KB Home
Company: KB Home
Company Description: KB Home is one of America's premier homebuilders with operating divisions in some of the fastest-growing areas in the U.S. The company's majority-owned subsidiary is one of the largest homebuilders in France. KB Home, a Fortune 500 company also operates a full-service mortgage company. Founded in 1957, KB Home was the first homebuilder to be listed on the New York Stock Exchange.
Nomination Category: Company, Office & Product Awards Categories
Nomination Sub Category: Best Overall Company
Nomination Title: KB Home
Tell the story about what this nominated company achieved in 2003 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
Named Smart Money magazine’s Top Stock of the Year for 2003, KB Home
delivered homes to 27,331 families in the U.S. and France in fiscal 2003.
Revenues were $5.85 billion, up 16% from 2002. Chairman and CEO Bruce Karatz attributes much of this growth to strong fundamentals, its KBnxt business model and meeting customer needs.Macroeconomic, demographic and competitive trends along with lower interest
rates contributed to a strong housing market in 2003. KB Home capitalized with a
strategy maximizing geographic and product diversity – building homes coast to
coast for first time as well as move-up and empty nester buyers.KB homes range from modest single family homes in Albuquerque for
approximately $80,000 to sophisticated condominiums for urban professionals in
Denver, and spacious California homes that approach $800,000.In an industry ripe for consolidation, in 2003, KB Home expanded geographically
with several important acquisitions, including Colony Homes – establishing
divisions in Atlanta, Raleigh, and Charlotte; Zale Homes – moving KB Home into
the Midwest in the strong Chicago market; and South Carolina-based Palmetto
Traditional Homes – further expanding its Southeast footprint. These acquisitions
coupled with organic growth including two new Florida divisions, positioned KB
Home in 34 of the top 75 growth markets across the U.S.KB Home embraces a one-brand philosophy, supported by groundbreaking
national promotions such as building a 3,000 sq. ft. home in the middle of
Manhattan on the popular daytime TV program, LIVE with Regis and Kelly, as well as operational initiatives focused on a commitment to quality and customer
satisfaction. KB Home launched an all-new companywide sales office redesign in
2003 giving KB homebuyers across the country the same streamlined
experience. In 2003, the company also became the first large homebuilder to
implement the National Association of Home Builders subcontractor certification
program nationally to ensure efficiency and consistent quality across its growing
business.By pre-selling its homes, KB Home increases visibility and reduces risk of
oversupply while returning the power of choice to homebuyers - providing more
than 5,000 custom options at its KB Home Studio. Standard features and floor
plans are designed based on regional buyer preference surveys. KB homebuyers
then personalize their home by selecting the features and upgrades that meet their
needs and budget - all before the company ever breaks ground on a new home.
This model consistently brings in solid results. By year-end, KB Home had a
healthy sales backlog of $3.1 billion, up 31% from the same period a year ago,
and representing approximately 6 months of deliveries. KB Home’s independently
measured customer satisfaction rate is 94% and its Austin and Las Vegas
divisions ranked top-three in JD Power homebuilder customer
satisfaction surveys.KB Home’s success is the result of hard work by a dedicated team. Out of 5,000
employees there have been more than 1,000 promotions or transfers within the
company over the last year alone. In an era of job-hopping, the average tenure of
KB Home senior corporate officers is more than 14 years.
List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: List each link on a separate line, begin each link with http://, and enclose each link in square brackets; for example, [http://www.website.com]:
Voted “Stock of the Year” by Smart Money magazine:
http://www.smartmoney.com/onedaywonder/index.cfm?story=20031231KB Home makes BusinessWeek 50 List:
http://www.businessweek.com/magazine/content/04_14/b3877647_mz073.htm
http://www.businessweek.com/magazine/content/04_14/b3877601_mz073.htmKB Home on Fortune 500:
http://www.fortune.com/fortune/subs/fortune500/industrysnapshot/0,19721,30,00.htmlKB Home on Fortune 2000 of World Leading Companies
http://www.forbes.com/2004/03/24/04f2000land.htmlEarnings for 2003:
http://phx.corporate-ir.net/phoenix.zhtml?c=111266&p=irol-newsArticle&t=Regular&id=479410&KB Home Becomes First Big Builder to Adopt National Housing Quality
Certification
Program Nationwide
http://phx.corporate-ir.net/phoenix.zhtml?c=111266&p=irol-newsArticle&t=Regular&id=463842&J.D. Power and Associates National Study Places KB Home Customer
Satisfaction
Among Top Builders in 2 Markets
http://phx.corporate-ir.net/phoenix.zhtml?c=111266&p=irol-newsArticle&t=Regular&id=449471®IS & KELLY, KB HOME MAKE THE AMERICAN DREAM COME TRUE FOR ONE LUCKY VIEWER
http://www.kbhome.com/admin/pr-PRDetailViewer.asp?id=52
Provide a brief (up to 100 words) biography about the leader of this nominated company:
Bruce Karatz
Chairman/CEOBruce Karatz has led KB Home during a period of immense growth, delivering
27,331 homes in fiscal 2003 compared with less than 4,000 homes delivered
annually before he became CEO in 1986. Under Karatz’s leadership, KB Home’s
mission has been to create highly personalized homes for families at prices they
can afford. During his tenure, over 375,000 families have achieved the American
Dream in a KB Home. Karatz serves on the Board of Directors of several US
companies and organizations, and is involved in numerous philanthropic endeavors.