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EXHIBIT 99.1
[EXCERPT FROM KB HOME PRESS RELEASE DATED JANUARY 11, 2001]
KB HOME
CONSOLIDATED STATEMENTS OF INCOME
For the Twelve Months and Three Months Ended November 30, 2000 and 1999
(In Thousands, Except Per Share Amounts)
Twelve Months Three Months
-------------------------- --------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
TOTAL REVENUES $ 3,930,858 $ 3,836,295 $ 1,244,067 $ 1,222,769
=========== =========== =========== ===========
CONSTRUCTION:
Revenues 3,870,488 3,772,121 1,225,152 1,201,976
Costs and expenses (3,581,879) (3,513,014) (1,103,667) (1,101,362)
----------- ----------- ----------- -----------
Operating income 288,609 259,107 121,485 100,614
Interest income 5,782 7,806 761 2,193
Interest expense, net of amounts capitalized (31,479) (28,340) (9,152) (8,173)
Minority interests (31,640) (29,392) (10,699) (8,317)
Equity in pretax income (loss) of unconsolidated
joint ventures 2,926 224 673 (361)
Gain on issuance of French subsidiary stock 39,630 -- -- --
----------- ----------- ----------- -----------
Construction pretax income 273,828 209,405 103,068 85,956
----------- ----------- ----------- -----------
MORTGAGE BANKING:
Revenues: 21,130 19,186 5,229 5,817
Interest income 39,240 44,988 13,686 14,976
----------- ----------- ----------- -----------
Other 60,370 64,174 18,915 20,793
Expenses:
Interest (19,374) (16,941) (5,118) (4,832)
General and administrative (17,164) (11,614) (5,758) (2,690)
Secondary marketing trading loss -- (18,155) -- --
----------- ----------- ----------- -----------
Mortgage banking pretax income 23,832 17,464 8,039 13,271
----------- ----------- ----------- -----------
TOTAL PRETAX INCOME 297,660 226,869 111,107 99,227
Income taxes (87,700) (79,400) (37,700) (34,700)
----------- ----------- ----------- -----------
NET INCOME $ 209,960 $ 147,469 $ 73,407 $ 64,527
=========== =========== =========== ===========
BASIC EARNINGS PER SHARE $ 5.39 $ 3.16 $ 2.10 $ 1.39
=========== =========== =========== ===========
DILUTED EARNINGS PER SHARE $ 5.24 $ 3.08 $ 2.00 $ 1.36
=========== =========== =========== ===========
BASIC AVERAGE SHARES OUTSTANDING 38,931 46,730 34,977 46,404
=========== =========== =========== ===========
DILUTED AVERAGE SHARES OUTSTANDING 40,069 47,831 36,756 47,315
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KB HOME
CONSOLIDATED BALANCE SHEETS
(In Thousands)
November 30, August 31, November 30,
2000 2000 1999
------------ ----------- ------------
ASSETS
CONSTRUCTION:
Cash and cash equivalents $ 21,385 $ 31,379 $ 15,576
Receivables 306,581 263,659 264,549
Inventories 1,657,401 1,758,298 1,521,265
Investments in unconsolidated joint ventures 10,407 23,392 21,290
Deferred income taxes 73,842 89,171 99,519
Goodwill 202,177 194,219 205,618
Other assets 89,975 98,935 86,259
---------- ---------- ----------
2,361,768 2,459,053 2,214,076
---------- ---------- ----------
MORTGAGE BANKING:
Cash and cash equivalents 11,696 13,813 12,791
Receivables 446,302 353,839 433,156
Other assets 9,155 9,405 4,212
---------- ---------- ----------
467,153 377,057 450,159
---------- ---------- ----------
TOTAL ASSETS $2,828,921 $2,836,110 $2,664,235
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LIABILITIES AND STOCKHOLDERS' EQUITY
CONSTRUCTION:
Accounts payable $ 311,537 $ 371,756 $ 328,528
Accrued expenses and other liabilities 201,672 200,336 222,855
Mortgages and notes payable 987,980 993,244 813,424
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1,501,189 1,565,336 1,364,807
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MORTGAGE BANKING:
Accounts payable and accrued expenses 11,135 7,760 9,711
Notes payable 385,294 305,895 377,666
Collateralized mortgage obligations secured by
mortgage-backed securities 29,928 31,246 36,219
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426,357 344,901 423,596
---------- ---------- ----------
Minority interests 246,616 239,713 199,249
Stockholders' equity 654,759 686,160 676,583
---------- ---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,828,921 $2,836,110 $2,664,235
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KB HOME
SUPPLEMENTAL INFORMATION
For the Twelve Months and Three Months Ended November 30, 2000 and 1999
Twelve Months Three Months
------------------------- -------------------------
CONSTRUCTION REVENUES: 2000 1999 2000 1999
----------- ---------- ---------- -----------
Housing $3,769,154 $3,733,660 $1,202,023 $1,189,079
Commercial 802 657 802 --
Land 100,532 37,804 22,327 12,897
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Total $3,870,488 $3,772,121 $1,225,152 $1,201,976
