KB Home revenue off 27% in second quarter

KB Home reported results on its website for its second quarter, which ended May 31, 2011.

Highlights and developments include:

• Revenues totaled $271.7 million in the second quarter of 2011, down 27% from $374.1 million in the second quarter of 2010. The decrease was mainly due to lower housing revenues.
• KB reported a net loss of $68.5 million, or $.89 per diluted share, for the quarter ended May 31, 2011, compared to a net loss of $30.7 million, or $.40 per diluted share, for the same period in 2010.
• Company-wide net orders decreased 11% to 1,998 in the second quarter of 2011 from 2,244 in the corresponding period of 2010. Second quarter net orders increased 53% from the first quarter of 2011. This compared favorably to a 17% sequential increase in net orders from the first to the second quarter of 2010. At May 31, 2011, the company had 2,422 homes in backlog, representing projected future housing revenues of approximately $501.5 million, compared to a backlog of 3,175 homes, representing projected future housing revenues of approximately $648.2 million at May 31, 2010.

For more information: http://investor.kbhome.com/releasedetail.cfm?ReleaseID=587883