Homebuilder says it lost $255.9 million in its fiscal second quarter on charges and sagging sales.
June 27, 2008: 8:39 AM EDT
LOS ANGELES (AP) -- KB Home says its losses widened during the fiscal second quarter as it took charges to lower the value of inventory, joint venture deals and land option contracts, and had a drop in sales.
The Los Angeles-based homebuilder says it lost $255.9 million, or $3.30 per share during the quarter ended May 31, compared with $148.7 million, or $1.93 per share during the year-ago period.
Analysts polled by Thomson Financial, on average, forecast a loss of 94 cents per share, on sales of $691.3 million.
Revenue fell 55% to $639.1 million, from $1.41 billion during the year-ago period.
KB Home (KBH, Fortune 500) took a charge of $176.5 million to cut the value of its inventory and to abandon some land option contracts.
The company said that as of May 31, its unfilled orders were 54% lower than at the same time last year.
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