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Previous: KLLM TRANSPORT SERVICES INC, SC 13D, 1997-10-09 |
Next: PRICE T ROWE STATE TAX FREE INCOME TRUST, N-30D, 1997-10-09 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 8, 1997
KAUFMAN AND BROAD HOME CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 1-9195 95-3666267
(STATE OR OTHER (COMMISSION FILE (I.R.S. EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION NO.)
INCORPORATION)
10990 WILSHIRE BOULEVARD, CALIFORNIA 90024
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (310) 231-4000
<PAGE> 2
Item 5. Other Events.
Kaufman and Broad Home Corporation recently released the following
information regarding its financial operating results for the nine months and
three months ended August 31, 1997 and 1996, and its financial position as of
August 31, 1997, November 30, 1996 and August 31, 1996.
<PAGE> 3
KAUFMAN AND BROAD HOME CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
For the Nine Months and Three Months Ended August 31, 1997 and 1996
(In Thousands, Except Per Share Amounts - Unaudited)
<TABLE>
<CAPTION>
Nine Months Three Months
-------------------------- --------------------------
1997 1996 1997 1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
TOTAL REVENUES $ 1,229,362 $ 1,265,390 $ 468,776 $ 480,988
=========== =========== =========== ===========
CONSTRUCTION:
Revenues $ 1,207,220 $ 1,242,371 $ 460,544 $ 472,791
Costs and expenses (1,149,196) (1,179,511) (434,856) (447,043)
Non-cash charge for impairment of long-lived
assets -- (170,757) -- --
----------- ----------- ----------- -----------
Operating income (loss) 58,024 (107,897) 25,688) 25,748
Interest income 3,294 1,937 1,043 494
Interest expense, net of amounts capitalized (23,108) (27,717) (6,664) (8,991)
Minority interests in pretax income of
consolidated joint ventures (150) (174) (36) (13)
Equity in pretax income (loss) of
unconsolidated joint ventures (114) (1,714) (175) 25
----------- ----------- ----------- -----------
Construction pretax income (loss) 37,946) (135,565) 19,856 17,263
----------- ----------- ----------- -----------
MORTGAGE BANKING:
Revenues:
Interest income 9,697 11,033 3,060 3,585
Other 12,445 11,986 5,172 4,612
----------- ----------- ----------- -----------
22,142 23,019 8,232 8,197
Expenses:
Interest (9,010) (10,291) (2,788) (3,396)
General and administrative (3,666) (3,992) (1,537) (1,397)
----------- ----------- ----------- -----------
Mortgage banking pretax income 9,466 8,736 3,907 3,404
----------- ----------- ----------- -----------
TOTAL PRETAX INCOME (LOSS) 47,412 (126,829) 23,763 20,667
Income taxes (17,100) 45,700 (8,600) (7,400)
----------- ----------- ----------- -----------
NET INCOME (LOSS) $ 30,312 $ (81,129) $ 15,163 $ 13,267
=========== =========== =========== ===========
EARNINGS (LOSS) PER SHARE $ .76 $ (2.04) $ .38 $ .33
=========== =========== =========== ===========
AVERAGE SHARES OUTSTANDING 39,853 39,712 40,199 39,792
=========== =========== =========== ===========
SUPPLEMENTAL INFORMATION:
EARNINGS PER SHARE (excluding non-cash charge
for impairment of long-lived assets) $ .76 $ .70 $ .38 $ .33
=========== =========== =========== ===========
</TABLE>
<PAGE> 4
KAUFMAN AND BROAD HOME CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands - Unaudited)
<TABLE>
<CAPTION>
August 31, November 30, August 31,
1997 1996 1996
---------- ---------- ----------
<S> <C> <C> <C>
ASSETS
CONSTRUCTION:
Cash and cash equivalents $ 8,032 $ 4,723 $ 9,862
Receivables 140,356 107,037 99,984
Inventories 852,793 780,302 889,760
Investments in unconsolidated joint ventures 5,817 8,312 6,229
Goodwill 33,135 39,356 41,410
Other assets 71,464 60,429 55,216
---------- ---------- ----------
1,111,597 1,000,159 1,102,461
---------- ---------- ----------
MORTGAGE BANKING:
Cash and cash equivalents 2,763 5,058 13,474
Receivables 208,463 234,995 227,124
Other assets 2,992 3,282 5,880
---------- ---------- ----------
214,218 243,335 246,478
========== ========== ==========
TOTAL ASSETS $1,325,815 $1,243,494 $1,348,939
========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CONSTRUCTION:
Accounts payable $ 154,282 $ 151,791 $ 132,552
Accrued expenses and other liabilities 97,553 96,986 97,043
Mortgages and notes payable 522,370 442,629 580,568
---------- ---------- ----------
774,205 691,406 810,163
---------- ---------- ----------
MORTGAGE BANKING:
Accounts payable and accrued expenses 6,893 7,481 8,318
Notes payable 124,721 134,956 131,908
Collateralized mortgage obligations secured by
mortgage-backed securities 62,171 68,381 70,938
---------- ---------- ----------
193,785 210,818 211,164
---------- ---------- ----------
Minority interests in consolidated joint ventures 1,188 920 2,276
Stockholders' equity 356,637 340,350 325,336
---------- ---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,325,815 $1,243,494 $1,348,939
========== ========== ==========
</TABLE>
<PAGE> 5
KAUFMAN AND BROAD HOME CORPORATION
SUPPLEMENTAL INFORMATION
For the Nine and Three Months Ended August 31, 1997 and 1996
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Three Months
----------------------- -----------------------
CONSTRUCTION REVENUES: 1997 1996 1997 1996
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Housing $1,192,788 $1,178,946 $ 458,566 $ 435,535
Commercial 2,513 12,081 328 706
Land 11,919 51,344 1,650 36,550
========== ========== ========== ==========
Total $1,207,220 $1,242,371 $ 460,544 $ 472,791
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Nine Months Three Months
----------------------- -----------------------
COSTS AND EXPENSES: 1997 1996 1997 1996
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Construction and land costs $ 994,489 $1,020,837 $ 379,963 $ 388,505
Selling, general and administrative
expenses 154,707 158,674 54,893 58,538
========== ========== ========== ==========
Total $1,149,196 $1,179,511 $ 434,856 $ 447,043
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Nine Months Three Months
----------------------- -----------------------
AVERAGE SALES PRICES: 1997 1996 1997 1996
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
California $ 202,500 $ 189,400 $ 199,100 $ 195,200
Other U.S. 117,900 119,400 117,800 116,400
Foreign 165,600 205,900 135,500 205,700
========== ========== ========== ==========
Total $ 157,200 $ 161,100 $ 152,000 $ 158,400
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Nine Months Three Months
----------------------- -----------------------
UNIT DELIVERIES: 1997 1996 1997 1996
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
California 3,213 3,807 1,204 1,259
Other U.S. 3,826 3,059 1,513 1,307
Foreign 550 449 299 183
========== ========== ========== ==========
Total 7,589 7,315 3,016 2,749
========== ========== ========== ==========
</TABLE>
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