KB Home : Declares Second Quarter Dividend
04/12/2012| 08:05pm US/Eastern
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The board of directors of KB Home (NYSE: KBH) has declared a quarterly
cash dividend of $.025 per share on the Company's common stock,
reflecting its decision to reduce the Company's quarterly cash dividend
from $.0625 per share. The dividend is payable on May 17 to stockholders
of record on May 3, 2012. "Having ended the first quarter with a value
of homes in backlog 30% greater than the year before, and with increases
in all four regions of the business, we see signs that the housing
market is recovering," said Jeffrey Mezger, president and chief
executive officer. "This modification in the dividend will help us to
take advantage of growth opportunities while continuing KB Home's
25-year tradition of paying quarterly dividends to its stockholders."
About KB Home
KB Home is one of the largest and most recognized homebuilding companies
in the United States. Since its founding in 1957, the company has built
more than half a million quality homes. KB Home's signature Built to
Order™ approach lets each buyer customize their new home from lot
location to floor plan and design features. In addition to meeting
strict ENERGY STAR® guidelines, all KB homes are highly
energy efficient to help lower monthly utility costs for homeowners,
which the company demonstrates with its proprietary KB Home Energy
Performance Guide® (EPG®). A leader in utilizing
state-of-the-art sustainable building practices, KB Home was named the
#1 Green Homebuilder in a 2010 study by Calvert Investments and the #1
Homebuilder on FORTUNE magazine's 2011 World's Most Admired Companies
list. Los Angeles-based KB Home was the first homebuilder listed on the
New York Stock Exchange, and trades under the ticker symbol "KBH." For
more information about KB Home's new home communities, call 888-KB-HOMES
or visit www.kbhome.com.
Certain matters discussed in this press release, including any
statements that are predictive in nature or concern future market and
economic conditions, business and prospects, our future financial and
operational performance, or our future actions and their expected
results are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on current expectations and projections about
future events and are not guarantees of future performance. We do not
have a specific policy or intent of updating or revising forward-looking
statements. Actual events and results may differ materially from those
expressed or forecasted in forward-looking statements due to a number of
factors. The most important risk factors that could cause our actual
performance and future events and actions to differ materially from such
forward-looking statements include, but are not limited to: general
economic, employment and business conditions; adverse market conditions
that could result in additional impairments or land option contract
abandonment charges and operating losses, including an oversupply of
unsold homes, declining home prices and increased foreclosure and short
sale activity, among other things; conditions in the capital and credit
markets (including residential consumer mortgage lending standards, the
availability of residential consumer mortgage financing and mortgage
foreclosure rates); material prices and availability; labor costs and
availability; changes in interest rates; inflation; our debt level,
including our ratio of debt to total capital, and our ability to adjust
our debt level and structure and to access the credit, capital or other
financial markets or other external financing sources; weak or declining
consumer confidence, either generally or specifically with respect to
purchasing homes; competition for home sales from other sellers of new
and existing homes, including lenders and other sellers of homes
obtained through foreclosures or short sales; weather conditions,
significant natural disasters and other environmental factors;
government actions, policies, programs and regulations directed at or
affecting the housing market (including, but not limited to, the 2010
Dodd-Frank Wall Street Reform and Consumer Protection Act, tax credits,
tax incentives and/or subsidies for home purchases, tax deductions for
residential consumer mortgage interest payments and property taxes, tax
exemptions for profits on home sales, and programs intended to modify
existing mortgage loans and to prevent mortgage foreclosures), the
homebuilding industry, or construction activities; the availability and
cost of land in desirable areas; our warranty claims experience with
respect to homes previously delivered and actual warranty costs
incurred; our ability to obtain reimbursement and/or recoveries for the
costs incurred in connection with resolving claims and undertaking
repairs related to allegedly defective drywall material in homes
previously delivered and other warranty-related obligations; legal or
regulatory proceedings or claims; our ability to use/realize the net
deferred tax assets we have generated; our ability to successfully
implement our current and planned product, geographic and market
positioning (including, but not limited to, our efforts to expand our
inventory base/pipeline with desirable land positions or interests at
reasonable cost and to expand our community count and open new
communities, and our increasing operational and investment concentration
in markets in California and Texas), revenue growth and overhead and
other cost reduction strategies; consumer traffic to our new home
communities and consumer interest in our product designs; the manner in
which our homebuyers are offered and whether they are able to obtain
residential consumer mortgage loans and mortgage banking services,
including from our preferred mortgage lender, Nationstar Mortgage; the
process of transitioning our preferred mortgage lending relationship to
Nationstar Mortgage and the performance of Nationstar Mortgage with
respect to that relationship; information technology failures and data
security breaches; and other events outside of our control. Please see
our periodic reports and other filings with the SEC for a further
discussion of these and other risks and uncertainties applicable to our
business.
KB Home
Katoiya Marshall, Investor Contact
310-893-7446
kmarshall@kbhome.com
© Business Wire 2012
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