KB Home Losses Widen

Los Angeles, CA, June 27, 2008--KB Home,  the nation's fifth largest home builder, posted a steeper quarterly loss on Friday as revenues fell.

KB reported a net loss of $255.9 million, or $3.30 per share, in its second quarter, compared with a loss of $148.7 million, or $1.93 per share, last year.

Revenue fell 55 percent to $639.1 million, from $1.41 billion during the year-ago period.

KB Home took a charge of $176.5 million to cut the value of its inventory and to abandon some land option contracts.

The company said that as of May 31, its unfilled orders were 54 percent lower than at the same time last year.