8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 24, 2001

DEL WEBB CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-4785	86-0077724
(Commission File Number)	(IRS Employer Identification No.)
6001 North 24th Street Phoenix, Arizona	85016
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code:  (602) 808-8088

Not Applicable

(Former name or former address, if changed since last report)

TABLE OF CONTENTS

EX-99.1

EX-99.2

Item 5. Other Events.

     On April 30, 2001, Del Webb Corporation (the “Company”) and Pulte Homes, Inc. (formerly known as Pulte Corporation) (“Pulte”) and Pulte Acquisition Corporation (“Acquisition”) entered into a Plan and Agreement of Merger (the “Merger Agreement”) under which Pulte will acquire all of the outstanding shares of the Company in a stock for stock transaction. Pursuant to the Merger Agreement and subject to the terms and conditions set forth therein, Acquisition will be merged with and into the Company, with the Company to be the surviving corporation of such merger, and as a result of the merger, the Company will become a wholly-owned subsidiary of Pulte.

     On July 25, 2001, Pulte and the Company issued a press release announcing the share exchange ratio to be utilized with respect to the pending merger of Pulte and the Company. Pursuant to the merger agreement, each outstanding share of the Company’s common stock will be converted into 0.894 Pulte common shares. Special meetings of the stockholders of Pulte and the Company to approve the merger are scheduled for July 27, 2001. The merger is scheduled to close on July 31, 2001. This press release is attached to this Form 8-K as Exhibit 99.1.

     On July 24, 2001, the Company also issued a press release announcing its earnings for the fourth quarter and year ended June 30, 2001. This press release as corrected, is attached to this Form 8-K as Exhibit 99.2.

     The information contained in these press releases is incorporated by reference into this Item 5.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

     (c)  Exhibits:

99.1	Press Release, dated July 25, 2001, announcing the share exchange ratio for the pending merger.
99.2	Press Release, as corrected, dated July 24, 2001, announcing earnings for the fourth quarter and year ended June 30, 2001.

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 25, 2001

Del Webb Corporation

By: /s/ Robertson C. Jones
Name: Robertson C. Jones
Title: Senior Vice President and General Counsel

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release, dated July 25, 2001, announcing the share exchange ratio for the pending merger.
99.2	Press Release, as corrected, dated July 24, 2001, announcing earnings for the fourth quarter and year ended June 30, 2001.

