KB Home 2Q 2008 Loss Nearly Doubles
June 27 2008 - KB Home’s (KBH) fiscal second-quarter loss nearly doubled as prices fell amid a continuing housing downturn and credit crisis.
For the quarter ended May 31, KB Home reported a net loss of $255.9 million, or $3.30 a share, compared with a prior-year net loss of $148.7 million, or $ 1.93 a share.
The latest results included write-downs of $201.1 million, down from $223.9 million in the first quarter and $308.2 million a year ago. But the latest quarter also included a $98.9 million impact from writing down the value of deferred tax assets, which can be used to offset future profits.
Revenue dropped 55% to $639.1 million.