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Share Name | Share Symbol | Market | Type |
---|---|---|---|
KB Home | NYSE:KBH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.28 | 0.38% | 73.05 | 73.44 | 72.605 | 73.00 | 1,494,642 | 01:00:00 |
Delaware | 1-9195 | 95-3666267 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
10990 Wilshire Boulevard, Los Angeles, California | 90024 | |||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press release dated January 7, 2016 announcing KB Home’s results of operations for the three months and twelve months ended November 30, 2015. |
KB Home | |||
By: | /s/ Jeff J. Kaminski | ||
Jeff J. Kaminski | |||
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press release dated January 7, 2016 announcing KB Home’s results of operations for the three months and twelve months ended November 30, 2015. |
FOR RELEASE, Thursday, January 7, 2016 | For Further Information Contact: | |
3:30 a.m. Pacific Standard Time | Katoiya Marshall, Investor Relations Contact | |
(310) 893-7446 or kmarshall@kbhome.com | ||
Susan Martin, Media Contact | ||
(310) 231-4142 or smartin@kbhome.com |
• | Total revenues grew 24% from the year-earlier quarter to $985.8 million, marking the Company’s 17th consecutive quarter of year-over-year revenue increases. |
◦ | Housing revenues rose 25% to $979.8 million from $783.5 million in the fourth quarter of 2014, driven by increased delivery volume and a higher overall average selling price. |
▪ | The Company delivered 2,580 homes, up 16% from 2,229 a year ago, representing its highest number of fourth-quarter deliveries since 2009. |
▪ | The overall average selling price of $379,800 rose 8% from $351,500 in the year-earlier quarter, reflecting increases in each of the Company’s four regions, including double-digit increases in the Southwest and Central regions. |
◦ | Land sale revenues totaled $2.3 million, compared to $9.3 million in the fourth quarter of 2014. |
▪ | Homebuilding operating income increased to $70.4 million from $30.0 million in the corresponding quarter of 2014. The current quarter included $5.1 million of inventory impairment and land option contract abandonment charges, while the year-earlier quarter included $34.2 million of inventory impairment charges. |
◦ | The Company’s housing gross profit margin of 17.2% improved 100 basis points from the third quarter |
▪ | The Company’s adjusted housing gross profit margin, which excludes the amortization of previously capitalized interest associated with housing operations and housing inventory impairment and land option contract abandonment charges, was 22.2%, representing a 110 basis-point improvement from the third quarter of 2015 and a 50 basis-point decrease from the fourth quarter of 2014. The year-over-year adjusted housing gross profit margin comparison for the current period improved by 180 basis points relative to the year-over-year comparison for the first quarter of 2015. |
◦ | Selling, general and administrative expenses represented 10.0% of housing revenues, a 190 basis-point improvement compared to the third quarter of 2015 and 50 basis-point improvement from the year-earlier quarter. It was the Company’s lowest fourth-quarter ratio since 2007. |
• | Interest expense of $4.0 million decreased slightly from $4.5 million in the year-earlier quarter, largely due to a higher amount of the Company’s inventory qualifying for interest capitalization. |
• | The Company’s financial services operations generated pretax income of $4.1 million, up from $3.4 million in the fourth quarter of 2014, reflecting an increase in the equity in income from Home Community Mortgage, LLC, the Company’s mortgage banking joint venture. |
• | The Company’s pretax income increased to $69.9 million, its highest fourth-quarter level since 2005 and a 144% increase from the $28.6 million reported in the year-earlier quarter. |
• | Net income totaled $44.0 million, or $.43 per diluted share, versus $852.8 million, or $8.36 per diluted share a year ago. The 2014 fourth-quarter result reflected the Company’s reversal of $825.2 million of its deferred tax asset valuation allowance. |
