KB Home (KBH, Financial) filed Quarterly Report for the period ended 2010-05-31.
Kb Home has a market cap of $965.6 million; its shares were traded at around $10.97 with and P/S ratio of 0.5. The dividend yield of Kb Home stocks is 2.2%.KBH is in the portfolios of Arnold Schneider of Schneider Capital Management, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Charles Brandes of Brandes Investment, Stanley Druckenmiller of Duquesne Capital Management, LLC, George Soros of Soros Fund Management LLC.
We generated a net loss of $30.7 million, or $.40 per diluted share, for the three months ended May 31, 2010, compared to a net loss of $78.4 million, or $1.03 per diluted share, for the year-earlier period. The results for the second quarter of 2010 included no pretax, noncash charges for inventory or joint venture impairments or land option contract abandonments, compared to $49.5 million of such charges in the year-earlier quarter. Our net loss for the second quarter of 2010 also narrowed relative to the year-earlier quarter due to an increase in our housing gross margin, partly offset by an increase in our selling, general and administrative expenses. Our housing gross margin increased by 15.8 percentage points to 17.7% in the second quarter of 2010 from 1.9% in the year-earlier quarter. Excluding the inventory impairment and land option contract abandonment charges in the second quarter of 2009, our housing gross margin improved by 5.0 percentage points in the second quarter of 2010 from the 12.7% posted in the prior year period. Selling, general and administrative expenses in the three months ended May 31, 2010 increased 14% to $83.0 million, up from $72.6 million in the year-earlier quarter, reflecting, among other things, higher legal and advertising expenses.
the year-earlier period. Included in our total revenues were financial services revenues of $3.0 million for the first six months of 2010 and $3.2 million for the year-earlier period. Our net loss for the six months ended May 31, 2010 totaled $85.4 million, or $1.11 per diluted share, including pretax, noncash charges of $13.4 million for inventory impairments and land option contract abandonments, and an after-tax valuation allowance charge of $34.0 million against net deferred tax assets to fully reserve the tax benefits generated from our loss in the period. For the six months ended May 31, 2009, we incurred a net loss of $136.5 million, or $1.78 per diluted share, including pretax, noncash charges of $81.8 million for inventory and joint venture impairments and land option contract abandonments and an after-tax valuation charge of $54.4 million against net deferred tax assets.
Consistent with our goal of maintaining a strong cash position and balance sheet, we ended the 2010 second quarter with $1.09 billion of cash and cash equivalents and restricted cash. Our debt balance at May 31, 2010 was $1.76 billion, down from $1.82 billion at the end of our 2009 fiscal year, mainly due to the repayment of debt. Our ratio of debt to total capital was 74.0% at May 31, 2010, compared to 72.0% at November 30, 2009. Our ratio of net debt to total capital, which reflects our cash position, was 51.8% at May 31, 2010, compared to 42.9% at November 30, 2009.
Revenues. Homebuilding revenues totaled $372.5 million in the three months ended May 31, 2010, decreasing by $10.4 million, or 3%, from $382.9 million in the corresponding period of 2009 due to a decline in housing revenues. Housing revenues of $370.4 million for the three months ended May 31, 2010 also decreased by $10.4 million, or 3%, from $380.8 million for the year-earlier period, due to a 4% year-over-year decline in the average selling price, partly offset by a 1% year-over-year increase in the number of homes delivered. We delivered 1,782 homes in the quarter ended May 31, 2010, up from 1,761 homes delivered in the year-earlier quarter, while
Homebuilding revenues for the six months ended May 31, 2010 decreased by $53.6 million, or 8%, to $635.0 million from $688.6 million for the year-earlier period, reflecting lower housing revenues. Housing revenues for the six months ended May 31, 2010 totaled $632.6 million, down 8% from $685.3 million for the year-earlier period, due to a 3% decrease in the number of homes delivered and a 5% decline in the average selling price. We delivered 3,108 homes in the first six months of 2010, down from 3,206 homes delivered in the first six months of 2009, partly due to a 9% reduction in the average number of active communities we operated. As a result of the downward pricing pressures described above, our average selling price decreased to $203,500 in the six months ended May 31, 2010 from $213,700 in the corresponding period of 2009.
