Now more than ever, nothing matters more than cost
Oct 01, 2008 | 07:04 AM
Reducing costs has become the mantra of home builders across the country as they struggle in the face of a major industry downturn in recessionary-like economic conditions.
Recent financial results of some of the country's big home builders make grim reading as losses continue to pile up, and most forecast the malaise will drag on well into next year.
Beazer Homes USA Inc., Atlanta, posted a net loss of $109.8 million in its fiscal third quarter ended June 30, a slight improvement from the $118.7 million net loss logged in the same period last year, as revenue slumped 39.5 percent to $455.6 million from $753.5 million. However, for the fiscal nine-month period the company's net loss surged to nearly $478 million from $255.8 million a year earlier on revenue that tanked 42.6 percent to $1.36 billion from $2.37 billion.....
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