seems like the gettext integration isnt quite right.  using gettext-0.18.1 
over here ...

first, the timestamps are off:
$ tar xf kbd-1.15.3.tar.gz
$ cd kbd-1.15.3
$ ./configure -q
$ make -d >& log
...
     Considering target file `aclocal.m4'.
       Pruning file `m4/gettext.m4'.
       Pruning file `m4/iconv.m4'.
       Pruning file `m4/lib-ld.m4'.
       Pruning file `m4/lib-link.m4'.
       Pruning file `m4/lib-prefix.m4'.
       Pruning file `m4/nls.m4'.
       Pruning file `m4/po.m4'.
       Pruning file `m4/progtest.m4'.
       Pruning file `configure.ac'.
      Finished prerequisites of target file `aclocal.m4'.
      Prerequisite `m4/gettext.m4' is older than target `aclocal.m4'.
      Prerequisite `m4/iconv.m4' is older than target `aclocal.m4'.
      Prerequisite `m4/lib-ld.m4' is older than target `aclocal.m4'.
      Prerequisite `m4/lib-link.m4' is older than target `aclocal.m4'.
      Prerequisite `m4/lib-prefix.m4' is older than target `aclocal.m4'.
      Prerequisite `m4/nls.m4' is older than target `aclocal.m4'.
      Prerequisite `m4/po.m4' is older than target `aclocal.m4'.
      Prerequisite `m4/progtest.m4' is older than target `aclocal.m4'.
      Prerequisite `configure.ac' is newer than target `aclocal.m4'.
     Must remake target `aclocal.m4'.
Invoking recipe from Makefile:266 to update target `aclocal.m4'.
CDPATH="${ZSH_VERSION+.}:" && cd . && /bin/sh /usr/local/gentoo-x86/sys-
apps/kbd/kbd-1.15.3/config/missing --run aclocal-1.11 -I m4
...

next, the translation files themselves seem to be a bit outdated:
$ make
...
make[3]: Entering directory `.../kbd-1.15.3/po'
make[3]: `cs.gmo' is up to date.
make[3]: `da.gmo' is up to date.
make[3]: `de.gmo' is up to date.
make[3]: `el.gmo' is up to date.
make[3]: `eo.gmo' is up to date.
rm -f es.gmo && /usr/bin/gmsgfmt -c --statistics -o es.gmo es.po
es.po:1366: 'msgstr' is not a valid C format string, unlike 'msgid'. Reason: 
The string refers to arguments both through absolute argument numbers and 
through unnumbered argument specifications.
/usr/bin/gmsgfmt: found 1 fatal error
204 translated messages, 38 fuzzy translations, 50 untranslated messages.
make[3]: *** [es.gmo] Error 1
...

unrelated, `make dist` doesnt seem to work at all:
$ make dist
...
make[1]: Entering directory `.../kbd-1.15.3/src'
make[1]: *** No rule to make target `analyze.l', needed by `analyze.c'.  Stop.
make[1]: Leaving directory `.../kbd-1.15.3/src'
...
-mike