KB Home Reports Second – Quarter Loss

June 27, 2008

KB Home, one of the nation’s largest homebuilders, reported a larger second-quarter loss Friday, as weak sales and falling home prices led to a 55% drop in revenue. The San Antonio News also reported that the company also booked charges to lower the value of unsold homes, joint venture deals and land option contracts.

The Los Angeles-based company reported a loss of $255.9 million, or $3.30 per share, for the three months ended May 31. A year ago, it lost $148.7 million, or $1.93 per share.

The latest results included a $176.5 million charge to cut the value of its unsold homes and to abandon some land option contracts.

Revenue plunged to $639.1 million from $1.41 billion in the year-ago period. The decline was driven by lower housing and land sale revenues, the builder said.

Analysts surveyed by Thomson Financial were expecting KB to post a loss of 94 cents per share on revenue of $691.3 million. The earnings estimates typically exclude one-time items.

More Blog Posts

CONTACT US

Use the form below to send us a note, call us at 214.890.0711 or chat with us live. We are eager to help with all your legal needs. Please keep in mind that any unsolicited information sent through our website cannot be treated as confidential. Contacting us through this site does not create a representation relationship with Fears | Nachawati.

Inquiry Type

  • General
  • Personal Injury
  • Immigration
  • Bankruptcy
  • Drug Litigation
  • Family Law

Locations

With offices in Texas, Florida and Colorado and attorneys licensed in Texas, Florida, Colorado, Arkansas and Oklahoma, Fears | Nachawati is dedicated to attaining the best possible solutions for our clients’ business and personal needs. We strive to be professionals who are creative, empathetic and reliable.

All Areas Served

We Can Help

Contact Fears Nachawati today

Free Consulation

Live Chat (Online Now)