KB Home Swings To Fourth Quarter Profit

Los Angeles, CA, Jan. 13, 2010--KB Home said it swung to a fourth-quarter profit partly due to a tax gain.

However, revenue dropped nearly 30% from last year.

Quarterly net income was $100.7 million, or $1.31 a share, compared with a net loss of $307.3 million, or $3.96 a share, a year ago.

Revenue for the quarter fell 27% to $674.6 million.

The average selling price of a home fell 12% from the fourth quarter of 2008,

Net orders in the fourth quarter rose 12% from the year-earlier quarter.

"Looking forward into 2010, there are indications that housing-market conditions may be stabilizing in some regions, reflecting, among other things, relatively high levels of affordability," said Chief Executive Jeffrey Mezger in the earnings release.


However, revenue dropped nearly 30% from last year.

Quarterly net income was $100.7 million, or $1.31 a share, compared with a net loss of $307.3 million, or $3.96 a share, a year ago.

Revenue for the quarter fell 27% to $674.6 million.

The average selling price of a home fell 12% from the fourth quarter of 2008,

Net orders in the fourth quarter rose 12% from the year-earlier quarter.

"Looking forward into 2010, there are indications that housing-market conditions may be stabilizing in some regions, reflecting, among other things, relatively high levels of affordability," said Chief Executive Jeffrey Mezger in the earnings release.