EX-99.1 2 p65349ex99-1.txt EX-99.1 1 Exhibit 99.1 [PULTE LETTERHEAD] [DEL WEBB LETTERHEAD] PULTE HOMES AND DEL WEBB ANNOUNCE SHARE EXCHANGE RATIO ASSOCIATED WITH MERGER BLOOMFIELD HILLS, MI AND PHOENIX, AZ (JULY 25, 2001) - Pulte Homes, Inc. (NYSE: PHM) and Del Webb Corporation (NYSE: WBB) announced today the share exchange ratio to be utilized with respect to the pending merger of the two companies. Pursuant to the merger agreement, each outstanding share of Del Webb common stock will be converted into 0.894 Pulte Homes common shares. The exchange ratio was based upon the average price of Pulte Homes stock as determined by the closing stock price for a 15 trading-day period from July 3 to July 24, 2001. On July 27, 2001, Pulte Homes and Del Webb will each hold a special meeting of their stockholders to vote on the proposed merger. The merger is scheduled to close on July 31, 2001. The combination of Pulte Homes and Del Webb will create a $6.0 billion revenue powerhouse with a size, geographic presence and product portfolio that is unrivaled in the homebuilding industry. Together, Pulte Homes and Del Webb will hold leading market positions throughout the United States in all buyer segments with home prices ranging from $90,000 to over $1 million. The combined company will also hold the commanding position in the active adult segment, widely recognized as the fastest-growing demographic segment of the market. ABOUT DEL WEBB Del Webb Corporation (www.delwebb.com), based in Phoenix, Arizona, is the nation's leading builder of active adult communities for people age 55 and older. The company operates ten active adult communities in markets including Phoenix and Tucson, AZ; Las Vegas, NV; Palm Desert and Lincoln, CA; Hilton Head, SC; Georgetown, TX; Ocala, FL; and Chicago, IL. The company also builds family and country club communities in Phoenix and Las Vegas. Four of Del Webb's communities are currently ranked in the top ten of the best-selling master planned communities in America. ABOUT PULTE HOMES Pulte Homes (www.pulte.com), based in Bloomfield Hills, Michigan, has operations in 41 markets across the United States, Argentina, Puerto Rico and Mexico, where it is the fifth largest builder. Based on most recent 12-month results, Pulte Homes delivered more than 20,000 homes in the United States and more than 8,000 homes in Mexico and Puerto Rico. Over its history, the Company has constructed more than 275,000 homes and has been honored as "America's Best Builder." Pulte Mortgage Corporation is a nationwide lender committed to meeting the financing needs of Pulte Homes customers by offering a wide variety of loan products and superior customer service. FORWARD LOOKING LANGUAGE 2 As a cautionary note to investors, except for historical information contained herein, certain matters discussed in this press release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially. Risks and uncertainties include, but are not limited to, risks associated with: the cyclical nature of real estate operations; issues and timing surrounding land acquisition and development, government regulation, growth management, and environmental considerations; geographic concentration; financing and leverage; changes in economic conditions and interest rate fluctuations; increases in raw material and labor costs, future communities and new geographic markets; legal matters; natural risks, including weather conditions; and other matters set forth in Pulte Homes' Form 10-K for the year ended December 31, 2000 and Pulte Homes' filings made with the Securities and Exchange Commission (SEC) from time to time and Del Webb's Form 10-K for the year ended June 30, 2000 and Del Webb's filings made with the SEC from time to time. CONTACT INFORMATION: FOR PULTE HOMES FOR DEL WEBB INVESTORS: INVESTORS: Jim Zeumer Don Mickus (248) 433-4597 602-808-8004 jzeumer@pulte.com don.mickus@delwebb.com MEDIA: MEDIA: Valerie Dolenga Scott Higginson (248) 433-4633 602-808-8299 vdolenga@pulte.com scott.higginson@delwebb.com # # # EX-99.2 3 p65349ex99-2.txt EX-99.2 1 Exhibit 99.2 [DEL WEBB LETTERHEAD] Contact: Lynne Reaves (Media Inquiries) (602) 808-8091 John Spencer (Investor Inquiries) (602) 808-8008 AMENDED PRESS RELEASE DEL WEBB REPORTS 5TH CONSECUTIVE RECORD YEAR OF EARNINGS EARNINGS PER SHARE CLIMB 20 PERCENT; BACKLOG UP FISCAL YEAR HIGHLIGHTS: - - The company achieved all-time record earnings for the fifth consecutive year. Net earnings for the fiscal year jumped 23 percent. Earnings per diluted share reached $4.79, an increase of 20 percent from the $4.00 per diluted share achieved last year, and were net of the costs amounting to 13 cents per share related to the pending merger with Pulte Homes, Inc. and a separate major proxy contest last fall. - - Fourth quarter earnings were $1.59 per diluted share diluted and were net of 7 cents per share of costs related to the pending merger. Pre-tax earnings were 16 percent higher than last year's fourth quarter. - - Homebuilding gross margins increased 140 basis points for the quarter and 160 basis points for the year from last year's level. - - Leverage was reduced significantly to 60.7 percent at June 30, 2001, compared to 67.6 percent in June 2000 and 72.0 percent at June 30, 1999. - - Backlog of homes under contract but not yet delivered was up 2 percent at June 30, 2001 compared to June 30, 2000. The aggregate contract of the backlog amount increased 4 percent to $994 million, compared to $952 million. PHOENIX, AZ (JULY 24, 2001) (WBB:NYSE) - Del Webb Corporation, expected to merge with Pulte Homes Inc., on July 31, 2001, today reported net earnings of $91.2 million, or $4.79 per diluted share, for its fiscal year ended June 30, 2001. This compares to earnings of $74.2 million, or $4.00 per diluted share, for the prior year. For the fourth quarter, net earnings were $31 million or $1.59 per diluted share and were net of $2.2 million pre-tax or 7 cents per diluted share of merger-related costs. Last year's fourth quarter earnings included a 22 cent per share tax benefit. Pre-tax earnings for this year's fourth quarter were $6.67 million or 16 percent higher than last year's fourth quarter. 2 22222 DEL WEBB REPORTS 5TH CONSECUTIVE YEAR OF RECORD EARNINGS 22222 - -------------------------------------------------------------------------------- Results for the fiscal year include certain costs associated with the Pulte Homes merger and a separate major proxy contest, which totaled 13 cents per diluted share. Additionally, the company's performance was impacted favorably by a 10 cents per diluted share tax benefit. Excluding these three factors, net earnings per diluted share for the year would have been $4.82. The company's backlog of homes under contract but not yet delivered was up 2 percent at June 30, 2001 to 3,682 units vs. 3,611 at June 30, 2000. The aggregate contract amount increased 4 percent to $994 million, compared to $952 million; and the average contract sales amount per home increased 2 percent to $270,000 from $264,000. "Webb approaches this merger with Pulte Homes in extremely good condition," said Del Webb President and Chief Executive Officer LeRoy Hanneman. "Our backlog is up, earnings are strong, our leverage is declining and our leadership in the active adult segment of the market is unquestioned." The merger with Pulte Homes will be voted on at special Del Webb and Pulte shareholders meetings on July 27, with the closing anticipated July 31, 2001. Hanneman said this year's results demonstrated the company's uncompromising execution of a new strategic focus. "We have met all of our financial objectives in 2001," he said. "We set some very tough goals for ourselves this year in terms of operating and net margins, earnings per share, leverage reduction and return on invested capital. In each category we exceeded our internal targets." "This has been an extraordinary year for Del Webb in many ways," said Hanneman. "While remaining focused on a new strategic plan, Webb was drawn into and won a high-profile proxy battle. Additionally, this year we agreed to a merger between Del Webb and Pulte Homes which we believe will be very beneficial to shareholders. Even with the distractions associated from these two major events, Del Webb has posted outstanding results. I take great pride in our Del Webb team which has executed creatively and prudently, and has been responsible for these outstanding results." REVENUES AND CLOSINGS - --------------------- Revenues for the fiscal year decreased 5 percent to $1.94 billion from $2.04 billion the previous year. The decrease resulted partly from the sell out of two communities in California and Nevada that had made significant contributions. The decrease also resulted from the decision to withdraw Webb's family home business from Nevada and to focus its Phoenix-area family home business at Anthem. For the fourth quarter, revenues decreased 5 percent to $602 million, compared to $635 million in the same period one year ago. Home closings for the fourth quarter were down 13 percent to 2,132. In the company's active adult division revenues were down 4.6 percent from fiscal year 2000. This decrease was caused by a 15 percent drop in home closings (5,100 compared with 6,017 in the previous year). The reduced closings were offset, however, by the average closing price rising to $246,600 compared with $223,200 the previous year. 3 33333 DEL WEBB REPORTS 5TH CONSECUTIVE YEAR OF RECORD EARNINGS 33333 - -------------------------------------------------------------------------------- The company's family and country club division reported a 6.5 percent decrease in revenues during the year ($545.7 million vs. $583.7 million) and a 19 percent decrease in home closings (1,938 vs. 2,402). Again, the results reflected Webb's decision to close out its Coventry (family home) operations in Las Vegas and to focus its Phoenix operations at Anthem. Closing prices in the family and country club division increased by 14.6 percent for the fiscal year, with the Arizona country club community jumping by 19.1 percent. NEW ORDERS - ---------- Net new orders for the fiscal year declined 6 percent company-wide to 7,109 units compared to 7,546 last year, reflecting the close out of two communities and the Nevada Coventry business. In the fourth quarter, net new orders were off 10 percent (1,913 vs. 2,130). On a "same store" basis and excluding last year's sale/leaseback of model homes and vacation units and adjusting for close out of communities, total orders were down 2.6 percent for the quarter and were up 1.5 percent for the year. Results from one of the company's newest communities in California helped counterbalance the sellout of other developments, Hanneman said. "Our new Sun City Lincoln Hills community near Sacramento recorded orders totaling a remarkable 1,047 homes - our best ever results in northern California." Hanneman said the company's Sun Cities in Arizona, Nevada and California continued to perform at very strong levels in fiscal 2001. He pointed out that Sun City Grand posted more than 1,000 new orders for the fourth straight year and the "Sunflower" community in Tucson experienced its best year in history with 249 orders. Order rates improved on a year-to-year basis at the company's Spruce Creek Communities in Florida and at Sun City Huntley outside of Chicago. Orders at Sun City Texas were down slightly to 357. At Sun City Hilton Head orders declined significantly from 364 to 273. In Hilton Head Hanneman said Webb is looking at a number of ways to increase revenues and ROIC, including continuing to sell some of its land holdings to other developers. Also under study, he said, are new product offerings with broader price-points and market reach. Anthem Arizona ended the year with a 1.3 percent increase in orders. Home prices in that community jumped 19 percent in the country club community and 14 percent in the family community. At Anthem Las Vegas orders were off by 3.7 percent in the family and country club areas, but up 19.4 percent at Sun City Anthem. In Las Vegas, Hanneman pointed out that the Anthem Country Club community also took orders for 61 custom lots valued at a total of $18.3 million. Hanneman underscored that Anthem Arizona had been voted the best master-planned community in the United States by the National Association of Homebuilders and the company is the developer of four of the 10 best-selling communities in the nation. 4 44444 DEL WEBB REPORTS 5TH CONSECUTIVE YEAR OF RECORD EARNINGS 44444 - -------------------------------------------------------------------------------- MARGINS - ------- The company's total homebuilding gross margin percentage for the fiscal year was 24.4 percent, up 160 basis points from 22.8 percent last year. Gross margins rose by 150 basis points in the company's active adult operations and 70 basis points in its family and country club communities. Net margins saw a 30 percent jump, increasing 100 basis points to 4.7 percent from 3.6 percent. Selling, general and administrative expenses as a percentage of revenues, exclusive of the Pulte merger and the proxy contest, were 13.1 percent compared to 13.2 percent in the previous year. Inclusive of those costs, SG&A was at 13.3 for 2001. Interest amortization as a percentage of revenues decreased slightly during the year to 3.8 percent from 4.2 percent. LEVERAGE - -------- The company's debt-to-total capital continued to decline in the fourth quarter. At June 30, 2001, debt-to-total capital was 60.7 percent compared to 67.6 percent, at June 30, 2000 and compared to 72.0 percent at June 30, 1999. Reduction in the leverage was largely due to a lower level of investment in new and existing communities in fiscal 2001. Del Webb Corporation, based in Phoenix, is the nation's leading builder of active adult communities for people age 55 and older. The company operates eight active adult communities in markets including Phoenix and Tucson, Ariz.; Las Vegas, Nev; Palm Desert, Lincoln, Calif.; Hilton Head, S.C.; Georgetown, Texas; Ocala, Fla; and Chicago, Il. The company also builds family and country club communities in Phoenix and Las Vegas. THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES, AND ACTUAL RESULTS MAY DIFFER MATERIALLY. CERTAIN FORWARD-LOOKING STATEMENTS ARE BASED ON ASSUMPTIONS THAT MAY NOT PROVE TO BE ACCURATE. RISKS AND UNCERTAINTIES INCLUDE RISKS ASSOCIATED WITH: THE CYCLICAL NATURE OF REAL ESTATE OPERATIONS; LAND ACQUISITION AND DEVELOPMENT, GOVERNMENT REGULATION, GROWTH MANAGEMENT AND ENVIRONMENTAL CONSIDERATIONS; GEOGRAPHIC CONCENTRATION; FINANCING AND LEVERAGE; INTEREST RATE FLUCTUATIONS; CONSTRUCTION LABOR AND MATERIALS COSTS; FUTURE COMMUNITIES AND NEW GEOGRAPHIC MARKETS; LEGAL MATTERS; NATURAL RISKS; AND OTHER MATTERS SET FORTH IN THE COMPANY'S FORM 10-K FOR THE YEAR ENDED JUNE 30, 2000 AND SUBSEQUENT SEC FILINGS. 5 DEL WEBB CORPORATION AND SUBSIDIARIES SUPPLEMENTARY EARNINGS RELEASE INFORMATION AS OF AND FOR THE FISCAL YEAR ENDED JUNE 30, 2001 (UNAUDITED)

