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<SEC-DOCUMENT>0000950123-09-019599.txt : 20090701
<SEC-HEADER>0000950123-09-019599.hdr.sgml : 20090701
<ACCEPTANCE-DATETIME>20090701161438
ACCESSION NUMBER:		0000950123-09-019599
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090701
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090701
DATE AS OF CHANGE:		20090701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES USA INC
		CENTRAL INDEX KEY:			0000915840
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				582086934
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12822
		FILM NUMBER:		09922730

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNW00DY RD
		STREET 2:		STE B 200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY RD
		STREET 2:		STE C-200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>g19659e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 6%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="center" style="font-size: 18pt; margin-top: 3pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Date of Report: July&nbsp;1, 2009
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>BEAZER HOMES USA, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">DELAWARE<BR>
(State or other jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">001-12822<BR>
(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">54-2086934<BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">1000 Abernathy Road, Suite&nbsp;1200<BR>
Atlanta Georgia 30328<BR>
(Address of Principal<BR>
Executive Offices)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(770)&nbsp;829-3700<BR>
(Registrant&#146;s telephone number, including area code)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">None<BR>
(Former name or former address, if changed since last report)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Entry into a Material Definitive Agreement</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;1, 2009, Beazer Homes USA, Inc. (the &#147;Company&#148;) announced that it has resolved several
previously-disclosed governmental investigations. The Company has entered into a deferred
prosecution agreement (&#147;DPA&#148;) with the U.S. Attorney&#146;s Office for the Western District of North
Carolina (&#147;the U.S. Attorney&#148;) and a settlement agreement with the U.S. Department of Housing and
Urban Development (&#147;HUD&#148;) and the civil division of the Department of Justice. In addition,
certain of the Company&#146;s subsidiaries have entered into a settlement agreement with the North
Carolina Real Estate Commission (&#147;NCREC&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Deferred Prosecution Agreement with the U.S. Attorney</B><BR>
Under the DPA, the U.S. Attorney has agreed not to prosecute the Company in connection with the
matters that were the subject of the Audit Committee investigation and are set forth in a Bill of
Information filed with the United States District Court for the Western District of North Carolina,
provided that the Company satisfies its obligations under the DPA over the next 60&nbsp;months. The
term of the DPA may be less than 60&nbsp;months in the event certain conditions, as described more fully
in the DPA, are met. The DPA recognizes the cooperation of the Company, its voluntary disclosure
and its adoption of remedial measures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the terms of the DPA, in fiscal year 2009, the Company will contribute $7.5&nbsp;million to a
restitution fund established to compensate those Beazer customers who can demonstrate that they
were injured by certain of the practices identified in the Bill of Information. For fiscal year
2010 the Company will contribute to the restitution fund the greater of $1.0&nbsp;million or an amount
equal to 4% of the Company&#146;s fiscal 2010 adjusted EBITDA as defined in the DPA. The Company&#146;s
liability in each of the fiscal years after 2010 will also be equal to 4% of the Company&#146;s adjusted
EBITDA through a portion of fiscal year 2014, unless extended as described below. Under the terms
of the DPA, the Company&#146;s total contributions to the restitution fund will not exceed $50.0
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Settlement Agreement with HUD</B><BR>
Under the terms of the settlement agreement with HUD and the civil division of the Department of
Justice, the Company will make an immediate payment of $4.0&nbsp;million to HUD to resolve civil and
administrative investigations. In addition, on the first anniversary of the agreement, the Company
will make a $1.0&nbsp;million payment to HUD.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the amounts paid into the restitution fund with the U.S. Attorney do not reach $48.0&nbsp;million at
the end of 60&nbsp;months, the restitution fund term will be extended using the adjusted EBITDA formula
until the earlier of an additional 24&nbsp;months or the time the Company&#146;s contribution reaches $48.0
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amounts paid to the U.S. Attorney for contribution into the restitution fund and payments to
HUD do not include the $2.5&nbsp;million contributed to resolve the investigation by the North Carolina
Office of the Commissioner of Banks (&#147;OCOB&#148;) which was previously announced by the Company in May
2009, although this amount will be counted as part of the Company&#146;s maximum obligation to the
restitution fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously disclosed, the Company recognized expense in the quarter ended March&nbsp;31, 2009 of
$10.5&nbsp;million for the amounts yet to be paid in fiscal years 2009 and 2010. The Company will
recognize additional expense in the quarter ended June&nbsp;30, 2009 of $3.0&nbsp;million. In recognition of
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the financial challenges currently facing the Company, Ian McCarthy, president and chief executive
officer, and Michael Furlow, executive vice president and chief operating officer, have voluntarily
contributed to the Company an amount equal to the after-tax proceeds of their fiscal 2008 bonuses
to defray part of its initial payment to the restitution fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s payment obligations under the DPA and the settlement agreement with HUD are
interrelated. The total amount of such obligations will be dependent on several factors; however,
the maximum liability under both agreements and the previously announced agreement with the OCOB
will not exceed $55.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Agreement with NCREC</B><BR>
With respect to the NCREC, Beazer/Squires Realty, Inc. (&#147;Beazer/Squires&#148;) and Beazer Homes Corp.
