Financial Services

The following tables present financial information relating to our financial services reporting segment (in thousands):



	Years Ended November 30,
	2012			2011			2010
Revenues
Insurance commissions	$	7,140		$	7,188		$	7,235
Title services	2,362			1,983			992
Marketing services fees	2,175			1,125			—
Interest income	6			8			6
Total	11,683			10,304			8,233
Expenses
General and administrative	(2,991		)	(3,512		)	(3,119		)
Operating income	8,692			6,792			5,114
Equity in income/gain on wind down of unconsolidated joint venture	2,191			19,286			7,029
Pretax income	$	10,883		$	26,078		$	12,143



	November 30,
	2012		2011
Assets
Cash and cash equivalents	$	923	$	3,024
Receivables	1,859		25,495
Investment in unconsolidated joint venture	1,630		3,639
Other assets	43		15
Total assets	$	4,455	$	32,173
Liabilities
Accounts payable and accrued expenses	$	3,188	$	7,494
Total liabilities	$	3,188	$	7,494

In the fourth quarter of 2011, we received a distribution of $13.8 million and established a receivable of $23.5 million in connection with the wind down of KBA Mortgage’s business operations. We recorded a gain of $19.8 million in the fourth quarter of 2011 that was included in equity in income/gain on wind down of unconsolidated joint venture. The receivable was collected in December 2011. In the third quarter of 2012, we recognized an additional gain of $2.1 million in connection with the wind down of KBA Mortgage.

Although KBHMC ceased originating and selling mortgage loans on September 1, 2005, it may be required to repurchase, or provide indemnification with respect to, an individual loan that it funded on or before August 31, 2005 and sold to an investor if the representations or warranties that it made in connection with the sale of the loan are breached, in the event of an early payment default, if the loan does not comply with the underwriting standards or other requirements of the ultimate investor or an applicable insurer, or due to a delinquency or other matters arising in connection with the loan.