Shareholders Equity at June 30, 2001 (dollars in thousands) - ----------------------------------------------------------- Common stock, $.001 par value. Authorized 30,000,000 shares; issued 18,927,199 shares $ 19 Additional paid-in capital 181,967 Retained earnings 407,420 ---------- 589,406 Less deferred compensation (7,745) ---------- Total shareholders' equity $ 581,661 ========== Real Estate Inventories at June 30, 2001 (dollars in thousands) - --------------------------------------------------------------- Home construction costs $ 268,562 Unamortized improvement and amenity costs 1,058,926 Unamortized capitalized interest 130,064 Land held for housing 195,372 Land held for future development or sale 105,773 ---------- Total real estate inventories $1,758,697 ========== Notes Payable, Senior and Subordinated Debt at June 30, 2001 (dollars in thousands) - ----------------------------------------------------------------------------------- 9 3/4 % Senior Subordinated Debentures due 2003, net, unsecured $ 99,315 9 % Senior Subordinated Debentures due 2006, net, unsecured 98,723 9 3/4 % Senior Subordinated Debentures due 2008, net, unsecured 146,822 9 3/8 % Senior Subordinated Debentures due 2009, net, unsecured 196,346 10 1/4 % Senior Subordinated Debentures due 2010, net, unsecured 144,824 Notes payable to banks under a revolving credit facility and short-term lines of credit, unsecured 175,000 Real estate and other notes, primarily secured 38,568 ---------- Total notes payable, senior and subordinated debt $ 899,598 ========== Interest for the Three Months Ended June 30, 2001 (dollars in thousands) - ------------------------------------------------------------------------ Unamortized capitalized interest included in real estate inventories at beginning of period $ 129,243 Interest incurred and capitalized 23,408 Amortization of capitalized interest in costs and expenses (22,587) ---------- Unamortized capitalized interest included in real estate inventories at end of period $ 130,064 ==========

