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Article Excerpt
ROLLING MEADOWS, Ill., Feb. 12 /PRNewswire-FirstCall/ -- Kimball Hill, Inc. ("Kimball Hill") (bond ticker: KIMHIL) today announced financial results for the quarter ended December 31, 2006.
Kimball Hill's total homebuilding revenues for the three month period ended December 31, 2006 were $238.8 million, an increase of $16.3 million, or 7.3% from the three month period ended December 31, 2005. Kimball Hill delivered 799 homes during the quarter ended December 31, 2006, compared with 763 homes during the quarter ended December 31, 2005. The average sales price of homes delivered during the first fiscal quarter of 2007 was $270 thousand, a 4.3% decrease from the average sales price of homes delivered during the first fiscal quarter of 2006.
Total gross homebuilding profit margin decreased to (1.8)% for the quarter ended December 31, 2006, compared to 24.8% for the quarter ended December 31, 2005. Included in gross homebuilding profit for the quarter ended December 31, 2006 are $40 million of inventory valuation charges. Net loss for the quarter ended December 31, 2006 was $21 million, as compared with net earnings of $15.5 million for the quarter ended December 31, 2005.
Conference Call
Kimball Hill will hold a conference call Tuesday, February 13, 2007 at 9:00 a.m. Central Time. The dial-in number is 888-889-1956. Participants...
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