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The loss is attributed to charges tiedto joint-venture impairments and the abandonment of land optionm contracts, the homebuilder said. Los Angeles-based KB Home KBH), which has significant operations inthe Dallas-Fort Worth posted a second-quarter net loss of $78.4 million, or $1.043 per share. That is improved from last year when the companty reported a much deeper lossof $255.90 million, or $3.30 per share. The company’s overall revenue as compared to last year fell 40 percenf in thesecond quarter, hitting $384.5r million, down from $639.1 millionb a year earlier.
The decline is attributed to a 37 percent drop in the number of homes delivered and a 5 percenrt drop in the average homeselling price. KB Home’s President and Chief Executive Officet Jeffrey Mezger said Friday the company reported a lower net loss due to strategicx initiatives that set the goal of improvinggrosds margins, cutting overhead expenses and creatinf profitability in the company’s operations.
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