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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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