KB Home Declares Second Quarter Dividend
April 12 2012 - 8:03PM
Business Wire
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.
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