KB Home Reports 2012 Fourth Quarter And Full Year Results

KB HOME CONSOLIDATED STATEMENTS OF OPERATIONS For the Twelve Months and Three Months Ended November 30, 2012 and 2011 (In Thousands, Except Per Share Amounts)
			Twelve Months										Three Months
			2012					2011					2012					2011
Total revenues			$	1,560,115				$	1,315,866				$	578,201				$	479,872
Homebuilding:
Revenues			$	1,548,432				$	1,305,562				$	574,377				$	475,746
Costs and expenses			(1,568,688		)			(1,408,636		)			(558,815		)			(474,911		)
Operating income (loss)			(20,256		)			(103,074		)			15,562					835
Interest income			518					871					155					95
Interest expense			(69,804		)			(49,204		)			(15,989		)			(12,302		)
Equity in income (loss) of unconsolidated joint ventures			(394		)			(55,839		)			(357		)			26
Homebuilding pretax loss			(89,936		)			(207,246		)			(629		)			(11,346		)
Financial services:
Revenues			11,683					10,304					3,824					4,126
Expenses			(2,991		)			(3,512		)			(754		)			(1,031		)
Equity in income (loss) of unconsolidated joint venture			2,191					19,286					(17		)			19,662
Financial services pretax income			10,883					26,078					3,053					22,757
Total pretax income (loss)			(79,053		)			(181,168		)			2,424					11,411
Income tax benefit			20,100					2,400					5,300					2,500
Net income (loss)			$	(58,953	)			$	(178,768	)			$	7,724				$	13,911
Basic earnings (loss) per share			$	(.76	)			$	(2.32	)			$	.10				$	.18
Diluted earnings (loss) per share			$	(.76	)			$	(2.32	)			$	.10				$	.18
Basic average shares outstanding			77,106					77,043					77,103					77,159
Diluted average shares outstanding			77,106					77,043					78,282					77,197

KB HOME CONSOLIDATED BALANCE SHEETS (In Thousands)
			November 30,2012					November 30,2011
Assets
Homebuilding:
Cash and cash equivalents			$	524,765				$	415,050
Restricted cash			42,362					64,481
Receivables			64,821					66,179
Inventories			1,706,571					1,731,629
Investments in unconsolidated joint ventures			123,674					127,926
Other assets			95,050					75,104
			2,557,243					2,480,369
Financial services			4,455					32,173
Total assets			$	2,561,698				$	2,512,542
Liabilities and stockholders' equity
Homebuilding:
Accounts payable			$	118,544				$	104,414
Accrued expenses and other liabilities			340,345					374,406
Mortgages and notes payable			1,722,815					1,583,571
			2,181,704					2,062,391
Financial services			3,188					7,494
Stockholders' equity			376,806					442,657
Total liabilities and stockholders' equity			$	2,561,698				$	2,512,542

KB HOME SUPPLEMENTAL INFORMATION For the Twelve Months and Three Months Ended November 30, 2012 and 2011 (In Thousands)
			Twelve Months										Three Months
			2012					2011					2012					2011
Homebuilding revenues:
Housing			$	1,548,432				$	1,305,299				$	574,377				$	475,636
Land			—					263					—					110
Total			$	1,548,432				$	1,305,562				$	574,377				$	475,746
			Twelve Months										Three Months
			2012					2011					2012					2011
Costs and expenses:
Construction and land costs
Housing			$	1,317,529				$	1,129,785				$	492,594				$	405,899
Land			—					200					—					1
Subtotal			1,317,529					1,129,985					492,594					405,900
Selling, general and administrative expenses			251,159					247,886					66,221					75,576
Loss (gain) on loan guaranty			—					30,765					—					(6,565		)
Total			$	1,568,688				$	1,408,636				$	558,815				$	474,911
			Twelve Months										Three Months
			2012					2011					2012					2011
Interest expense:
Interest incurred			$	122,379				$	115,649				$	33,105				$	27,548
Loss (gain) on early extinguishment of debt			10,278					(3,612		)			—					—
Interest capitalized			(62,853		)			(62,833		)			(17,116		)			(15,246		)
Total			$	69,804				$	49,204				$	15,989				$	12,302
			Twelve Months										Three Months
			2012					2011					2012					2011
Other information:
Depreciation and amortization			$	4,638				$	4,181				$	1,341				$	885
Amortization of previously capitalized interest			78,630					79,338					29,721					26,592

KB HOME SUPPLEMENTAL INFORMATION For the Twelve Months and Three Months Ended November 30, 2012 and 2011
			Twelve Months										Three Months
			2012					2011					2012					2011
Average sales price:
West Coast			$	388,300				$	335,500				$	405,400				$	358,300
Southwest			193,900					165,800					219,500					179,100
Central			170,100					171,500					179,500					173,100
Southeast			206,200					195,500					219,900					192,900
Total			$	246,500				$	224,600				$	270,700				$	238,400
			Twelve Months										Three Months
			2012					2011					2012					2011
Homes delivered:
West Coast			1,945					1,757					765					656
Southwest			683					843					170					270
Central			2,566					2,155					843					706
Southeast			1,088					1,057					344					363
Total			6,282					5,812					2,122					1,995
			Twelve Months										Three Months
			2012					2011					2012					2011
Net orders:
West Coast			2,166					2,017					619					490
Southwest			663					907					140					172
Central			2,697					2,480					485					517
Southeast			1,177					1,228					313					315
Total			6,703					6,632					1,557					1,494
			November 30, 2012										November 30, 2011
			Backlog Homes					Backlog Value					Backlog Homes					Backlog Value
Backlog data (dollars in thousands):
West Coast			684					$	248,790				463					$	161,987
Southwest			183					40,206					203					37,071
Central			1,149					204,473					1,018					168,512
Southeast			561					125,157					472					91,380
Total			2,577					$	618,626				2,156					$	458,950

KB HOME RECONCILIATION OF NON-GAAP FINANCIAL MEASURESFor the Twelve Months and Three Months Ended November 30, 2012 and 2011(In Thousands, Except Percentages)

This press release contains, and Company management’s discussion of the results presented in this press release may include, information about the Company’s housing gross profit margin, excluding inventory impairment and land option contract abandonment charges, which is not calculated in accordance with generally accepted accounting principles (“GAAP”). The Company believes this non-GAAP financial measure is relevant and useful to investors in understanding its operations, and may be helpful in comparing the Company with other companies in the homebuilding industry to the extent they provide similar information. However, because the housing gross profit margin, excluding inventory impairment and land option contract abandonment charges is not calculated in accordance with GAAP, this measure may not be completely comparable to other companies in the homebuilding industry and, thus, should not be considered in isolation or as an alternative to the operating and financial performance measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement its respective most directly comparable GAAP financial measure in order to provide a greater understanding of the factors and trends affecting the Company's operations.

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