Kaufman and Broad Announces Additional Shares Authorized for Stock Repurchase Program

Kaufman and Broad Announces Additional Shares Authorized for Stock Repurchase Program LOS ANGELES, Nov. 2 /PRNewswire/ -- Kaufman and Broad Home Corporation (NYSE: KBH) today announced that its Board of Directors authorized an increase in the number of shares that may be repurchased under the Company's current stock repurchase program. The Board's action authorizes the Company to purchase up to an additional 4 million shares of the Company's outstanding common stock. Shares will be purchased from time-to-time in open market and privately negotiated transactions subject to market conditions. The Company currently intends that repurchased shares will be used to fund the Company's obligations under employee compensation and benefit plans, including satisfying previously established stock option, stock purchase and other plans.

 

The Company has repurchased all of the 2.5 million shares originally authorized under the share repurchase plan announced on August 5, 1999.

Kaufman and Broad Home Corporation is expected to be the largest homebuilder in the United States in 1999 based on the number of homes delivered. Headquartered in Los Angeles, the Company has operating divisions in California, Nevada, Arizona, New Mexico, Texas, and Colorado and is also one of the largest homebuilders in France.

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 based on current expectations and projections and are not guarantees of future performance, which could be materially different. These forward-looking statements are subject to risks, uncertainties and assumptions including, but not limited to, changes in general economic conditions, employment levels, costs of homebuilding, material and labor, home mortgage and other interest rates, the secondary market for mortgage loans, consumer confidence, competition, currency exchange rates (insofar as they affect the Company's operations in France), environmental factors, government regulations affecting the Company's operations, the availability and cost of land in desirable areas, unanticipated violations of Company policy, the success of the Company and its significant suppliers in identifying and addressing operating systems and programs that are not year 2000 ready, property tax rates, unanticipated delays in Company operations and conditions in the capital, credit and homebuilding markets. See the Company's Annual Report on Form 10-K and its Annual Report to Shareholders for the year ended November 30, 1998 for a further discussion of these and other risks and uncertainties applicable to the Company's business.

SOURCE Kaufman and Broad Home Corporation

For More Information Contact:
Kate Mulhearn
(310) 231-4015
kmulhearn@kbhome.com