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November 16, 2009

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Strong earnings posted by Vegas home-building giant

Thursday, March 21, 2002 | 11:12 a.m.

KB Home of Los Angeles, the largest home builder in Las Vegas and third largest in the country, today reported a record 65 percent increase in net income for its first quarter that ended Feb. 28, exceeding Wall Street expectations.

KB's profit increased to $42.7 million, or 95 cents per share, from $25.8 million, or 70 cents per share, in the same quarter of 2001.

Revenues of $915.7 million -- up nearly 12 percent from the $821.1 million posted in the first quarter of 2001 -- were the highest level for any first quarter in company history.

KB Home sales nationwide of 5,081 were 10 percent higher than the 4,612 homes sold in the first quarter in 2001. Much of that gain was in the company's central region and in France.

KB Home sold 3,027 homes in Clark County in 2001.

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