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KB Home Stockholders Approve Increase in Authorized
Shares; Company Declares Two-for-One Stock Split and Quarterly Dividend
LOS ANGELES, April 7 - KB Home (NYSE: KBH) announced that at the Company's
annual meeting of stockholders today its stockholders approved an amendment
to the Company's certificate of incorporation to increase the number of
authorized shares of the Company's common stock from 100 million to 300
million. Immediately following the annual meeting, the Board of Directors
declared a two-for-one split of the Company's common stock in the form of a
100% stock dividend payable on or about April 28, 2005 to stockholders of
record at the close of business on April 18, 2005.
The board of directors also declared a quarterly cash dividend of eighteen
and three-quarters cents ($.1875) per share of common stock on a post-split
basis, payable on May 26, 2005 to stockholders of record on May 12, 2005.
Building homes for nearly half a century, KB Home is one of America's
premier homebuilders with domestic operating divisions in some of the
fastest-growing regions and states: West Coast -- California; Southwest --
Arizona, Nevada and New Mexico; Central -- Colorado, Illinois, Indiana and
Texas; and Southeast -- Florida, Georgia, North Carolina and South Carolina.
Kaufman & Broad S.A., the Company's publicly-traded French subsidiary, is
one of the largest homebuilders in France. In fiscal 2004, the Company
delivered homes to 31,646 families in the United States and France. It also
operates a full-service mortgage company for the convenience of its buyers.
Founded in 1957, and winner of the 2004 American Business award for Best
Overall Company, KB Home is a Fortune 500 company listed on the New York
Stock Exchange under the ticker symbol "KBH." For more information about any
of KB Home's new home communities, call 888-KB-HOMES or visit http://www.kbhome.com.
Forward-Looking Statements
Except for the historical information contained herein, certain matters
discussed in this press release are "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995, including any
statements concerning future financial performance, business and prospects,
and future Company actions and their expected results. These forward-looking
statements are not guarantees of future performance and are subject to
risks, uncertainties, assumptions and other factors that could cause actual
results to be materially different, including, but not limited to, changes
in national, regional, local or general economic conditions, conditions in
the capital, credit and homebuilding markets, material prices and
availability, labor costs and availability, interest rates and the Company's
debt levels, the secondary market for loans, consumer confidence,
competition, currency exchange rates (insofar as they affect the Company's
operations in France), environmental factors (including weather, natural
disasters or similar environmental events), government regulations affecting
the Company's operations, the availability and cost of land in desirable
areas, and the continued impact of terrorist activities and U.S. response,
unanticipated violations of Company policy, unanticipated legal or
regulatory proceedings or claims or other events outside of the Company's
control. See the Company's Annual Report on Form 10-K and its Annual Report
to Shareholders for the year ended November 30, 2004 and its other public
filings with the Securities and Exchange Commission for a further discussion
of these and other risks and uncertainties applicable to the Company's
business. The Company does not have a specific policy or intent of updating
or revising forward-looking statements.
For further information contact:
Kelly Masuda, (310) 893-7434 or
kmasuda@kbhome.com
SOURCE KB Home
04/07/2005
CONTACT:
Kelly Masuda of KB Home,
310-893-7434, kmasuda@kbhome.com
/Web site: http://www.kbhome.com
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