◦ | Income tax expense for the current quarter was $25.9 million and represented an effective tax rate of 37.0%. The income tax benefit of $824.2 million in the year-earlier quarter included the impact of the deferred tax asset valuation allowance reversal. |
• | Total revenues increased to $3.03 billion, up 26% from $2.40 billion in the year-earlier period. |
◦ | Housing revenues rose 23% to $2.91 billion from $2.37 billion in 2014. |
▪ | Homes delivered increased 14% to 8,196, compared to 7,215 a year ago. |
▪ | The overall average selling price of $354,800 rose 8% from $328,400 in the prior year. |
◦ | Land sale revenues increased to $112.8 million from $20.0 million in 2014. |
• | Homebuilding operating income of $138.6 million rose 20% from $116.0 million in 2014. |
• | Pretax income increased 34% to $127.0 million, up from $94.9 million a year ago. |
• | Net income totaled $84.6 million, or $.85 per diluted share, compared to $918.3 million, or $9.25 per diluted share in 2014. |
◦ | Income tax expense totaled $42.4 million and represented an effective tax rate of 33.4% in 2015. The effective tax rate reflects the favorable impact of federal energy tax credits the Company earned from building energy efficient homes. The Company’s income tax benefit of $823.4 million in 2014 reflected the impact of the deferred tax asset valuation allowance reversal. |
• | The dollar value of homes in backlog grew 40% to $1.28 billion at November 30, 2015 from $914.0 million at November 30, 2014, reflecting substantial increases in each of the Company’s four regions. These increases ranged from 15% in the West Coast region to 104% in the Southwest region. |
◦ | The number of homes in backlog at November 30, 2015 increased 36% to 3,966, compared to 2,909 a year ago. |
◦ | The Company’s ending backlog, in terms of both homes and value, reached its highest fourth-quarter level since 2007. |
• | The value of the Company’s fourth-quarter net orders increased 15% to $675.8 million from $587.4 million in the year-earlier quarter. The Company’s net order value has now increased year over year for 15 consecutive quarters. |
◦ | Each of the Company’s four regions produced year-over-year growth in net order value, ranging from 8% in the West Coast region to 30% in the Southeast region. |
• | Net orders for the current quarter grew 10% to 1,882, compared to 1,706 in the year-earlier quarter. |
◦ | The cancellation rate as a percentage of gross orders improved to 32% from 37% for the fourth quarter of 2014, and as a percentage of beginning backlog improved to 19% versus 29% a year ago. |
◦ | The Company’s overall average community count for the fourth quarter increased 17% to 250, compared to 214 for the year-earlier quarter. At November 30, 2015, the Company had 247 communities open for sales, up 9% from 227 communities a year ago. |
• | Net order value for the year rose 26% from the previous year, reflecting a 22% increase in net orders to 9,253, the Company’s highest annual net orders since 2007. |
• | Cash, cash equivalents and restricted cash totaled $568.4 million at November 30, 2015 and $383.6 million at November 30, 2014. |
• | Inventories increased to $3.31 billion at November 30, 2015 from $3.22 billion at November 30, 2014, reflecting the Company’s investments in land acquisition and development during 2015. |
◦ | The Company’s investments in land acquisition and development totaled $967.2 million in 2015 and $1.47 billion in 2014. |
◦ | At November 30, 2015, the Company owned or controlled 47,399 lots, of which 38,060 lots were owned and 9,339 lots were controlled under land option contracts. |
• | Notes payable totaled $2.63 billion at November 30, 2015, compared to $2.58 billion at November 30, 2014. |
◦ | The Company had no cash borrowings outstanding under its unsecured revolving credit facility as of November 30, 2015. |
