Financial Services

12 Months Ended

Nov. 30, 2011

Segment Information and Financial Services [Abstract]

Financial Services

Note 3.    Financial Services

The following tables present financial information relating to the Company’s financial services reporting segment (in thousands):

	Years Ended November 30,
	2011			2010			2009
Revenues
Insurance commissions	$	7,188		$	7,235		$	7,220
Title services		1,983			992			1,184
Marketing services fees		1,125			—			—
Interest income		8			6			31
Total		10,304			8,233			8,435
Expenses
General and administrative		(3,512	)		(3,119	)		(3,251	)
Operating income		6,792			5,114			5,184
Equity in income/gain on wind down of unconsolidated joint venture		19,286			7,029			14,015
Pretax income	$	26,078		$	12,143		$	19,199

	November 30,
	2011		2010
Assets
Cash and cash equivalents	$	3,024	$	4,029
Receivables		25,495		1,607
Investment in unconsolidated joint venture		3,639		23,777
Other assets		15		30
Total assets	$	32,173	$	29,443
Liabilities
Accounts payable and accrued expenses	$	7,494	$	2,620
Total liabilities	$	7,494	$	2,620

In the fourth quarter of 2011, the Company received a distribution of $13.8 million and established a receivable of $23.5 million in connection with the wind down of KBA Mortgage. The Company recorded a gain of $19.8 million in the fourth quarter of 2011 that is included in equity in income/gain on wind down of unconsolidated joint venture. The receivable was collected in December 2011.

Although KBHMC ceased originating and selling mortgage loans on September 1, 2005, it may be required to repurchase 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, or if the loan does not comply with the underwriting standards or other requirements of the ultimate investor.