Kaufman & Broad reported sharply higher first-quarter...

Kaufman & Broad reported sharply higher first-quarter operating income on a 29% rise in revenue. The company cited improved results from its housing and life insurance businesses for the gain in operating income. However, the diversified firm said extraordinary gains in the 1985 quarter resulted in the Los Angeles firm reporting a 37% drop in net income. Excluding the net effect of non-recurring life insurance items, which contributed $2.8 million to operating net in 1985, the company’s operating income was up 173% over the previous year. In addition to the non-recurring items in its life insurance business, the company reported extraordinary tax carry-forward benefits in 1985 that brought net income to $7.27 million.