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Financial Services | 12 Months Ended
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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.

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