Beazer Homes USA, Inc. reported net income from continuing operations of $34.9 million for full year fiscal 2014, a year-over-year increase of $67.1 million, and the Company's first full year of profitability since 2006. For the fourth quarter, the company said it earned $60.3 million, compared with $11.3 million a year earlier.
"We are very pleased to report positive net income for fiscal year 2014," said Allan Merrill, CEO of Beazer Homes. "Returning to profitability represents a key milestone for our employees and shareholders - particularly because it was achieved from fewer new home communities, lower home closings and in a challenging home sales environment. With an expanded community count as we enter fiscal 2015, I'm confident we have built a foundation that will deliver greater profitability in the years ahead."
Looking ahead to fiscal 2015 and beyond Mr. Merrill continued, "Our higher community count should lead to growth in new home orders, closings and average selling prices, allowing us to make further improvements in Adjusted EBITDA in 2015 and positioning us to reach our 2B-10 objectives by the end of 2016."