KB Gets Extension Approval

0

KB Home said Tuesday that it had received consent from a majority of its long-term bond holders to delay release until Feb. 23 of its third quarter earnings.


The company has had to delay filing of the earnings because of a review of the accounting for stock options granted to Chief Executive Bruce Karatz and the company said it may need to restate previous earnings.


Preliminary third quarters results put net income at $155.3 million ($1.93 per share), a 32 percent drop from $227.5 million ($2.55) from the same period a year earlier.


Shares in the nation’s sixth-largest homebuilder dropped 70 cents to $42.35 in early trading Wednesday.

No posts to display