========== ========== ========== ==========
Twelve Months Three Months
------------------------ ------------------------
COSTS AND EXPENSES: 2000 1999 2000 1999
---------- ---------- ---------- ----------
Construction and land costs $3,123,869 $3,051,698 $ 974,527 $ 966,682
Selling, general and administrative expenses 458,010 461,316 129,140 134,680
---------- ---------- ---------- ----------
Total $3,581,879 $3,513,014 $1,103,667 $1,101,362
========== ========== ========== ==========
Twelve Months Three Months
------------------------ ------------------------
AVERAGE SALES PRICES: 2000 1999 2000 1999
-------- -------- -------- --------
West Coast $257,000 $246,000 $262,700 $252,600
Southwest 145,200 141,900 148,200 140,700
Central 128,600 121,100 130,400 127,000
Foreign 158,700 164,700 153,500 168,000
-------- -------- -------- --------
Total $168,300 $166,500 $169,900 $172,300
======== ======== ======== ========
Twelve Months Three Months
---------------------- ----------------------
NET ORDERS: 2000 1999 2000 1999
------ ------ ------ ------
West Coast 6,018 6,650 1,198 1,314
Southwest 6,036 6,073 1,337 1,431
Central 8,923 7,724 1,941 1,477
Foreign 2,854 2,609 836 647
------ ------ ------ ------
Total 23,831 23,056 5,312 4,869
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UNCONSOLIDATED JOINT VENTURES: 444 38 106 38
====== ====== ====== ======
Twelve Months Three Months
---------------------- -----------------------
UNIT DELIVERIES: 2000 1999 2000 1999
------ ------ ------ ------
West Coast 5,476 6,323 1,697 2,065
Southwest 5,832 5,801 1,623 1,705
Central 8,112 7,809 2,631 2,401
Foreign 2,972 2,489 1,124 730
------ ------ ------ ------
Total 22,392 22,422 7,075 6,901
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UNCONSOLIDATED JOINT VENTURES: 455 38 93 38
====== ====== ====== ======
November 30, 2000 November 30, 1999
----------------------------- -----------------------------
BACKLOG DATA: Backlog Units Backlog Value Backlog Units Backlog Value
------------- ------------- ------------- -------------
West Coast 2,421 $ 643,620 1,879 $ 457,439
Southwest 2,311 345,609 2,107 299,520
Central 4,010 541,258 3,199 396,962
Foreign 1,817 272,901 1,373 228,213
---------- ---------- ---------- ----------
Total 10,559 $1,803,388 8,558 $1,382,134
========== ========== ========== ==========
UNCONSOLIDATED JOINT VENTURES: 208 $ 42,224 219 $ 33,945
========== ========== ========== ==========
================================================================================
KB Home is one of America's premier homebuilders with domestic operating
divisions in the following regions and states: West Coast-- California;
Southwest-- Arizona, Nevada and New Mexico; and Central-- Colorado and Texas.
Kaufman & Broad S.A., the Company's majority-owned subsidiary, is one of the
largest homebuilders in France. In fiscal 2000, the Company delivered homes to
22,847 families in the United States and France. It also operates a full-service
mortgage company for the convenience of its buyers. Founded in 1957, Kaufman and
Broad is a Fortune 500 Company listed on the New York Stock Exchange under the
ticker symbol "KBH". For more information about any of Kaufman and Broad's new
home communities, call 1-800-34-HOMES or visit the Company's web site at
www.kbhome.com.
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Except for the historical information contained herein, certain matters
discussed in this press release are "forward-looking statements" as defined in
the Private securities Litigation Reform Act of 1995, including any statements
concerning future financial performance, business and prospects, and future
Company actions and their expected results. These forward-looking statements are
subject to risks, uncertainties and assumptions including, but not limited to,
changes in general economic conditions, material prices, labor costs, interest
rates, the secondary market for loans, consumer confidence, competition,
currency exchange rates (insofar as they affect the Company's operations in
France), environmental factors, government regulations affecting the Company's
operations, the availability and cost of land in desirable areas, unanticipated
violations of Company policy, unanticipated legal proceedings, and conditions in
the capital, credit and homebuilding markets. See the Company's Annual Report on
Form 10-K and its Annual Report to Shareholders for the year ended November 30,
1999 and its other filings for a further discussion of these and other risks and
uncertainties applicable to the Company's business.
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(Tables Follow)