LOS ANGELES (AP) -- KB Home is reporting a narrower-than-expected net loss for its fiscal first quarter as the homebuilder cut costs and took smaller accounting charges.
The Los-Angeles based homebuilder reported a fiscal first quarter net loss of $58.1 million, or 75 cents a share, compared with a net loss of $268.2 million, or $3.47 a share, in the same period the year before.
Total revenues were $307.4 million, down 61 percent from $794.2 million in the year-ago period.
Included in the net loss charges for inventory and joint venture impairments, and abandoned land option contracts, totaling $32.3 million.
Analysts polled by Thomson Reuters predicted a loss of 81 cents per share on revenue of $348 million.
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