Thursday, September 21, 2006

kb homes/ kbh earning plus options skandal

hier vorab ein zitat aus dem letzten september von dem ceo der sich in sachen optionen anscheinend nicht genug bekommen konnte und der in den letzten jahren ca. 100 mio$ verdient hat (veräußerung optionen, boni etc)

"Housing demand in our major markets during the second quarter continued to outstrip supply, producing the highest number of net new orders for any single quarterly period in our Company's history... we are comfortable raising our earnings guidance for 2005 to $9.00 per diluted share." - B. Karatz, June 16, 2005

kurz danach einige "kleine" insiderverkäuft

12-Jul-05KARATZ, BRUCE
Chairman
679,400IndirectSale at $80.2454 per share.$54,518,724
13-Jul-05KARATZ, BRUCE
Chairman
270,600IndirectOption Exercise at $13.95 per share.$3,774,870
13-Jul-05KARATZ, BRUCE
Chairman
270,600IndirectSale at $79.7225 per share.$21,572,908

hier die restlichen zitate seit juni 2005http://immobilienblasen.blogspot.com/2006/09/kbh-homes-kbh-warning.html

kb homes press release:
http://biz.yahoo.com/bw/060921/20060921005887.html?.v=1

highlights:

members of the Audit and Compliance Committee of the Company's Board of Directors, in conjunction with outside legal counsel, are conducting an internal review of the Company's stock option grants

The Company's backlog at August 31, 2006 totaled 23,878 units, representing potential future housing revenues of $6.53 billion. The decrease from 27,744 units and $7.06 billion in backlog at August 31, 2005 primarily resulted from higher cancellation rates which contributed to a 43% decrease in third quarter 2006 net orders.

"Conditions in formerly strong markets, such as California, Nevada, Arizona and Florida, have weakened considerably in recent months

The Company generated 5,989 net orders in the third quarter of 2006, a decrease of 43% from 10,467 net orders in the year-earlier quarter. The decrease in the Company's third quarter net orders reflected a 53% drop off in its U.S. net orders

The Company's backlog value decreased 8% to approximately $6.53 billion at August 31, 2006 from approximately $7.06 billion at August 31, 2005. The year-over-year decrease in backlog value resulted from decreases in all U.S. regions

The Company will not be holding a Third Quarter 2006 earnings conference call.

The Company repurchased two million shares of its common stock during the three months ended August 31, 2006 for an aggregate price of $90 million. Over the nine-month period ended August 31, 2006, the Company repurchased six million shares of its common stock for an aggregate price of $377.4 (durchschnitt 63$ aktuell 43$ minus 32% ) million. The Company currently is authorized by its board of directors to repurchase up to an additional four million shares of its common stock.

ende mai hatten kbh noch satte 9 mio $ auf den konten.
trotzdem weitere buybacks und ankündigung neuer buybacks. massiver negativer cashflow.
wall street wie es singt und lacht.......http://immobilienblasen.blogspot.com/2006/09/pump-up-eps-earningsquality.html

mann kann nur hoffen das die verantwortlichen im optionsskandal der inzwischen größere ausmaße als der "entonskandal" angenommen hat hart bestraft werden. ich bezweifle das allerdings ganz stark.http://immobilienblasen.blogspot.com/2006/08/shock-options-ausma-grer-wie-bei-enron.html

jan-martin

1 Comments:

Anonymous John Fleming said...

Ich denke das die nächste Monate noch mehr Skandale oben kommen werden.
Danke für deine Antwörter!
I'm sorry for my German speak. I learned it long ago at school. I can understand most of it but it's hard for me to speak and write it properly. Even Jean-Marie Pfaff, the goalkeeper of Bayern Munich in the 80's was better than me.
In France the Bubble seems to start
deflating. -1.1% in August, compared to July in a very slow market compared to last years. Here
the mortgages went from on average
-15 years to +20 years, with a lot of people buying everything on credit. Now they're making mortgages rechargeable but I think that it's too late to keep the market going up. The press and even the Minister of Housing start talking of a 'significant drop' in homeprices for the years to come.

2:53 AM  

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