NEW YORK (Reuters) - Beazer Homes USA Inc's home closings and orders fell by more than half in the latest quarter, the builder said on Tuesday.
Home closings dropped 53.2 percent to 938 in the first quarter ended on December 31 from 2,006 a year earlier.
New home orders -- contracts signed, but not closed -- fell 56 percent to 551, according to a company statement.
The cancellation rate for the No. 8 U.S. homebuilder was 45.6 percent, down slightly from 46.6 percent a year earlier.
The Atlanta-based company also said it had $436.9 million in cash or cash equivalents, down from $584.3 million at the end of the third quarter but up from $236.5 million a year earlier.
Beazer had restricted $19 million in additional cash to provide collateral for outstanding letters of credit, which the company often issues instead of a cash deposit for options to buy land, spokeswoman Leslie Kratcoski said.
(Reporting by Helen Chernikoff; Editing by Lisa Von Ahn)
