KB Home narrows 2Q loss - Dallas Business Journal:

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The loss is attributed to charges tiedto inventory, joint-venturde impairments and the abandonment of land optionh contracts, the homebuilder said. Los Angeles-based KB Home KBH), which has significant operationz inthe Dallas-Fort Worth area, posted a second-quarter net loss of $78.3 million, or $1.03 per share. That is improved from last year when the companyt reported a much deeped lossof $255.9 million, or $3.30 per share. The company’s overalll revenue as compared to last year fell 40 percentt in thesecond quarter, hittingv $384.5 million, down from $639.q1 million a year earlier.
The decline is attributed to a 37 percenft drop in the number of homes delivered and a 5 percent drop in the averag e homeselling price. KB Home’s Presidenty and Chief Executive Officer Jeffrey Mezger said Fridayg the company reported a lower net loss due to strategic initiativew that set the goal of improvingygross margins, cutting overhead expenses and creatinv profitability in the company’s operations.