Kaufman & Broad Inc. reported fourth-quarter net...

Kaufman & Broad Inc. reported fourth-quarter net income of $19.5 million. The total surpassed the company’s first three quarters combined and boosted net income for the fiscal year to $38.9 million. Revenue rose to $307.3 million for the quarter and a record $921.4 million for the year, compared to $174.6 million and $600 million for the respective periods in 1984. Included in 1985 results was an extraordinary tax-loss carry-forward of $8.8 million relating to changes in life- insurance tax laws. Income from the company’s housing and life insurance rose 57% over 1984, producing $96.4 million in operating income.