KB Home Narrows First Quarter Loss

Los Angeles, CA, March 23, 2012 -- Homebuilder KB Home reported a first-quarter loss of $45.8 million, or $0.59 a share, compared to a loss a year ago of $114.5 million, or $1.49 a share.

The year-ago quarter had several one-time impairment charges.

KB Homes also reported that net orders fell 8.1% to 1,197 homes while the cancellation rate rose to 36% from 29% a year ago.

Revenue rose 29% to $254.6 million from $196.9 million, as the number of homes delivered increased 21% to 1,150 and the average home selling price rose 6 percent to $219,000.

KB Home said that while it appears job growth and consumer confidence may be improving and that the housing market may be starting to recover, it said the pace of the recovery has been uneven.