Friday, September 22, 2006

KB Home Facing Slowdown

Scott Reckard and Annette Haddad of the Los Angeles Times tell us that waning home sales are taking a toll, and that KB's revenue growth has slowed.

Westwood-based KB said it was releasing only limited financial results for its fiscal third quarter because of an internal probe of its stock option practices. Other companies caught up in the growing option controversy have had to restate earnings after similar investigations.

KB said revenue rose 6% to $2.67 billion in the period ended Aug. 31. Analysts polled by Thomson Financial had expected revenue to come in at $2.61 billion. A year earlier, revenue soared 44% from the same period in 2004.

KB Home also said home orders in its U.S. and French markets plunged 43% from last year's third quarter. On the West Coast, orders plummeted 58%.

This kind of news seems to be happening to companies a certain someone interviewed with and was subsequently not hired. It's getting eerie, like this person was being protected from being a new hire facing a layoff.

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