KB Home Swings to Profit on Tax Refund

Source: BIG BUILDER News  Publication date: January 12, 2010

By BB Staff

KB Home, Los Angeles (NYSE:KBH) on Tuesday before market open reported net income of $100.7 million ($1.31 per diluted share) for its fiscal fourth quarter ended Nov. 30, due to an income tax refund under the extended net-operating-loss carryback provision of Congess’ latest housing stimulus program. Without the refund, KB would have lost $91 million in the quarter on a pretax basis on noncash charges of $77.2 million for inventory and joint venture impairments and the abandonment of land option contracts.

The results compare with a net loss of $307.3 million ($-3.96) in the fiscal fourth quarter of 2008.

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Source :  Bigbuilderonline.com