Free historical financial statements for KB Home. See how revenue, income, cash flow, and balance sheet financials have changed over 48 quarters since 2011. Compare with KBH stock chart to see long term trends.
Basis of Presentation and Significant Accounting Policies
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting
principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally
included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted.
In the opinion of KB Home (the “Company”), the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to
present fairly the Company’s consolidated financial position as of February 29, 2012, the results of its consolidated operations for the three months ended February 29, 2012 and February 28, 2011, and its consolidated cash flows
for the three months ended February 29, 2012 and February 28, 2011. The results of consolidated operations for the three months ended February 29, 2012 are not necessarily indicative of the results to be expected for the full year,
due to seasonal variations in operating results and other factors. The consolidated balance sheet at November 30, 2011 has been taken from the audited consolidated financial statements as of that date. These unaudited consolidated financial
statements should be read in conjunction with the audited consolidated financial statements for the year ended November 30, 2011, which are contained in the Company’s Annual Report on Form 10-K for that period.
Use of Estimates
The accompanying unaudited consolidated financial statements have been prepared in conformity with GAAP and, therefore, include amounts based on informed estimates and judgments of management. Actual
results could differ from these estimates.
Cash and Cash Equivalents and Restricted Cash
The Company considers all highly liquid short-term investments purchased with an original maturity of three months or less to be cash
equivalents. The Company’s cash equivalents totaled $217.8 million at February 29, 2012 and $212.8 million at November 30, 2011. The majority of the Company’s cash and cash equivalents were invested in money market accounts and
U.S. government securities.
Restricted cash of $63.9 million at February 29, 2012 and $64.5 million at
November 30, 2011 consisted of cash deposited with various financial institutions that was required as collateral for the Company’s cash-collateralized letter of credit facilities (the “LOC Facilities”).
Loss Per Share
Basic and diluted loss per share were calculated as follows (in thousands, except per share amounts):
Three Months Ended
February 29, 2012
February 28, 2011
Basic and diluted average shares outstanding
Basic and diluted loss per share
All outstanding stock options were excluded from the diluted loss per share calculations for the three months ended
February 29, 2012 and February 28, 2011 because the effect of their inclusion would be antidilutive, or would decrease the reported loss per share.
The Company’s comprehensive loss was $45.8 million for the three months ended February 29, 2012 and $114.5
million for the three months ended February 28, 2011.
The accumulated balances of other comprehensive loss in the consolidated balance sheets as of February 29, 2012 and November 30, 2011 were comprised solely of adjustments
recorded directly to accumulated other comprehensive loss in accordance with Accounting Standards Codification Topic No. 715, “Compensation – Retirement Benefits” (“ASC 715”). ASC 715 requires an employer to recognize
the funded status of defined postretirement benefit plans as an asset or liability on the balance sheet and requires any
Data imported from KB Home SEC filings. Check original filings before making any investment decision.