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Beazer Homes Stockholders Approve Increase in Authorized
Shares; Company Declares 3-for-1 Stock Split and Increased Quarterly Cash
Dividend
ATLANTA, Feb 7, 2005 - Beazer Homes USA, Inc. (BZH) (www.beazer.com)
today announced that at the Company's annual meeting of stockholders on
February 3, 2005 stockholders approved an amendment to the Company's
certificate of incorporation to increase the number of authorized shares of
common stock from 30 million to 80 million. Subsequent to the annual
meeting, the Board of Directors declared a 3-for-1 split of Beazer Homes
common stock in the form of a stock dividend.
The Board of Directors also declared a quarterly cash dividend of $0.10 per
share on a post-split basis, effectively tripling the quarterly cash
dividend. The Company's dividend policy will continue to be subject to
review by the Board of Directors from time to time. Both the stock dividend
and the cash dividend will be payable on March 22, 2005 to stockholders of
record at the close of business on March 10, 2005.
Ian J. McCarthy, President and Chief Executive Officer of Beazer Homes,
said, "The Board of Directors' decision regarding the stock split and
effective increase in our cash dividend reflects our continued confidence in
the Company's prospects for the future to both invest in the Company's
growth and to allocate additional capital to dividends for our
stockholders."
The Company also announced that, at the annual meeting, stockholders
approved the election of seven incumbent members of the Board of Directors
and the Company's Executive Value Created Incentive Plan, details of which
are available in the Company's definitive proxy statement filed December 21,
2004.
Beazer Homes USA, Inc., headquartered in Atlanta is one of the country's ten
largest single-family homebuilders with operations in Arizona, California,
Colorado, Delaware, Florida, Georgia, Indiana, Kentucky, Maryland,
Mississippi, Nevada, New Jersey, North Carolina, Ohio, Pennsylvania, South
Carolina, Tennessee, Texas, Virginia and West Virginia. Beazer Homes also
provides mortgage origination and title services to its homebuyers.
Forward-Looking Statements
Certain statements in this press release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements involve known and unknown risks, uncertainties and other
factors that may cause actual results to differ materially. Such risks,
uncertainties and other factors include, but are not limited to changes in
general economic conditions, fluctuations in interest rates, increases in
raw materials and labor costs, levels of competition, potential liability as
a result of construction defect, product liability and warranty claims, the
possibility that the Company's improvement plan for the Midwest will not
achieve desired results, and other factors described in the Company's Form
S-3/A filed with the Securities and Exchange Commission on August 17, 2004
and Annual Report on Form 10-K for the year ended September 30, 2004.
SOURCE: Beazer Homes USA, Inc.
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