6 DEL WEBB CORPORATION AND SUBSIDIARIES CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA

THREE MONTHS ENDED JUNE 30, CHANGE - ------------------------------------------------------------------------------------------------------------------------------------ 2001 2000 AMOUNT PERCENT - ------------------------------------------------------------------------------------------------------------------------------------ OPERATING DATA: - --------------- Number of net new orders: Active adult communities: Sun City Grand 306 246 60 24.4% Sun Cities Las Vegas 224 352 (128) (36.4%) Sun City Palm Desert 165 140 25 17.9% Sun Cities Northern California 314 279 35 12.5% Sun City Hilton Head 77 92 (15) (16.3%) Sun City Texas 95 126 (31) (24.6%) Sun City at Huntley 118 111 7 6.3% Florida communities 118 106 12 11.3% Other communities 73 52 21 40.4% - ------------------------------------------------------------------------------------------------------------------------------------ Total active adult communities 1,490 1,504 (14) (0.9%) - ------------------------------------------------------------------------------------------------------------------------------------ Family and country club communities: Arizona country club communities 101 128 (27) (21.1%) Nevada country club community 95 73 22 30.1% Arizona family communities 227 364 (137) (37.6%) Nevada family communities 0 61 (61) (100.0%) - ------------------------------------------------------------------------------------------------------------------------------------ Total family and country club communities 423 626 (203) (32.4%) - ------------------------------------------------------------------------------------------------------------------------------------ Total 1,913 2,130 (217) (10.2%) ====================================================================================================================================

FISCAL YEAR ENDED JUNE 30, CHANGE - ------------------------------------------------------------------------------------------------------------------ 2001 2000 AMOUNT PERCENT - ------------------------------------------------------------------------------------------------------------------ OPERATING DATA: - --------------- Number of net new orders: Active adult communities: Sun City Grand 1,032 1,222 (190) (15.5%) Sun Cities Las Vegas 1,133 1,229 (96) (7.8%) Sun City Palm Desert 583 462 121 26.2% Sun Cities Northern California 1,047 759 288 37.9% Sun City Hilton Head 273 364 (91) (25.0%) Sun City Texas 357 368 (11) (3.0%) Sun City at Huntley 400 375 25 6.7% Florida communities 358 352 6 1.7% Other communities 250 346 (96) (27.7%) - ------------------------------------------------------------------------------------------------------------------ Total active adult communities 5,433 5,477 (44) (0.8%) - ------------------------------------------------------------------------------------------------------------------ Family and country club communities: Arizona country club communities 314 361 (47) (13.0%) Nevada country club community 285 296 (11) (3.7%) Arizona family communities 963 1,127 (164) (14.6%) Nevada family communities 114 285 (171) (60.0%) - ------------------------------------------------------------------------------------------------------------------ Total family and country club communities 1,676 2,069 (393) (19.0%) - ------------------------------------------------------------------------------------------------------------------ Total 7,109 7,546 (437) (5.8%) ==================================================================================================================

Included in net new orders for the fiscal year ended June 30, 2000 were models and vacation getaway homes sold with long-term leasebacks. Sun City Grand had 162 such net new orders. The Sun Cities Las Vegas had 33 and the Nevada country club community had 13. 7 DEL WEBB CORPORATION AND SUBSIDIARIES CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA

THREE MONTHS ENDED JUNE 30, CHANGE - ------------------------------------------------------------------------------------------------------------------------------------ 2001 2000 AMOUNT PERCENT - ------------------------------------------------------------------------------------------------------------------------------------ Number of home closings: Active adult communities: Sun City Grand 294 315 (21) (6.7%) Sun Cities Las Vegas 335 391 (56) (14.3%) Sun City Palm Desert 142 133 9 6.8% Sun Cities Northern California 252 217 35 16.1% Sun City Hilton Head 81 126 (45) (35.7%) Sun City Texas 120 119 1 0.8% Sun City at Huntley 133 201 (68) (33.8%) Florida communities 98 83 15 18.1% Other communities 63 128 (65) (50.8%) - ------------------------------------------------------------------------------------------------------------------------------------ Total active adult communities 1,518 1,713 (195) (11.4%) - ------------------------------------------------------------------------------------------------------------------------------------ Family and country club communities: Arizona country club communities 112 132 (20) (15.2%) Nevada country club community 98 97 1 1.0% Arizona family communities 336 409 (73) (17.8%) Nevada family communities 68 87 (19) (21.8%) - ------------------------------------------------------------------------------------------------------------------------------------ Total family and country club communities 614 725 (111) (15.3%) - ------------------------------------------------------------------------------------------------------------------------------------ Total 2,132 2,438 (306) (12.6%) ====================================================================================================================================

FISCAL YEAR ENDED JUNE 30, CHANGE - ------------------------------------------------------------------------------------------------------------------ 2001 2000 AMOUNT PERCENT - ------------------------------------------------------------------------------------------------------------------ Number of home closings: Active adult communities: Sun City Grand 1,087 1,395 (308) (22.1%) Sun Cities Las Vegas 1,222 1,231 (9) (0.7%) Sun City Palm Desert 513 500 13 2.6% Sun Cities Northern California 825 771 54 7.0% Sun City Hilton Head 273 420 (147) (35.0%) Sun City Texas 301 308 (7) (2.3%) Sun City at Huntley 339 735 (396) (53.9%) Florida communities 290 276 14 5.1% Other communities 250 381 (131) (34.4%) - ------------------------------------------------------------------------------------------------------------------ Total active adult communities 5,100 6,017 (917) (15.2%) - ------------------------------------------------------------------------------------------------------------------ Family and country club communities: Arizona country club communities 371 371 0 0.0% Nevada country club community 272 268 4 1.5% Arizona family communities 1,066 1,344 (278) (20.7%) Nevada family communities 229 419 (190) (45.3%) - ------------------------------------------------------------------------------------------------------------------ Total family and country club communities 1,938 2,402 (464) (19.3%) - ------------------------------------------------------------------------------------------------------------------ Total 7,038 8,419 (1,381) (16.4%) ==================================================================================================================

Included in home closings for the three months and fiscal year ended June 30, 2000 were models and vacation getaway homes sold with long-term leasebacks. Profits on the closings of these units were deferred and are being amortized as reductions of selling, general and administrative expenses over the leaseback periods, offsetting substantially all of the related rent expense. Sun City Grand had 2 such home closings for the three months and 162 for the fiscal year. The Sun Cities Las Vegas had 1 and 33 for the three months and fiscal year, respectively. The Nevada country club community 13 for the fiscal year. 8 DEL WEBB CORPORATION AND SUBSIDIARIES CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA

AT JUNE 30, CHANGE - ------------------------------------------------------------------------------------------------------------------------------ 2001 2000 AMOUNT PERCENT - ------------------------------------------------------------------------------------------------------------------------------ BACKLOG DATA: - ------------- Homes under contract: Active adult communities: Sun City Grand 506 561 (55) (9.8%) Sun Cities Las Vegas 454 543 (89) (16.4%) Sun City Palm Desert 316 246 70 28.5% Sun Cities Northern California 618 396 222 56.1% Sun City Hilton Head 138 138 0 0.0% Sun City Texas 274 218 56 25.7% Sun City at Huntley 206 145 61 42.1% Florida communities 277 209 68 32.5% Other communities 133 133 0 0.0% - ------------------------------------------------------------------------------------------------------------------------------ Total active adult communities 2,922 2,589 333 12.9% - ------------------------------------------------------------------------------------------------------------------------------ Family and country club communities: Arizona country club communities 177 234 (57) (24.4%) Nevada country club community 176 163 13 8.0% Arizona family communities 407 510 (103) (20.2%) Nevada family communities 0 115 (115) (100.0%) - ------------------------------------------------------------------------------------------------------------------------------ Total family and country club communities 760 1,022 (262) (25.6%) - ------------------------------------------------------------------------------------------------------------------------------ Total 3,682 3,611 71 2.0% ============================================================================================================================== Aggregate contract sales amount (dollars in millions) $ 994 $ 952 $ 42 4.4% ============================================================================================================================== Average contract sales amount per home (dollars in thousands) $ 270 $ 264 $ 6 2.3% ==============================================================================================================================

9 DEL WEBB CORPORATION AND SUBSIDIARIES CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA

THREE MONTHS ENDED JUNE 30, CHANGE - ---------------------------------------------------------------------------------------------------------------------------- 2001 2000 AMOUNT PERCENT - ---------------------------------------------------------------------------------------------------------------------------- AVERAGE REVENUE PER HOME CLOSING: - --------------------------------- Active adult communities: Sun City Grand $ 207,100 $ 193,900 $ 13,200 6.8% Sun Cities Las Vegas 288,000 236,300 51,700 21.9% Sun City Palm Desert 294,900 284,800 10,100 3.5% Sun Cities Northern California 317,800 293,900 23,900 8.1% Sun City Hilton Head 256,200 237,000 19,200 8.1% Sun City Texas 238,200 237,700 500 0.2% Sun City at Huntley 253,600 249,900 3,700 1.5% Florida communities 160,000 143,200 16,800 11.7% Other communities 149,500 182,000 (32,500) (17.9%) Average active adult communities 255,300 234,700 20,600 8.8% Family and country club communities: Arizona country club communities 333,700 318,100 15,600 4.9% Nevada country club community 491,700 450,800 40,900 9.1% Arizona family communities 225,100 222,900 2,200 1.0% Nevada family communities 240,000 158,700 81,300 51.2% Average family and country club communities 289,100 263,000 26,100 9.9% Total average 265,000 243,100 21,900 9.0% ============================================================================================================================

FISCAL YEAR ENDED JUNE 30, CHANGE - ----------------------------------------------------------------------------------------------------------------------- 2001 2000 AMOUNT PERCENT - ----------------------------------------------------------------------------------------------------------------------- AVERAGE REVENUE PER HOME CLOSING: - --------------------------------- Active adult communities: Sun City Grand $ 211,100 $ 181,600 $ 29,500 16.2% Sun Cities Las Vegas 247,400 230,300 17,100 7.4% Sun City Palm Desert 305,500 277,900 27,600 9.9% Sun Cities Northern California 308,200 281,700 26,500 9.4% Sun City Hilton Head 249,000 210,800 38,200 18.1% Sun City Texas 242,500 233,700 8,800 3.8% Sun City at Huntley 252,400 235,500 16,900 7.2% Florida communities 155,500 139,800 15,700 11.2% Other communities 174,000 204,700 (30,700) (15.0%) Average active adult communities 246,600 223,200 23,400 10.5% Family and country club communities: Arizona country club communities 343,600 288,500 55,100 19.1% Nevada country club community 447,200 438,600 8,600 2.0% Arizona family communities 230,300 215,100 15,200 7.1% Nevada family communities 223,000 182,400 40,600 22.3% Average family and country club communities 281,600 245,700 35,900 14.6% Total average 256,300 229,600 26,700 11.6% ========================================================================================================================

Average revenue per home closing for the models and vacation getaway homes with long-term leasebacks at Sun City Grand was $119,000 and $100,300 for the three months and fiscal year respectively ended June 30, 2000. At the Sun Cities Las Vegas, the average revenue for these home closings was $405,000 for the three months and $266,500 for the fiscal year. At the Nevada country club community, the average revenue for these home closings was $492,100 for the fiscal year. 10 DEL WEBB CORPORATION AND SUBSIDIARIES CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA

THREE MONTHS ENDED JUNE 30, CHANGE - ------------------------------------------------------------------------------------------------------------------------------- 2001 2000 AMOUNT PERCENT - ------------------------------------------------------------------------------------------------------------------------------- OPERATING STATISTICS: - --------------------- Costs and expenses as a percentage of revenues: Home construction, land and other 75.3% 76.8% (1.5%) (2.0%) Selling, general and administrative 13.0% 12.5% 0.5% 4.0% Interest 3.8% 4.1% (0.3%) (7.3%) Ratio of home closings to homes under contract in backlog at beginning of period 54.7% 62.2% (7.5%) (12.1%) ===============================================================================================================================

FISCAL YEAR ENDED JUNE 30, CHANGE - ---------------------------------------------------------------------------------------------------------------------------- 2001 2000 AMOUNT PERCENT - ---------------------------------------------------------------------------------------------------------------------------- OPERATING STATISTICS: - --------------------- Costs and expenses as a percentage of revenues: Home construction, land and other 75.7% 77.2% (1.5%) (1.9%) Selling, general and administrative 13.3% 13.2% 0.1% 0.8% Interest 3.8% 4.2% (0.4%) (9.5%) Ratio of home closings to homes under contract in backlog at beginning of period 194.9% 187.8% 7.1% 3.8% ============================================================================================================================

NOTES: - ------ New orders are net of cancellations. The Company recognizes revenue at the close of escrow. The Sun Cities Las Vegas include Sun City Summerlin (which is built out), Sun City MacDonald Ranch and Sun City Anthem. The Sun Cities Northern California include Sun City Roseville (which is built out) and Sun City Lincoln Hills. Other active adult communities represent two smaller-scale communities in Arizona and California. Home closings began at Anthem Country Club (an Arizona country club community near Phoenix) in September 1999. A substantial majority of the backlog at June 30, 2001 is currently anticipated to result in revenues in the next 12 months. However, a majority of the backlog is contingent primarily upon the availability of financing for the customer and, in certain cases, sale of the customer's existing residence. Also, as a practical matter, the Company's ability to obtain damages for breach of contract by a potential home buyer is limited to retaining all or a portion of the deposit received. In the fiscal year ended June 30, 2001 and 2000, cancellations of home sales orders as a percentage of new home sales orders written during the period were 14.4 percent and 14.0 percent, respectively. 11 DEL WEBB CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (In Thousands Except Per Share Data) (Unaudited)

