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Beazer Homes Proposes 3-for-1 Stock Split and Increase of
Annual Cash Dividend
ATLANTA, Dec 10, 2004 (BUSINESS WIRE) -- Beazer Homes USA, Inc. (BZH)
(www.beazer.com) today announced that
its Board of Directors has authorized a 3-for-1 split of Beazer Homes common
stock in the form of a stock dividend. The stock split is subject to
stockholder approval of an increase in the number of shares the Company is
authorized to issue.
Stockholders will be asked to vote on an amendment to the Company's
certificate of incorporation to increase the number of authorized common
shares from 30 million shares to 80 million shares at the Company's annual
meeting of stockholders, currently scheduled for February 3, 2005. If Beazer
Homes receives the requisite votes to increase the number of authorized
shares, the Board of Directors will determine a record date and distribution
date for the stock dividend.
The Board of Directors currently intends to continue paying an annual cash
dividend of $0.40 per share following the stock split, effectively tripling
the annual dividend. The Company's dividend policy will continue to be
subject to review by the Board of Directors from time to time.
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
shareholders."
For information on the proposal to amend the certificate of incorporation,
see Beazer Homes' preliminary proxy statement, which is expected to be
electronically filed with the Securities and Exchange Commission (SEC) on or
around December 10, 2004, and will then be available free of charge at
www.sec.gov. As soon as practicable after
filing of the preliminary proxy statement, Beazer Homes intends to file a
definitive proxy statement regarding the amendment proposal with the SEC and
mail the definitive proxy statement to its stockholders. Stockholders of
Beazer Homes are urged to read the definitive proxy statement (when it is
available) and all of Beazer Homes' annual and quarterly reports at the
SEC's website at www.sec.gov. A free copy
of the definitive proxy statement and all of Beazer Homes' annual and
quarterly reports may also be obtained from Beazer Homes by directing a
request to the contact listed below. Beazer Homes and its executive officers
and directors may be deemed to be participants in the solicitation of
proxies from Beazer Homes' stockholders in favor of the amendment proposal.
Information regarding the security ownership and other interests of Beazer
Homes' executive officers and directors will be included in the preliminary
proxy statement and the definitive proxy statement.
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.
This release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. The
forward-looking statements in this release address a variety of subjects
including, for example, the stock split and its anticipated benefits and
effects. These forward-looking statements represent our expectations or
beliefs concerning future events, and it is possible that the results
described in this release will not be achieved. For a detailed discussion of
these and other cautionary statements, please refer to the filings made by
Beazer Homes with the SEC, including, without limitation, the most recent
Annual Report on Form 10-K. All forward-looking statements are based upon
information available to us on the date of this release. Except as may be
required under applicable law, we do not undertake any obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
SOURCE: Beazer Homes USA, Inc.
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