◦ | The Company’s ratio of debt to capital was 60.8% as of November 30, 2015 and 61.8% as of November 30, 2014. The ratio of net debt to capital was 54.9% at November 30, 2015 and 57.9% at November 30, 2014. |
Twelve Months | Three Months | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Total revenues | $ | 3,032,030 | $ | 2,400,949 | $ | 985,783 | $ | 796,041 | |||||||
Homebuilding: | |||||||||||||||
Revenues | $ | 3,020,987 | $ | 2,389,643 | $ | 982,091 | $ | 792,749 | |||||||
Costs and expenses | (2,882,366 | ) | (2,273,674 | ) | (911,712 | ) | (762,701 | ) | |||||||
Operating income | 138,621 | 115,969 | 70,379 | 30,048 | |||||||||||
Interest income | 458 | 443 | 116 | 50 | |||||||||||
Interest expense | (21,856 | ) | (30,750 | ) | (4,006 | ) | (4,461 | ) | |||||||
Equity in income (loss) of unconsolidated joint ventures | (1,804 | ) | 741 | (624 | ) | (420 | ) | ||||||||
Homebuilding pretax income | 115,419 | 86,403 | 65,865 | 25,217 | |||||||||||
Financial services: | |||||||||||||||
Revenues | 11,043 | 11,306 | 3,692 | 3,292 | |||||||||||
Expenses | (3,711 | ) | (3,446 | ) | (909 | ) | (883 | ) | |||||||
Equity in income of unconsolidated joint ventures | 4,292 | 686 | 1,269 | 975 | |||||||||||
Financial services pretax income | 11,624 | 8,546 | 4,052 | 3,384 | |||||||||||
Total pretax income | 127,043 | 94,949 | 69,917 | 28,601 | |||||||||||
Income tax benefit (expense) | (42,400 | ) | 823,400 | (25,900 | ) | 824,200 | |||||||||
Net income | $ | 84,643 | $ | 918,349 | $ | 44,017 | $ | 852,801 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | .92 | $ | 10.26 | $ | .48 | $ | 9.25 | |||||||
Diluted | $ | .85 | $ | 9.25 | $ | .43 | $ | 8.36 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 92,054 | 89,265 | 92,200 | 91,902 | |||||||||||
Diluted | 102,857 | 99,314 | 102,844 | 101,831 |
November 30, 2015 | November 30, 2014 | ||||||
Assets | |||||||
Homebuilding: | |||||||
Cash and cash equivalents | $ | 559,042 | $ | 356,366 | |||
Restricted cash | 9,344 | 27,235 | |||||
Receivables | 152,682 | 125,488 | |||||
Inventories | 3,313,747 | 3,218,387 | |||||
Investments in unconsolidated joint ventures | 71,558 | 79,441 | |||||
Deferred tax assets, net | 782,196 | 825,232 | |||||
Other assets | 112,774 | 114,915 | |||||
5,001,343 | 4,747,064 | ||||||
Financial services | 14,028 | 10,486 | |||||
Total assets | $ | 5,015,371 | $ | 4,757,550 | |||
Liabilities and stockholders’ equity | |||||||
Homebuilding: | |||||||
Accounts payable | $ | 183,770 | $ | 172,716 | |||
Accrued expenses and other liabilities | 513,414 | 409,882 | |||||
Notes payable | 2,625,536 | 2,576,525 | |||||
3,322,720 | 3,159,123 | ||||||
Financial services | 1,817 | 2,517 | |||||
Stockholders’ equity | 1,690,834 | 1,595,910 | |||||
Total liabilities and stockholders’ equity | $ | 5,015,371 | $ | 4,757,550 |
Twelve Months | Three Months | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Homebuilding revenues: | |||||||||||||||
Housing | $ | 2,908,236 | $ | 2,369,633 | $ | 979,841 | $ | 783,460 | |||||||
Land | 112,751 | 20,010 | 2,250 | 9,289 | |||||||||||
Total | $ | 3,020,987 | $ | 2,389,643 | $ | 982,091 | $ | 792,749 | |||||||
Twelve Months | Three Months | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Homebuilding costs and expenses: | |||||||||||||||
Construction and land costs | |||||||||||||||
Housing | $ | 2,433,683 | $ | 1,940,100 | $ | 811,153 | $ | 647,876 | |||||||
Land | 105,685 | 45,551 | 2,239 | 32,517 | |||||||||||
Subtotal | 2,539,368 | 1,985,651 | 813,392 | 680,393 | |||||||||||
Selling, general and administrative expenses | 342,998 | 288,023 | 98,320 | 82,308 | |||||||||||
Total | $ | 2,882,366 | $ | 2,273,674 | $ | 911,712 | $ | 762,701 | |||||||
Twelve Months | Three Months | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest expense: | |||||||||||||||
Interest incurred | $ | 186,885 | $ | 171,541 | $ | 46,096 | $ | 44,500 | |||||||
Interest capitalized | (165,029 | ) | (140,791 | ) | (42,090 | ) | (40,039 | ) | |||||||
Total | $ | 21,856 | $ | 30,750 | $ | 4,006 | $ | 4,461 | |||||||
Twelve Months | Three Months | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Other information: | |||||||||||||||