THREE MONTHS ENDED FISCAL YEAR ENDED JUNE 30, JUNE 30, - ----------------------------------------------------------------------------------------------------------------------------------- 2001 2000 2001 2000 - ----------------------------------------------------------------------------------------------------------------------------------- Revenues $ 602,289 $ 635,029 $ 1,936,117 $ 2,040,003 - ----------------------------------------------------------------------------------------------------------------------------------- Costs and expenses: Home construction, land and other 453,238 487,473 1,465,381 1,575,043 Selling, general and administrative 78,079 79,553 258,007 269,704 Interest 22,587 26,275 73,386 85,623 - ----------------------------------------------------------------------------------------------------------------------------------- 553,904 593,301 1,796,774 1,930,370 - ----------------------------------------------------------------------------------------------------------------------------------- Earnings before income taxes 48,385 41,728 139,343 109,633 Income taxes 17,419 11,022 48,164 35,468 - ----------------------------------------------------------------------------------------------------------------------------------- Net earnings $ 30,966 $ 30,706 $ 91,179 $ 74,165 =================================================================================================================================== Weighted average shares outstanding - basic 18,706 18,343 18,542 18,289 =================================================================================================================================== Weighted average shares outstanding - assuming dilution 19,457 18,412 19,051 18,550 =================================================================================================================================== Net earnings per share - basic $ 1.66 $ 1.67 $ 4.92 $ 4.06 =================================================================================================================================== Net earnings per share - assuming dilution $ 1.59 $ 1.67 $ 4.79 $ 4.00 ===================================================================================================================================

12 DEL WEBB CORPORATION AND SUBSIDIARIES REVENUES AND COSTS AND EXPENSES DETAIL (Dollars In Thousands) (Unaudited)

THREE MONTHS ENDED JUNE 30, - -------------------------------------------------------------------------------------------------- 2001 2000 - -------------------------------------------------------------------------------------------------- Revenues: Homebuilding: Active adult communities $ 387,510 $ 401,183 Family and country club communities 177,509 190,688 - -------------------------------------------------------------------------------------------------- 565,019 591,871 Models/vacation getaway homes with long-term leaseback -- 833 - -------------------------------------------------------------------------------------------------- Total homebuilding 565,019 592,704 Land and facility sales 28,021 26,548 Other 9,249 15,777 - -------------------------------------------------------------------------------------------------- $ 602,289 $ 635,029 ================================================================================================== Costs and expenses: Home construction and land: Active adult communities $ 285,470 $ 304,460 Family and country club communities 141,043 150,485 - -------------------------------------------------------------------------------------------------- 426,513 454,945 Models/vacation getaway homes with long-term leaseback -- 833 - -------------------------------------------------------------------------------------------------- Total homebuilding 426,513 455,778 Cost of land and facility sales 20,085 18,815 Other cost of sales 6,640 12,880 - -------------------------------------------------------------------------------------------------- Total home construction, land and other 453,238 487,473 Selling, general and administrative 78,079 79,553 Interest 22,587 26,275 - -------------------------------------------------------------------------------------------------- $ 553,904 $ 593,301 ================================================================================================== Margin percentages: Homebuilding gross margin: Active adult communities 26.3% 24.1% Family and country club communities 20.5% 21.1% - -------------------------------------------------------------------------------------------------- 24.5% 23.1% Models/vacation getaway homes with long-term leaseback -- -- - -------------------------------------------------------------------------------------------------- Total homebuilding gross margin 24.5% 23.1% Gross margin on land and facility sales 28.3% 29.1% Gross margin on other revenues 28.2% 18.4% - -------------------------------------------------------------------------------------------------- Total gross margin 24.7% 23.2% Selling, general and administrative 13.0% 12.5% - -------------------------------------------------------------------------------------------------- Earnings before interest and taxes 11.8% 10.7% Interest 3.8% 4.1% - -------------------------------------------------------------------------------------------------- Earnings before taxes 8.0% 6.6% Income taxes 2.9% 1.7% - -------------------------------------------------------------------------------------------------- Net earnings 5.1% 4.8% ==================================================================================================

FISCAL YEAR ENDED JUNE 30, - --------------------------------------------------------------------------------------------- 2001 2000 - --------------------------------------------------------------------------------------------- Revenues: Homebuilding: Active adult communities $ 1,257,888 $ 1,318,092 Family and country club communities 545,710 583,744 - --------------------------------------------------------------------------------------------- 1,803,598 1,901,836 Models/vacation getaway homes with long-term leaseback -- 31,435 - --------------------------------------------------------------------------------------------- Total homebuilding 1,803,598 1,933,271 Land and facility sales 102,197 76,237 Other 30,322 30,495 - --------------------------------------------------------------------------------------------- $ 1,936,117 $ 2,040,003 ============================================================================================= Costs and expenses: Home construction and land: Active adult communities $ 933,338 $ 997,487 Family and country club communities 429,484 463,454 - --------------------------------------------------------------------------------------------- 1,362,822 1,460,941 Models/vacation getaway homes with long-term leaseback -- 31,435 - --------------------------------------------------------------------------------------------- Total homebuilding 1,362,822 1,492,376 Cost of land and facility sales 78,020 59,765 Other cost of sales 24,539 22,902 - --------------------------------------------------------------------------------------------- Total home construction, land and other 1,465,381 1,575,043 Selling, general and administrative 258,007 269,704 Interest 73,386 85,623 - --------------------------------------------------------------------------------------------- $ 1,796,774 $ 1,930,370 ============================================================================================= Margin percentages: Homebuilding gross margin: Active adult communities 25.8% 24.3% Family and country club communities 21.3% 20.6% - --------------------------------------------------------------------------------------------- 24.4% 23.2% Models/vacation getaway homes with long-term leaseback -- -- - --------------------------------------------------------------------------------------------- Total homebuilding gross margin 24.4% 22.8% Gross margin on land and facility sales 23.7% 21.6% Gross margin on other revenues 19.1% 24.9% - --------------------------------------------------------------------------------------------- Total gross margin 24.3% 22.8% Selling, general and administrative 13.3% 13.2% - --------------------------------------------------------------------------------------------- Earnings before interest and taxes 11.0% 9.6% Interest 3.8% 4.2% - --------------------------------------------------------------------------------------------- Earnings before taxes 7.2% 5.4% Income taxes 2.5% 1.7% - --------------------------------------------------------------------------------------------- Net earnings 4.7% 3.6% =============================================================================================

