Los Angeles-based Kaufman & Broad Inc. reported...

Los Angeles-based Kaufman & Broad Inc. reported a 35% increase in its first-quarter net income. Revenue for the quarter was up 29%. Included in net income were extraordinary tax carry-forward benefits of $2.8 million in 1985 and $600,000 in 1984. Modestly improved on-site housing performance and a major jump in life insurance results, offset by losses in its manufactured housing group, contributed to the increase. Kaufman & Broad’s on-site housing revenues and operating income rose 12% and 10%, respectively, during a quarter that traditionally represents the seasonal low for the year.