Depreciation and amortization | $ | 11,149 | $ | 9,544 | $ | 2,736 | $ | 2,621 | |||||||
Amortization of previously capitalized interest | 143,255 | 90,804 | 43,767 | 31,333 | |||||||||||
Twelve Months | Three Months | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Average selling price: | |||||||||||||||
West Coast | $ | 587,000 | $ | 569,700 | $ | 617,600 | $ | 611,700 | |||||||
Southwest | 284,600 | 271,100 | 295,300 | 255,400 | |||||||||||
Central | 252,200 | 223,800 | 269,400 | 234,500 | |||||||||||
Southeast | 281,900 | 263,600 | 291,100 | 279,300 | |||||||||||
Total | $ | 354,800 | $ | 328,400 | $ | 379,800 | $ | 351,500 |
KB HOME SUPPLEMENTAL INFORMATION For the Twelve Months and Three Months Ended November 30, 2015 and 2014 (Dollars in Thousands) | |||||||||||||||
Twelve Months | Three Months | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Homes delivered: | |||||||||||||||
West Coast | 2,258 | 1,913 | 760 | 625 | |||||||||||
Southwest | 1,311 | 736 | 423 | 215 | |||||||||||
Central | 3,183 | 3,098 | 971 | 931 | |||||||||||
Southeast | 1,444 | 1,468 | 426 | 458 | |||||||||||
Total | 8,196 | 7,215 | 2,580 | 2,229 | |||||||||||
Twelve Months | Three Months | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net orders: | |||||||||||||||
West Coast | 2,403 | 2,086 | 517 | 468 | |||||||||||
Southwest | 1,592 | 872 | 287 | 282 | |||||||||||
Central | 3,536 | 3,239 | 672 | 652 | |||||||||||
Southeast | 1,722 | 1,370 | 406 | 304 | |||||||||||
Total | 9,253 | 7,567 | 1,882 | 1,706 | |||||||||||
Twelve Months | Three Months | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net order value: | |||||||||||||||
West Coast | $ | 1,378,644 | $ | 1,217,590 | $ | 290,469 | $ | 267,796 | |||||||
Southwest | 455,918 | 230,632 | 87,524 | 75,040 | |||||||||||
Central | 943,568 | 755,684 | 184,976 | 157,673 | |||||||||||
Southeast | 477,040 | 376,045 | 112,871 | 86,866 | |||||||||||
Total | $ | 3,255,170 | $ | 2,579,951 | $ | 675,840 | $ | 587,375 | |||||||
November 30, 2015 | November 30, 2014 | ||||||||||||||
Backlog Homes | Backlog Value | Backlog Homes | Backlog Value | ||||||||||||
Backlog data: | |||||||||||||||
West Coast | 738 | $ | 407,972 | 593 | $ | 355,651 | |||||||||
Southwest | 605 | 167,425 | 324 | 82,140 | |||||||||||
Central | 1,842 | 494,836 | 1,489 | 334,007 | |||||||||||
Southeast | 781 | 211,245 | 503 | 142,227 | |||||||||||
Total | 3,966 | $ | 1,281,478 | 2,909 | $ | 914,025 |
Twelve Months | Three Months | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Housing revenues | $ | 2,908,236 | $ | 2,369,633 | $ | 979,841 | $ | 783,460 | |||||||
Housing construction and land costs | (2,433,683 | ) | (1,940,100 | ) | (811,153 | ) | (647,876 | ) | |||||||
Housing gross profits | 474,553 | 429,533 | 168,688 | 135,584 | |||||||||||
Add: Amortization of previously capitalized interest associated with housing operations | 126,817 | 90,804 | 43,767 | 31,333 | |||||||||||
Housing inventory impairment and land option contract abandonment charges | 9,591 | 12,788 | 5,075 | 10,985 | |||||||||||
Adjusted housing gross profits | $ | 610,961 | $ | 533,125 | $ | 217,530 | $ | 177,902 | |||||||
Housing gross profit margin as a percentage of housing revenues | 16.3 | % | 18.1 | % | 17.2 | % | 17.3 | % | |||||||
Adjusted housing gross profit margin as a percentage of housing revenues | 21.0 | % | 22.5 | % | 22.2 | % | 22.7 | % |
November 30, 2015 | November 30, 2014 | ||||||
Notes payable | $ | 2,625,536 | $ | 2,576,525 | |||
Stockholders’ equity | 1,690,834 | 1,595,910 | |||||
Total capital | $ | 4,316,370 | $ | 4,172,435 | |||
Ratio of debt to capital | 60.8 | % | 61.8 | % | |||
Notes payable | $ | 2,625,536 | $ | 2,576,525 | |||
Less: Cash and cash equivalents and restricted cash | (568,386 | ) | (383,601 | ) | |||
Net debt | 2,057,150 | 2,192,924 | |||||
Stockholders’ equity | 1,690,834 | 1,595,910 | |||||
Total capital | $ | 3,747,984 | $ | 3,788,834 | |||
Ratio of net debt to capital | 54.9 | % | 57.9 | % |
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