-----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

   1
                                                                    Exhibit 99.1

[PULTE LETTERHEAD]                                         [DEL WEBB LETTERHEAD]


                PULTE HOMES AND DEL WEBB ANNOUNCE SHARE EXCHANGE
                          RATIO ASSOCIATED WITH MERGER


BLOOMFIELD HILLS, MI AND PHOENIX, AZ (JULY 25, 2001) - Pulte Homes, Inc. (NYSE:
PHM) and Del Webb Corporation (NYSE: WBB) announced today the share exchange
ratio to be utilized with respect to the pending merger of the two companies.
Pursuant to the merger agreement, each outstanding share of Del Webb common
stock will be converted into 0.894 Pulte Homes common shares. The exchange ratio
was based upon the average price of Pulte Homes stock as determined by the
closing stock price for a 15 trading-day period from July 3 to July 24, 2001.

On July 27, 2001, Pulte Homes and Del Webb will each hold a special meeting of
their stockholders to vote on the proposed merger. The merger is scheduled to
close on July 31, 2001.

The combination of Pulte Homes and Del Webb will create a $6.0 billion revenue
powerhouse with a size, geographic presence and product portfolio that is
unrivaled in the homebuilding industry. Together, Pulte Homes and Del Webb will
hold leading market positions throughout the United States in all buyer segments
with home prices ranging from $90,000 to over $1 million. The combined company
will also hold the commanding position in the active adult segment, widely
recognized as the fastest-growing demographic segment of the market.

ABOUT DEL WEBB

Del Webb Corporation (www.delwebb.com), based in Phoenix, Arizona, is the
nation's leading builder of active adult communities for people age 55 and
older. The company operates
ten active adult communities in markets including Phoenix and Tucson, AZ; Las
Vegas, NV; Palm Desert and Lincoln, CA; Hilton Head, SC; Georgetown, TX; Ocala,
FL; and Chicago, IL. The company also builds family and country club communities
in Phoenix and Las Vegas. Four of Del Webb's communities are currently ranked in
the top ten of the best-selling master planned communities in America.

ABOUT PULTE HOMES

Pulte Homes (www.pulte.com), based in Bloomfield Hills, Michigan, has operations
in 41 markets across the United States, Argentina, Puerto Rico and Mexico, where
it is the fifth largest builder. Based on most recent 12-month results, Pulte
Homes delivered more than 20,000 homes in the United States and more than 8,000
homes in Mexico and Puerto Rico. Over its history, the Company has constructed
more than 275,000 homes and has been honored as "America's Best Builder." Pulte
Mortgage Corporation is a nationwide lender committed to meeting the financing
needs of Pulte Homes customers by offering a wide variety of loan products and
superior customer service.
FORWARD LOOKING LANGUAGE
   2
As a cautionary note to investors, except for historical information contained
herein, certain matters discussed in this press release are "forward looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such matters involve risks and uncertainties that may cause actual
results to differ materially. Risks and uncertainties include, but are not
limited to, risks associated with: the cyclical nature of real estate
operations; issues and timing surrounding land acquisition and development,
government regulation, growth management, and environmental considerations;
geographic concentration; financing and leverage; changes in economic conditions
and interest rate fluctuations; increases in raw material and labor costs,
future communities and new geographic markets; legal matters; natural risks,
including weather conditions; and other matters set forth in Pulte Homes' Form
10-K for the year ended December 31, 2000 and Pulte Homes' filings made with the
Securities and Exchange Commission (SEC) from time to time and Del Webb's Form
10-K for the year ended June 30, 2000 and Del Webb's filings made with the SEC
from time to time.


CONTACT INFORMATION:

FOR PULTE HOMES                                      FOR DEL WEBB

INVESTORS:                                           INVESTORS:
Jim Zeumer                                           Don Mickus
(248) 433-4597                                       602-808-8004
jzeumer@pulte.com                                    don.mickus@delwebb.com

MEDIA:                                               MEDIA:
Valerie Dolenga                                      Scott Higginson
(248) 433-4633                                       602-808-8299
vdolenga@pulte.com                                   scott.higginson@delwebb.com

                                      # # #

EX-99.2

   1
                                                                    Exhibit 99.2

                              [DEL WEBB LETTERHEAD]

Contact: Lynne Reaves  (Media Inquiries)
         (602) 808-8091

         John Spencer  (Investor Inquiries)
         (602) 808-8008

                                                           AMENDED PRESS RELEASE

            DEL WEBB REPORTS 5TH CONSECUTIVE RECORD YEAR OF EARNINGS
                 EARNINGS PER SHARE CLIMB 20 PERCENT; BACKLOG UP

FISCAL YEAR HIGHLIGHTS:

- -   The company achieved all-time record earnings for the fifth consecutive
    year. Net earnings for the fiscal year jumped 23 percent. Earnings per
    diluted share reached $4.79, an increase of 20 percent from the $4.00 per
    diluted share achieved last year, and were net of the costs amounting to 13
    cents per share related to the pending merger with Pulte Homes, Inc. and a
    separate major proxy contest last fall.

- -   Fourth quarter earnings were $1.59 per diluted share diluted and were net of
    7 cents per share of costs related to the pending merger. Pre-tax earnings
    were 16 percent higher than last year's fourth quarter.

- -   Homebuilding gross margins increased 140 basis points for the quarter and
    160 basis points for the year from last year's level.

- -   Leverage was reduced significantly to 60.7 percent at June 30, 2001,
    compared to 67.6 percent in June 2000 and 72.0 percent at June 30, 1999.

- -   Backlog of homes under contract but not yet delivered was up 2 percent at
    June 30, 2001 compared to June 30, 2000. The aggregate contract of the
    backlog amount increased 4 percent to $994 million, compared to $952
    million.

