KB Home Narrows Quarterly Loss

Los Angeles, CA, Jan. 9, 2009--KB Home said Friday its fourth-quarter loss was narrower than a year ago, but revenue and orders for new homes were roughly cut in half.

The company reported a quarterly net loss of $307.3 million, or $3.96 a share, compared with a loss of $772.7 million, or $9.99 a share, in the year-earlier period.

It said total revenue dropped to $919 million from $2.07 billion.
 
"Housing market and general economic conditions in 2009 are expected to remain difficult or possibly worsen as the timing of any meaningful recovery for the home-building industry remains uncertain," Chief Executive Jeffrey Mezger said in the earnings release.