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| KB Home posts profit increase in 3Q 2006 KB Home, one of the largest homebuilders in the United States and France, reported preliminary unaudited financial results for its third quarter ended August 31, 2006. Company-wide revenues reached $2.67 billion for the quarter ended August 31, 2006, increasing 6% from $2.53 billion in the year-earlier quarter, the result of higher revenues from the Company's homebuilding operations. Third-quarter housing revenues increased 7% to $2.66 billion, up from $2.49 billion in the year-earlier period, on a 3% decrease in unit deliveries to 9,523 from 9,812 in the third quarter of 2005 and a 10% increase in the overall average selling price to $279,000 in the third quarter of 2006 from $254,100 in the third quarter of 2005. For the nine months ended August 31, 2006, total revenues increased 19% to $7.46 billion, up from $6.29 billion for the nine months ended August 31, 2005. Unit deliveries in the period rose 5% to 26,460, up from 25,194 units delivered in the first nine months of 2005. The Company's backlog at August 31, 2006 totaled 23,878 units, representing potential future housing revenues of $6.53 billion. The decrease from 27,744 units and $7.06 billion in backlog at August 31, 2005 primarily resulted from higher cancellation rates which contributed to a 43% decrease in third quarter 2006 net orders. The Company repurchased two million shares of its common stock during the three months ended August 31, 2006 for an aggregate price of $90 million. Over the nine-month period ended August 31, 2006, the Company repurchased six million shares of its common stock for an aggregate price of $377.4 million. The Company currently is authorized by its board of directors to repurchase up to an additional four million shares of its common stock. write your comments about the article :: © 2006 Construction News :: home page |