KB Home Reports Third Quarter 2009 Financial Results

FINANCIAL TABLES

KB HOME
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Nine Months and Three Months Ended August 31, 2009 and 2008
(In Thousands, Except Per Share Amounts - Unaudited)
						Nine Months																	Three Months
							2009									2008								2009									2008
Total revenues						$	1,150,282								$	2,114,899							$	458,451								$	681,610
Homebuilding:
Revenues						$	1,145,014								$	2,107,517							$	456,348								$	679,115
Costs and expenses							(1,299,990	)								(2,726,697	)							(498,453	)								(786,943	)
Operating loss							(154,976	)								(619,180	)							(42,105	)								(107,828	)
Interest income							6,410									29,240								1,131									6,686
Loss on early redemption/interest expense, net of amounts capitalized							(35,502	)								(10,388	)							(15,379	)								(10,388	)
Equity in loss of unconsolidated joint ventures							(47,811	)								(91,564	)							(26,315	)								(46,203	)
Homebuilding pretax loss							(231,879	)								(691,892	)							(82,668	)								(157,733	)
Financial services:
Revenues							5,268									7,382								2,103									2,495
Expenses							(2,569	)								(3,317	)							(915	)								(1,085	)
Equity in income of unconsolidated joint venture							8,977									12,880								4,432									4,578
Financial services pretax income							11,676									16,945								5,620									5,988
Total pretax loss							(220,203	)								(674,947	)							(77,048	)								(151,745	)
Income tax benefit							17,700									6,100								11,000									7,000
Net loss						$	(202,503	)							$	(668,847	)						$	(66,048	)							$	(144,745	)
Basic and diluted loss per share						$	(2.64	)							$	(8.63	)						$	(.87	)							$	(1.87	)
Basic and diluted average shares outstanding							76,656									77,464								76,329									77,565

KB HOME
CONSOLIDATED BALANCE SHEETS
(In Thousands - Unaudited)
									August 31,											November 30,
									2009											2008
Assets
Homebuilding:
Cash and cash equivalents									$	953,510										$	1,135,399
Restricted cash										104,180											115,404
Receivables										137,836											357,719
Inventories										1,911,317											2,106,716
Investments in unconsolidated joint ventures										172,147											177,649
Other assets										87,814											99,261
										3,366,804											3,992,148
Financial services										26,480											52,152
Total assets									$	3,393,284										$	4,044,300
Liabilities and stockholders' equity
Homebuilding:
Accounts payable									$	427,463										$	541,294
Accrued expenses and other liabilities										528,683											721,397
Mortgages and notes payable										1,812,839											1,941,537
										2,768,985											3,204,228
Financial services										10,787											9,467
Stockholders' equity										613,512											830,605
Total liabilities and stockholders' equity									$	3,393,284										$	4,044,300

KB HOME
SUPPLEMENTAL INFORMATION
For the Nine Months and Three Months Ended August 31, 2009 and 2008
(In Thousands - Unaudited)
					Nine Months																	Three Months
Homebuilding revenues:					2009									2008								2009									2008
Housing					$	1,139,472								$	2,031,725							$	454,212								$	668,292
Land						5,542									75,792								2,136									10,823
Total					$	1,145,014								$	2,107,517							$	456,348								$	679,115
					Nine Months																	Three Months
Costs and expenses:					2009									2008								2009									2008
Construction and land costs
Housing					$	1,066,882								$	2,162,558							$	404,006								$	642,467
Land						15,461									159,655								10,569									11,265
Subtotal						1,082,343									2,322,213								414,575									653,732
Selling, general and administrative expenses						217,647									379,914								83,878									133,211
Goodwill impairment						-									24,570								-									-
Total					$	1,299,990								$	2,726,697							$	498,453								$	786,943
					Nine Months																	Three Months
Loss on early redemption/interest expense:					2009									2008								2009									2008
Interest incurred					$	87,192								$	112,641							$	29,915								$	35,736
Loss on early redemption of debt						976									10,388								976									10,388
Interest capitalized						(52,666	)								(112,641	)							(15,512	)								(35,736	)
Total					$	35,502								$	10,388							$	15,379								$	10,388
					Nine Months																	Three Months
Other information:					2009									2008								2009									2008
Depreciation and amortization					$	5,354								$	10,484							$	1,752								$	4,143
Amortization of previously capitalized interest						78,832									86,258								35,460									31,360

KB HOME
SUPPLEMENTAL INFORMATION
For the Nine Months and Three Months Ended August 31, 2009 and 2008
(Unaudited)
					Nine Months															Three Months
Average sales price:					2009								2008							2009								2008
West Coast					$	311,700							$	359,100						$	306,500							$	353,800
Southwest						177,000								233,700							161,800								224,600
Central						157,700								173,300							148,900								180,900
Southeast						173,400								211,100							172,600								202,300
Total					$	209,200							$	238,300						$	202,800							$	239,700
					Nine Months															Three Months
Homes delivered:					2009								2008							2009								2008
West Coast						1,589								1,948							669								731
Southwest						822								1,699							314								425
Central						1,755								2,507							783								745
Southeast						1,280								2,372							474								887
Total						5,446								8,526							2,240								2,788
Unconsolidated joint ventures						115								194							37								45
					Nine Months															Three Months
Net orders:					2009								2008							2009								2008
West Coast						1,978								1,877							591								361
Southwest						936								1,228							355								282
Central						2,478								1,701							808								506
Southeast						1,503								2,172							404								180
Total						6,895								6,978							2,158								1,329
Unconsolidated joint ventures						90								218							17								39
					August 31, 2009															August 31, 2008
Backlog data:					Backlog Homes								Backlog Value							Backlog Homes								Backlog Value
(Dollars in thousands)
West Coast						970							$	293,329							1,119							$	391,525
Southwest						462								75,439							835								190,279
Central						1,444								218,430							1,205								230,154
Southeast						846								146,896							1,615								321,321
Total						3,722							$	734,094							4,774							$	1,133,279
Unconsolidated joint ventures						42							$	15,456							233							$	136,918