Loss widens at KB Home
Los Angeles-based KB Home saw revenues drop 25% to $196.9 million in its first quarter ended Feb. 28. For the three months, the builder posted a net loss of $114.5 million, compared with a loss of $54.7 million in the same quarter last year.
President and CEO Jeffrey Mezger pointed to some positive trends.
"Despite the many headwinds that persist in today’s housing markets, our year-over-year pretax results, excluding noncash charges and the loss on loan guaranty, improved for the fourth consecutive quarter," he said.
Mezger added that the company is seeing higher traffic compared with a year ago.
The company delivered 949 homes in the first quarter of 2011, down 28% from the same period of 2010, with decreases in each of KB Home’s geographic regions.
NAHB renames suppliers council
The National Association of Home Builders (NAHB) has formally renamed its National Council of the Housing Industry, which represents 89 key companies that provide goods and services to builders. The new name of the organization is the NAHB Leading Suppliers Council.
The new name raises the visibility and reinforces the importance and support manufacturers and vendors give to NAHB members and the association, according to the NAHB announcement. Leading Suppliers members not only have a voice in association policy decisions through their operating committees, they also are encouraged to participate on NAHB committees as liaisons — making their specific expertise available to the members in areas of shared interest.
The Leading Suppliers also equip The New American Home, the show home created annually and put on display at the International Builders’ Show. For more information about the council, click here.
ProBuild acquires Colorado’s Harbert Lumber Co.
Denver-based ProBuild Holdings acquired the assets of Harbert Lumber Co., a building materials supplier based in Colorado, with locations in Grand Junction, Glenwood Springs, Aspen and Steamboat Springs.
Terms of the sale agreement were not disclosed.
ProBuild is the largest pro dealer in the country and operates 450 locations nationwide and 10 retail locations in Colorado. The company said the move comes at a time when residential and commercial construction are showing signs of returning to the region.
“The addition of Harbert Lumber will enable ProBuild to service the growing needs of our customers in Colorado, particularly in the mountain towns where we have not had a robust presence until now,” said Bill Myrick, president and CEO of ProBuild. “Within each market, ProBuild will combine local market expertise with the strength and scale of a national industry leader to continue delivering on the needs of our customers and partners.”
Harbert Lumber currently operates four locations in Colorado and employs 45 employees statewide.
“We’re very excited to join the ProBuild family,” said Gordon Harbert, owner of Harbert Lumber Co. “Their resources ensure the business we’ve built will maintain our leadership position in all the western Colorado markets we serve. We look forward to the added opportunities this merger will provide to our employees as well.”