KB Home reported its first-quarter net loss narrowed by $33.3 million, or 73%, to $12.5 million, compared with a net loss of $45.8 million in the first quarter of 2012.
Revenues for its first quarter ended Feb. 28 increased 59% to $405.2 million from $254.6 million for the first quarter of 2012 as a result of an increase in the number of homes delivered and a higher average selling price. Compared with the year-earlier quarter, revenues were up across all of the company's home-building regions.
KB Home delivered 1,485 homes, up 29% from the first quarter of 2012.
This is the third consecutive quarter that the company generated home-building operating income, and the first time it has posted first-quarter operating income since 2007. It reported an operating income of $.5 million, a $31.6 million improvement from an operating loss of $31.1 million for the year-earlier quarter.
Each of the company's four home-build