KB Home Second Quarter 2012 Numbers

Quarter Two

Fiscal Year


($24.1 M) +64.8%

($69.9 M) +61.8%

Home Deliveries

1,290 +2%

2,440 +10.2%

New Orders

2,049 +2.6%

3,246 -1.6%


Behind the Numbers:

KB Home narrowed its losses but fell well short of breaking even in its second quarter, which ended May 31. Sales and new orders, while up, paled in comparison with star-seller Lennar’s gains announced this week. In addition, the company is still logging impairment charges on land and costs to abandon projects, something most builders have put behind them. There’s also a hit from an $8.8 million charge related to an unfavorable court decision in a contract dispute. The company didn’t elaborate, but there’s a possibility it’s related to former CEO Bruce Karatz’s legal costs. Karatz was found guilty in 2010 of manipulating stock options.

KB Home’s second quarter ended May 31.