KB Home's 2Q Earnings Up 78%

Los Angeles, CA, June 22--KB Home, one of the largest homebuilders in the country, reported net income for the second quarter of $181.5 million, or $2.06 per diluted share. That's an increase of 78 percent from its net income of $102.1 million in the second quarter of 2004, or $1.20 per diluted share. Second quarter deliveries of homes rose 20 percent to 8,535, up from 7,124 in the same quarter of 2004. The California home builder says each of its five geographic regions posted higher year-over-year unit delivery volumes. KB Home has built or is in the process of building homes in some 13 communities in Albuquerque and Rio Rancho. The company has offices throughout the Southwest, Texas and California, as well as the Upper Midwest and the Southeast. Demand in most markets continues to outstrip supply, said Bruce Karatz, KB's chief executive officer. The company has about $6.79 billion of future revenues in the pipeline. To keep pace with growth, KB issued $300 million of 6.25 percent senior notes at the end of the second quarter, which are due in 2015.