KB Home Earnings Fall by $30.7 Million

KB Home (KBH), one of the country's top homebuilders, posted a second-quarter net loss of $30.7 million, or 40 cents a diluted share, as revenues fell. In the second quarter of last year, the company posted a net loss of $78.4 million, or $1.03 a diluted share.

Revenue in the second quarter of 2010 was $374.1 million, compared with $384.5 million a year earlier, the company said in a statement. The company delivered 1 percent more homes in the second quarter of this year, but the average selling price of those homes dipped 4 percent year on year to $207,900.

There were no asset impairment or land option contract abandonment charges in the second quarter of this year, compared with $49.5 million of such charges in the second quarter of 2009.

"Overall, we believe the steady improvement in our financial results over the past several quarters illustrates how our business strategies are bringing us closer to our goal of achieving sustained profitability," President and Chief Executive Officer Jeffrey Mezger said.
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