Read the The complete Report
Kb Home has a market cap of $965.6 million; its shares were traded at around $10.97 with and P/S ratio of 0.5. The dividend yield of Kb Home stocks is 2.2%.KBH is in the portfolios of Arnold Schneider of Schneider Capital Management, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Charles Brandes of Brandes Investment, Stanley Druckenmiller of Duquesne Capital Management, LLC, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
Our total revenues of $374.1 million for the three months ended May 31, 2010 decreased 3% from $384.5 million for the three months ended May 31, 2009, due to lower housing revenues. Housing revenues totaled $370.4 million in the second quarter of 2010, down 3% from $380.8 million in the year-earlier quarter, reflecting a 4% year-over-year decrease in the average selling price, partly offset by a 1% year-over-year increase in homes delivered. We use the term home in this discussion and analysis to refer to a single-family residence, whether it is a single-family home or other type of residential property. We delivered 1,782 homes in the second quarter of 2010 at an average selling price of $207,900, compared with 1,761 homes delivered at an average selling price of $216,200 in the year-earlier quarter. The increase in the total number of homes delivered in the second quarter of 2010 relative to the year-earlier quarter reflected increases of 49% and 5% in our Southwest and Central reporting segments, respectively, that were partly offset by decreases of 12% in each of our West Coast and Southeast reporting segments.We generated a net loss of $30.7 million, or $.40 per diluted share, for the three months ended May 31, 2010, compared to a net loss of $78.4 million, or $1.03 per diluted share, for the year-earlier period. The results for the second quarter of 2010 included no pretax, noncash charges for inventory or joint venture impairments or land option contract abandonments, compared to $49.5 million of such charges in the year-earlier quarter. Our net loss for the second quarter of 2010 also narrowed relative to the year-earlier quarter due to an increase in our housing gross margin, partly offset by an increase in our selling, general and administrative expenses. Our housing gross margin increased by 15.8 percentage points to 17.7% in the second quarter of 2010 from 1.9% in the year-earlier quarter. Excluding the inventory impairment and land option contract abandonment charges in the second quarter of 2009, our housing gross margin improved by 5.0 percentage points in the second quarter of 2010 from the 12.7% posted in the prior year period. Selling, general and administrative expenses in the three months ended May 31, 2010 increased 14% to $83.0 million, up from $72.6 million in the year-earlier quarter, reflecting, among other things, higher legal and advertising expenses.
the year-earlier period. Included in our total revenues were financial services revenues of $3.0 million for the first six months of 2010 and $3.2 million for the year-earlier period. Our net loss for the six months ended May 31, 2010 totaled $85.4 million, or $1.11 per diluted share, including pretax, noncash charges of $13.4 million for inventory impairments and land option contract abandonments, and an after-tax valuation allowance charge of $34.0 million against net deferred tax assets to fully reserve the tax benefits generated from our loss in the period. For the six months ended May 31, 2009, we incurred a net loss of $136.5 million, or $1.78 per diluted share, including pretax, noncash charges of $81.8 million for inventory and joint venture impairments and land option contract abandonments and an after-tax valuation charge of $54.4 million against net deferred tax assets.
Consistent with our goal of maintaining a strong cash position and balance sheet, we ended the 2010 second quarter with $1.09 billion of cash and cash equivalents and restricted cash. Our debt balance at May 31, 2010 was $1.76 billion, down from $1.82 billion at the end of our 2009 fiscal year, mainly due to the repayment of debt. Our ratio of debt to total capital was 74.0% at May 31, 2010, compared to 72.0% at November 30, 2009. Our ratio of net debt to total capital, which reflects our cash position, was 51.8% at May 31, 2010, compared to 42.9% at November 30, 2009.
Revenues. Homebuilding revenues totaled $372.5 million in the three months ended May 31, 2010, decreasing by $10.4 million, or 3%, from $382.9 million in the corresponding period of 2009 due to a decline in housing revenues. Housing revenues of $370.4 million for the three months ended May 31, 2010 also decreased by $10.4 million, or 3%, from $380.8 million for the year-earlier period, due to a 4% year-over-year decline in the average selling price, partly offset by a 1% year-over-year increase in the number of homes delivered. We delivered 1,782 homes in the quarter ended May 31, 2010, up from 1,761 homes delivered in the year-earlier quarter, while
Homebuilding revenues for the six months ended May 31, 2010 decreased by $53.6 million, or 8%, to $635.0 million from $688.6 million for the year-earlier period, reflecting lower housing revenues. Housing revenues for the six months ended May 31, 2010 totaled $632.6 million, down 8% from $685.3 million for the year-earlier period, due to a 3% decrease in the number of homes delivered and a 5% decline in the average selling price. We delivered 3,108 homes in the first six months of 2010, down from 3,206 homes delivered in the first six months of 2009, partly due to a 9% reduction in the average number of active communities we operated. As a result of the downward pricing pressures described above, our average selling price decreased to $203,500 in the six months ended May 31, 2010 from $213,700 in the corresponding period of 2009.
Read the The complete Report
