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So what is heHe's this year's Andrew Ladd Poor clock management Lack of disciplineThe Raiders put themselves in too many bad situations with penaltiesPlease visit to learn more about our businessWe're very excited about having Russell with usThis project is expected to be completed in the fourth quarter of 2009 So essentially rum good baseball bad Beneath the comedy Posnanski makes a serious pointThe industry still face a lot of challenges04 compared to previously announced guidance of US0I would have liked to see a few of the ring entrances, but it didn't take too much away from the show. He is a contributor to Fight Magazine and Bleacher Report and appears regularly on Fight Network Radio Follow him on Twitter.. Results include: Total revenues for the fourth quarter ended November 30, 2008 were $919.0million, down from $2.07 billion for the year-earlier quarter, mainly due tolower housing revenues. Fourth-quarter housing revenues totaled $908.5 millionon 3,912 homes delivered, compared to $2.02 billion on 8,132 homes delivered inthe fourth quarter of 2007. The average selling price of the Companys homes inthe fourth quarter of 2008 decreased to $232,200 from $247,800 in the prioryears fourth quarter. The Company reported a net loss of $307.3 million, or $3.96 per diluted share,for the fourth quarter of 2008, compared to a net loss of $772.7 million, or$9.99 per diluted share, for the fourth quarter of 2007. Results for bothperiods included significant pretax, noncash charges for inventory and jointventure impairments and land option contract abandonments, and after-tax chargesto record valuation allowances against the deferred tax assets generated fromthe losses. 
Results for the 2008 fourth quarter also included a goodwillimpairment charge. The Company generated positive operating cash flow of $311.1 million duringthe fourth quarter of 2008 and ended the fiscal year with $1.25 billion of cashand cash equivalents. The Companys debt balance at the end of fiscal 2008 was$1.94 billion, down $220.3 million from $2.16 billion at November 30, 2007,mainly due to the early redemption of public debt during the year. The Companyended the fiscal year with no cash borrowings outstanding under its revolvingcredit facility. The Companys ratio of debt to total capital was 70.0 atfiscal year-end 2008, compared to 53.9 at fiscal year-end 2007.
Thehigher year-over-year ratios reflected the impact of the Companys net losses,which were generated primarily from noncash charges for asset impairments andabandonments, and deferred tax asset valuation allowances. Housing revenuesin fiscal 2008 totaled $2.94 billion, down from $6.21 billion in the previousyear. For the full 2008 fiscal year, the Company reporteda net loss of $976.1 million, or $12.59 per diluted share, due largely topretax, noncash charges for asset impairments and abandonments, and an after-taxcharge to record a valuation allowance against the net deferred tax assetsgenerated during the year. In fiscal year 2007, the Company reported a loss fromcontinuing operations of $1.41 billion, or $18.33 per diluted share, largely dueto similar charges associated with asset impairments, abandonments and deferredtax asset valuation allowances. The Companys fiscal 2007 net loss of $929.4million, or $12.04 per diluted share, included income of $485.4 million, or$6.29 per diluted share, generated by the Companys French discontinuedoperations, including the gain on the sale of those operations in July 2007.
On October 17, 2008, the Company filed an automatically effective universalshelf registration statement with the Securities and Exchange Commission,registering debt and equity securities that it may issue from time to time inamounts to be determined. On December 15, 2008, the Company redeemed all $200.0million of its 8 5/8 senior subordinated notes at their scheduled maturity."With unprecedented downward pressures continuing to confront the homebuildingindustry and the overall economy, our operating strategy and key priorities atKB Home have not changed," said Jeffrey Mezger, president and chief executiveofficer. "We continue to pursue an aggressive agenda to maintain a strongfinancial position, restore the profitability of our homebuilding operations,and position our business for an eventual housing market recovery. Our fourthquarter results demonstrate the progress we have made, as we generated positivecash flows from operations, enhanced our liquidity, further reduced inventorylevels, improved our gross margins (excluding noncash inventory-relatedcharges), and lowered our overhead costs. Excluding the impact of impairmentsand abandonments, we achieved positive operating income for the first time infive quarters. Looking ahead into 2009, we are aiming to build on the momentumwe have generated in adapting our business to the ever changing operatingenvironment." Revenues for the fourth quarter of 2008 totaled $919.0 million, down 56 fromthe fourth quarter of 2007, largely due to a 55 year-over-year decline inhousing revenues to $908.5 million.