EARNINGS REPORT: Losses widen at KB Home

From News Services
Published on: 06/28/08

> KB Home says its losses widened during its second quarter as sales dropped. It also took charges to lower the value of inventory, joint venture deals and land option contracts.

The Los Angeles-based home builder said Friday that it lost $255.9 million ($3.30 per share) compared with $148.7 million ($1.93 per share) a year ago. It says revenue fell 55 percent to $639.1 million.

About 90 percent of KB's impairments and abandonments in the quarter were recorded against assets in California, Arizona, Nevada and Florida —- states that have been hardest hit by foreclosures and falling prices.

> Navistar International Corp., the world's fourth-largest truckmaker, posted a first-half profit of $162 million and said its shares will resume New York Stock Exchange trading next week after being delisted 16 months ago.

Navistar, which was delisted in February 2007 because of delays in releasing financial information, said Friday's filing brings its reporting up to date.

> Next week: Monday, H&R Block Inc.; Tuesday, Apollo Group Inc., Constellation Brands Inc.

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