each has agreed to the entry of a consent order regarding violations of certain North Carolina
statutes. Under the respective consent orders, the NCREC agreed that a reprimand of Beazer Homes
would not be issued as long as Beazer Homes completed certain remedial measures and that the broker
license held by Beazer/Squires is revoked. The broker license held by Beazer/Squires has been on inactive status since
October&nbsp;2007. There is no monetary payment by the Company or its subsidiaries under either of the
consent orders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The consent orders conclude the investigation by the NCREC into these matters with respect to the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of a press release announcing the settlement is attached hereto as exhibit 99.1.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.01</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;&nbsp;Exhibits
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release dated July&nbsp;1, 2009.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BEAZER HOMES USA, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: July 1, 2009&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Allan P. Merrill
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Allan P. Merrill&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and<br>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>g19659exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="g19659beazer.gif" alt="(BEAVER LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 70%; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Press Release</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>For Immediate Release</B></FONT>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>Beazer Homes Reaches Settlements with Governmental Authorities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 16pt"><B>ATLANTA,
July&nbsp;1, 2009</B>&#151; Beazer Homes USA, Inc. (NYSE: BZH)
(<u>www.beazer.com</u>) (&#147;the Company&#148;)
announced that it has resolved several previously-disclosed governmental investigations. The
Company has entered into a deferred prosecution agreement (&#147;DPA&#148;) with the U.S. Attorney&#146;s Office
for the Western District of North Carolina (&#147;the U.S. Attorney&#148;) and a settlement agreement with
the U.S. Department of Housing and Urban Development (&#147;HUD&#148;) and the civil division of the
Department of Justice. In addition, certain of the Company&#146;s subsidiaries have entered into a
settlement agreement with the North Carolina Real Estate Commission (&#147;NCREC&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since issues involving the Company&#146;s mortgage origination business and financial reporting
irregularities came to light, the Company has fully cooperated with the investigations by
governmental authorities. In addition, the Company&#146;s Audit Committee conducted an independent
investigation into these matters. In February&nbsp;2008, the Company voluntarily exited the mortgage
origination business and in May&nbsp;2008, the Company completed the restatement of certain prior period
financial statements and implemented changes in its internal controls over financial reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;We deeply regret these matters and have used what we have learned to strengthen our control and
compliance culture and reinforce our absolute commitment to act according to the highest standards
of ethical conduct throughout our organization. We are pleased that the governmental authorities
recognized our cooperation and remedial measures,&#148; said Ian J. McCarthy, president and chief
executive officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These settlements enable the Company to close an unfortunate chapter in its history and focus its
efforts on executing the Company&#146;s financial and operating business plan for the benefit of the
Company&#146;s shareholders, employees, and customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Deferred Prosecution Agreement with the U.S. Attorney</B><BR>
Under the DPA, the U.S. Attorney has agreed not to prosecute the Company in connection with the
matters that were the subject of the Audit Committee investigation and are set forth in a Bill of
Information filed with the United States District Court for the Western District of North Carolina,
provided that the Company satisfies its obligations under the DPA over the next 60
months. The term of the DPA may be less than 60&nbsp;months in the event certain conditions, as
described more fully in the DPA, are met. The DPA recognizes the cooperation of the Company, its
voluntary disclosure and its adoption of remedial measures.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the terms of the DPA, in fiscal year 2009, the Company will contribute $7.5&nbsp;million to a
restitution fund established to compensate those Beazer customers who can demonstrate that they
were injured by certain of the practices identified in the Bill of Information. For fiscal year
2010 the Company will contribute to the restitution fund the greater of $1.0&nbsp;million or an amount
equal to 4% of the Company&#146;s fiscal 2010 adjusted EBITDA as defined in the DPA. The Company&#146;s
liability in each of the fiscal years after 2010 will also be equal to 4% of the Company&#146;s adjusted
EBITDA through a portion of fiscal year 2014, unless extended as described below. Under the terms
of the DPA, the Company&#146;s total contributions to the restitution fund will not exceed $50.0
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Settlement Agreement with HUD</B><BR>
Under the terms of the settlement agreement with HUD and the civil division of the Department of
Justice, the Company will make an immediate payment of $4.0&nbsp;million to HUD to resolve civil and
administrative investigations. In addition, on the first anniversary of the agreement, the Company
will make a $1.0&nbsp;million payment to HUD.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the amounts paid into the restitution fund with the U.S. Attorney do not reach $48.0&nbsp;million at
the end of 60&nbsp;months, the restitution fund term will be extended using the adjusted EBITDA formula
until the earlier of an additional 24&nbsp;months or the time the Company&#146;s contribution reaches $48.0
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amounts paid to the U.S. Attorney for contribution into the restitution fund and payments to
HUD do not include the $2.5&nbsp;million contributed to resolve the investigation by the North Carolina
Office of the Commissioner of Banks (&#147;OCOB&#148;) which was previously announced by the Company in May
2009, although this amount will be counted as part of the Company&#146;s maximum obligation to the
restitution fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously disclosed, the Company recognized expense in the quarter ended March&nbsp;31, 2009 of
$10.5&nbsp;million for the amounts yet to be paid in fiscal years 2009 and 2010. The Company will
recognize additional expense in the quarter ended June&nbsp;30, 2009 of $3.0&nbsp;million. In recognition of
the financial challenges currently facing the Company, Mr.&nbsp;McCarthy and Michael Furlow, executive
vice president and chief operating officer, have voluntarily contributed to the Company an amount
equal to the after-tax proceeds of their fiscal 2008 bonuses to defray part of its initial payment
to the restitution fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s payment obligations under the DPA and the settlement agreement with HUD are
interrelated. The total amount of such obligations will be dependent on several factors; however,
the maximum liability under both agreements and the previously announced agreement with the OCOB
will not exceed $55.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Agreement with NCREC</B><BR>
With respect to the NCREC, Beazer/Squires Realty, Inc. (&#147;Beazer/Squires&#148;) and Beazer Homes Corp.
