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KB Home Swings to Loss; Sees Worse Market in 2008
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KB Home Thursday posted a fiscal third quarter loss, as the U.S. home market suffered a deepening decline in demand, a swelling supply of homes for sale and tighter standards in the mortgage market.
KB Home [KBH
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], the No. 5 U.S. home builder, reported a net loss of $35.6 million, or 46 cents per share, in its fiscal third quarter that ended Aug. 31, versus a profit of $153.2 million, or $1.90 per share, a year earlier.
The company reported a loss from continuing operations of $478.6 million, or $6.19 per share, due largely to pretax non-cash charges of $690.1 million related to the lower value of land and $107.9 million related to goodwill impairment.
Revenue fell 32% to $1.54 billion. Housing revenue fell 33% to $1.53 billion as the number of sales closed dropped 28% to 5,699 and the average selling price declined to $267,700, Los Angeles-based KB said.
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