, income from continuing operations, excluding impairments, abandonments and the loss (or gain) on debt extinguishment was up more than $13 million, due to higher ASPs and improved SG&A leverage.

Homebuilding revenue for the fourth quarter increased 14.4% over the prior year to $761.5 million. This was driven by a 6.6% rise in average selling price to $372.6 thousand, combined with a 7.4% increase in closings to 2,044 homes.

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