Industry News

KB Home reports partial results: 6% rise in Q3 revenues

Company continues internal review of stock-option practices

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KB Home reported partial results for the third quarter this week, though the company is not reporting some earnings information based on an investigation of stock-option-grant activities. Total revenues for the third-quarter ended Aug. 31 reached $2.67 billion, up 6 percent from the $2.53 billion reported for third-quarter 2005. The company also reported a 10 percent increase in the average selling price of its homes, which drove a 7 percent increase in housing revenues compared to the prior year's third quarter. The average selling price in the third quarter was $279,000. Unit deliveries were down 3 percent. The company's West Coast prices reached $492,300 in third-quarter 2006, up 7.3 percent from third-quarter 2005. Southwest region prices rose 12 percent to $310,800, Central region prices increased 4 percent to $160,900, and Southeast region prices rose 16.4 percent to $252,300. The company announced last month that the U.S. Securities and Exchange Commission has launched an inqui...