Business Description

Beazer Homes USA, Inc. is the sixth largest homebuilder in the country based on number of homes closed. Our operations are geographically diversified in 19 states in the Southeast, West, Central, Mid-Atlantic and Midwest United States. Our market strategy focuses on a value-oriented product offering targeting primarily entry-level and first-time move-up buyers. Our strategy for consistently achieving profitable growth focuses on initiatives that leverage our size, capabilities and best practices, strengthen our brand identity and capitalize on our broad geographic profile through increased market penetration. Headquartered in Atlanta, Georgia, we have been listed on the New York Stock Exchange since 1994 under the symbol “BZH.”

Financial Highlights

Beazer Homes USA, Inc.

(in thousands, except homes closed and per share amounts)
Year ended September 30,	2003	2002	2001
Statements of Operations Data
Homes closed	15,409	13,603	9,059
Total revenue	$3,177,408	$2,641,173	$1,805,177
Net income	172,745	122,634	74,876
Diluted earnings per share	12.78	10.74	8.18
Balance Sheet at Year-End
Total assets	$2,212,034	$1,892,847	$ 995,289
Total debt	741,365	739,100	395,238
Stockholders’ equity	993,695	799,515	351,195
Return Data
Return on average capital (pre-tax)	20.8%	21.4%	24.6%
Return on average equity	19.3%	21.3%	24.1%
See Footnotes to Selected Financial Data beginning on page 25 for certain definitions.

A Decade of Performance

Top Metro Areas for Job Growth

FY 2003 Closing by State

The Company’s operations encompass a well-diversified geographic footprint, the majority of which is in the fastest growing regions of the country.