KB Home reports steep revenue drop for Q4 and full year

KB Home, one of America’s largest home builders, reported total revenues for the fourth quarter ended Nov. 30, 2008, of $919 million, down from $2.07 billion for the year-ago quarter. The company also reported a net loss of $307.3 million for the quarter, compared to a net loss of $772.7 million for the fourth quarter of 2007.

Fourth-quarter housing revenues totaled $908.5 million on 3,912 homes delivered, compared to $2.02 billion on 8,132 homes delivered in the fourth quarter of 2007.

For the year ended Nov. 30, 2008, the company generated total revenues of $3.03 billion, compared to $6.42 billion for fiscal year 2007. Housing revenues in fiscal 2008 totaled $2.94 billion, down from $6.21 billion in the previous year.

“With unprecedented downward pressures continuing to confront the home-building industry and the overall economy, our operating strategy and key priorities at KB Home have not changed,” said Jeffrey Mezger, president and CEO of the Los Angeles-based company. “We continue to pursue an aggressive agenda to maintain a strong financial position, restore the profitability of our home-building operations and position our business for an eventual housing market recovery.”