KB Home Reports Net Loss of $58 Million

KB Home reported a net loss of $58 million for the first quarter, ending February 28, compared to a net loss of $268 million for the year-earlier period. First-quarter housing revenues totaled $304.5 million, down 58% from the same period in 2008, reflecting a 51% decrease in homes delivered and a 15% decrease in the average selling price. Net orders for new homes in the first quarter of 2009 increased 26% to 1,827, up from 1,449 net orders in the same quarter a year ago. KB also said its cancellation rate based on gross orders improved to 28% in the current period, down from 46% in the fourth quarter of 2008 and 53% in the first quarter of 2008. The first quarter pretax results included non-cash charges for inventory and joint venture impairments and land option contract abandonments of $32.3 million.