January 10, 2009 |
KB Home Corp., California's largest home builder, announced its eighth straight quarterly loss Friday, and company officials said they expect home prices to continue to fall in 2009. The company lost $307.3 million, or $3.96 a share, in the fourth quarter of 2008, but that was substantially less than the $772.7-million loss, or $9.99 a share, it reported for the same quarter in 2007. Nevertheless, the loss reported Friday exceeded the median estimate of $96.9 million, or $1.
June 27, 2009 |
The head of one of the nation's largest home builders said Friday that home prices were stabilizing in some parts of the country but ongoing economic woes would continue to challenge the housing market. "In many markets we're seeing a bottom form on price," KB Home Chief Executive Jeffrey Mezger said in a conference call with analysts. In some areas of Southern California where the company sells homes, monthly payments "are lower than rent today," he added.
March 30, 2009 |
Bruce Karatz may be facing prison time, but he was the one doing the comforting before his bail hearing in federal court last week. The former chief executive of KB Home rubbed the shoulders of his visibly upset fiancee, Lilly Tartikoff, whispering in her ear and consoling her. By all appearances, you might not know that he was the one being forced to turn in his passport and pledge a Bel-Air mansion as collateral to make bail.
December 22, 2011 |
Los Angeles home builder KB Home reported a 20% drop in earnings in its fiscal fourth quarter compared with a year earlier as the company sold fewer homes in areas that yield higher profits, usually more affluent neighborhoods. But net new orders for homes grew 38% and gave the company its biggest year-end backlog since 2008, Chief Executive Jeffrey Mezger said Wednesday. "We believe these results demonstrate our success in adapting to current market realities and positioning our business for the future," Mezger said.
September 2, 2010 |
Shares of Los Angeles-based KB Home soared on Wednesday after the home builder said an investigation by the Securities and Exchange Commission into the company's accounting and disclosure procedures had concluded and no enforcement action would be taken. The company said in a statement Wednesday that it had received a letter from the commission closing the investigation, which began in October. Details of the inquiry weren't disclosed. KB Home closed at $11.45, up $1.14, or 11%. "We are glad to share with our investors and employees that the matter is now behind us, as we continue to focus on restoring the sustained profitability of our home building operations and generating future growth" KB Home Chief Executive Jeffrey Mezger said.
March 28, 2009 |
Westwood-based developer KB Home reported its first year-over-year increase in home orders in more than three years Friday, leading to a smaller-than-expected first-quarter loss. Chief Executive Jeffrey Mezger also said home prices in Southern California may have hit their low point. "In places like Southern California, prices have stabilized. Perhaps there's a floor now" in the region, Mezger told analysts in a conference call. After the news, KB Home stock rose 89 cents to close at $15.05.
September 25, 2010 |
KB Home narrowed its loss considerably in its fiscal third quarter, the Los Angeles builder said Friday, as it delivered more homes at a higher price than during the year-earlier period and cut its costs. But orders for new dwellings plummeted, indicating that demand for new homes will remain on shaky ground as long as the job market is weak. A separate government report Friday underscored the difficulties for the new-home market, with sales of newly built U.S. homes unchanged in August after hitting a record low in July.
February 24, 2010 |
A federal judge on Tuesday declined to investigate alleged misconduct by prosecutors in the stock option backdating case against former KB Home Chief Executive Bruce Karatz, citing an "astonishing" lack of evidence to support the allegations. In a motion filed last month, Karatz's lawyers accused prosecutors of manipulating witnesses in the upcoming trial, saying two former KB Home employees who once supported Karatz later changed their accounts after meeting with prosecutors. They asked the court to conduct a hearing to determine whether prosecutors crossed any lines during the investigation.
June 27, 2013 |
KB Home sold more new homes at higher prices during the second quarter, narrowing the Los Angeles builder's loss as it benefited from a hot housing market. The firm - the largest production homebuilder in Southern California - beat analysts' expectations Thursday, reporting a net loss of $3 million, or 4 cents per share. That's a significant improvement from a $24.1-million loss, or 31 cents per share, during the same period last year. The average sales price for the company's homes increased 24.6% to $290,400, as prices rose in all of KB's regions.
September 21, 2012 |
Los Angeles home-builder KB Home surprised Wall Street on Friday with a positive earnings report for the third quarter reflecting the recent housing rebound in California and beyond. The company booked $3.2 million in profit, or 13 cents a share, compared with a loss of $9.6 million, or $2.50 a share, during the same period last year. Analyst estimates had expected a 15-cents-per-share loss, according to Bloomberg News. Revenue was up 16% to $424.5 million after the company sold more homes at higher prices.