each has agreed to the entry of a consent order regarding violations of certain North Carolina
statutes. Under the respective consent orders, the NCREC agreed that a reprimand of Beazer Homes
would not be issued as long as Beazer Homes completed certain remedial measures and that the broker
license held by Beazer/Squires is revoked. The broker license held by Beazer/Squires has been
on inactive status since October&nbsp;2007. There is no monetary payment by the Company or its
subsidiaries under either of the consent orders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The consent orders conclude the investigation by the NCREC into these matters with respect to the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc., headquartered in Atlanta, is one of the country&#146;s ten largest single-family
homebuilders with continuing operations in Arizona, California, Delaware, Florida, Georgia,
Indiana, Maryland, Nevada, New Jersey, New Mexico, North Carolina, Pennsylvania, South Carolina,
Tennessee, Texas, and Virginia. Beazer Homes is listed on the New York Stock Exchange under the
ticker symbol &#147;BZH.&#148;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Forward Looking Statements</I></U><BR>
<I>This press release contains forward-looking statements. These forward-looking statements represent
our expectations or beliefs concerning future events, and it is possible that the results described
in this press release will not be achieved. These forward-looking statements are subject to risks,
uncertainties and other factors, many of which are outside of our control, that could cause actual
results to differ materially from the results discussed in the forward-looking statements,
including, among other things, (i)&nbsp;the timing and final outcome of any litigation or government
proceedings; (ii)&nbsp;additional asset impairment charges or writedowns; (iii)&nbsp;economic changes
nationally or in local markets, including changes in consumer confidence, volatility of mortgage
interest rates and inflation; (iv)&nbsp;continued or increased downturn in the homebuilding industry;
(v)&nbsp;estimates related to homes to be delivered in the future (backlog)&nbsp;are imprecise as they are
subject to various cancellation risks which cannot be fully controlled, (vi)&nbsp;our ability to
maintain the listing of our common stock on the New York Stock Exchange, (vii)&nbsp;continued or
increased disruption in the availability of mortgage financing; (viii)&nbsp;our cost of and ability to
access capital and otherwise meet our ongoing liquidity needs including the impact of any further
downgrades of our credit ratings or reductions in our tangible net worth or liquidity levels; (ix)
potential inability to comply with covenants in our debt agreements; (x)&nbsp;increased competition or
delays in reacting to changing consumer preference in home design; (xi)&nbsp;shortages of or increased
prices for labor, land or raw materials used in housing production; (xii)&nbsp;factors affecting margins
such as decreased land values underlying land option agreements, increased land development costs
on projects under development or delays or difficulties in implementing initiatives to reduce
production and overhead cost structure; (xiii)&nbsp;the performance of our joint ventures and our joint
venture partners; (xiv)&nbsp;the impact of construction defect and home warranty claims including those
related to possible installation of drywall imported from China and the cost of investigation and
remediation and availability of insurance; (xv)&nbsp;delays in land development or home construction
resulting from adverse weather conditions; (xvi)&nbsp;potential delays or increased costs in obtaining
necessary permits as a result of changes to, or complying with, laws, regulations, or governmental
policies and possible penalties for failure to comply with such laws, regulations and governmental
policies; (xvii)&nbsp;effects of changes in accounting policies, standards, guidelines or principles; or
(xviii)&nbsp;terrorist acts, acts of war and other factors over which the Company has little or no
control.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Any forward-looking statement speaks only as of the date on which such statement is made, and,
except as required by law, we do not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information, future events or otherwise. New
factors emerge from time to time and it is not possible for management to predict all such factors.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONTACTS<BR>
Investors:<BR>
Leslie H. Kratcoski<BR>
Beazer Homes USA, Inc.<BR>
770-829-3764<BR>
<U>lkratcos@beazer.com</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 16pt">Media:<BR>
Dawn Dover<BR>
Kekst &#038; Company<BR>
212-521-4817<BR>
dawn-dover@kekst.com

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
