PORTLAND, OR , March 22, 2013 (RISI) -
KB Home reported first-quarter 2013 operating income of $0.5 million for the current quarter, a $31.6 million improvement from an operating loss of $31.1 million for the year-earlier quarter. It was the first time the company has posted first-quarter operating income since 2007.
Revenues 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. The overall average selling price of $271,300 was $52,300, or 24%, higher than the year-earlier quarter, marking the Company's 11th consecutive quarter of year-over-year improvement.
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