PHOENIX, AZ (JULY 24, 2001) (WBB:NYSE) - Del Webb Corporation, expected to merge
with Pulte Homes Inc., on July 31, 2001, today reported net earnings of $91.2
million, or $4.79 per diluted share, for its fiscal year ended June 30, 2001.
This compares to earnings of $74.2 million, or $4.00 per diluted share, for the
prior year.

For the fourth quarter, net earnings were $31 million or $1.59 per diluted share
and were net of $2.2 million pre-tax or 7 cents per diluted share of
merger-related costs. Last year's fourth quarter earnings included a 22 cent per
share tax benefit. Pre-tax earnings for this year's fourth quarter were $6.67
million or 16 percent higher than last year's fourth quarter.
   2
22222        DEL WEBB REPORTS 5TH CONSECUTIVE YEAR OF RECORD EARNINGS      22222
- --------------------------------------------------------------------------------


Results for the fiscal year include certain costs associated with the Pulte
Homes merger and a separate major proxy contest, which totaled 13 cents per
diluted share. Additionally, the company's performance was impacted favorably by
a 10 cents per diluted share tax benefit. Excluding these three factors, net
earnings per diluted share for the year would have been $4.82.

The company's backlog of homes under contract but not yet delivered was up 2
percent at June 30, 2001 to 3,682 units vs. 3,611 at June 30, 2000. The
aggregate contract amount increased 4 percent to $994 million, compared to $952
million; and the average contract sales amount per home increased 2 percent to
$270,000 from $264,000.

"Webb approaches this merger with Pulte Homes in extremely good condition," said
Del Webb President and Chief Executive Officer LeRoy Hanneman. "Our backlog is
up, earnings are strong, our leverage is declining and our leadership in the
active adult segment of the market is unquestioned."

The merger with Pulte Homes will be voted on at special Del Webb and Pulte
shareholders meetings on July 27, with the closing anticipated July 31, 2001.

Hanneman said this year's results demonstrated the company's uncompromising
execution of a new strategic focus. "We have met all of our financial objectives
in 2001," he said. "We set some very tough goals for ourselves this year in
terms of operating and net margins, earnings per share, leverage reduction and
return on invested capital. In each category we exceeded our internal targets."

"This has been an extraordinary year for Del Webb in many ways," said Hanneman.
"While remaining focused on a new strategic plan, Webb was drawn into and won a
high-profile proxy battle. Additionally, this year we agreed to a merger between
Del Webb and Pulte Homes which we believe will be very beneficial to
shareholders. Even with the distractions associated from these two major events,
Del Webb has posted outstanding results. I take great pride in our Del Webb team
which has executed creatively and prudently, and has been responsible for these
outstanding results."

REVENUES AND CLOSINGS
- ---------------------
Revenues for the fiscal year decreased 5 percent to $1.94 billion from $2.04
billion the previous year. The decrease resulted partly from the sell out of two
communities in California and Nevada that had made significant contributions.
The decrease also resulted from the decision to withdraw Webb's family home
business from Nevada and to focus its Phoenix-area family home business at
Anthem.

For the fourth quarter, revenues decreased 5 percent to $602 million, compared
to $635 million in the same period one year ago. Home closings for the fourth
quarter were down 13 percent to 2,132.
In the company's active adult division revenues were down 4.6 percent from
fiscal year 2000. This decrease was caused by a 15 percent drop in home closings
(5,100 compared with 6,017 in the previous year). The reduced closings were
offset, however, by the average closing price rising to $246,600 compared with
$223,200 the previous year.
   3
33333        DEL WEBB REPORTS 5TH CONSECUTIVE YEAR OF RECORD EARNINGS      33333
- --------------------------------------------------------------------------------


The company's family and country club division reported a 6.5 percent decrease
in revenues during the year ($545.7 million vs. $583.7 million) and a 19 percent
decrease in home closings (1,938 vs. 2,402). Again, the results reflected Webb's
decision to close out its Coventry (family home) operations in Las Vegas and to
focus its Phoenix operations at Anthem.

Closing prices in the family and country club division increased by 14.6 percent
for the fiscal year, with the Arizona country club community jumping by 19.1
percent.

NEW ORDERS
- ----------
Net new orders for the fiscal year declined 6 percent company-wide to 7,109
units compared to 7,546 last year, reflecting the close out of two communities
and the Nevada Coventry business. In the fourth quarter, net new orders were off
10 percent (1,913 vs. 2,130). On a "same store" basis and excluding last year's
sale/leaseback of model homes and vacation units and adjusting for close out of
communities, total orders were down 2.6 percent for the quarter and were up 1.5
percent for the year.

Results from one of the company's newest communities in California helped
counterbalance the sellout of other developments, Hanneman said. "Our new Sun
City Lincoln Hills community near Sacramento recorded orders totaling a
remarkable 1,047 homes - our best ever results in northern California."

Hanneman said the company's Sun Cities in Arizona, Nevada and California
continued to perform at very strong levels in fiscal 2001. He pointed out that
Sun City Grand posted more than 1,000 new orders for the fourth straight year
and the "Sunflower" community in Tucson experienced its best year in history
with 249 orders.

Order rates improved on a year-to-year basis at the company's Spruce Creek
Communities in Florida and at Sun City Huntley outside of Chicago. Orders at Sun
City Texas were down slightly to 357. At Sun City Hilton Head orders declined
significantly from 364 to 273. In Hilton Head Hanneman said Webb is looking at a
number of ways to increase revenues and ROIC, including continuing to sell some
of its land holdings to other developers. Also under study, he said, are new
product offerings with broader price-points and market reach.

Anthem Arizona ended the year with a 1.3 percent increase in orders. Home prices
in that community jumped 19 percent in the country club community and 14 percent
in the family community. At Anthem Las Vegas orders were off by 3.7 percent in
the family and country club areas, but up 19.4 percent at Sun City Anthem. In
Las Vegas, Hanneman pointed out that the Anthem Country Club community also took
orders for 61 custom lots valued at a total of $18.3 million.

Hanneman underscored that Anthem Arizona had been voted the best master-planned
community in the United States by the National Association of Homebuilders and
the company is the developer of four of the 10 best-selling communities in the
nation.
   4
44444        DEL WEBB REPORTS 5TH CONSECUTIVE YEAR OF RECORD EARNINGS      44444
- --------------------------------------------------------------------------------

MARGINS
- -------
The company's total homebuilding gross margin percentage for the fiscal year was
24.4 percent, up 160 basis points from 22.8 percent last year. Gross margins
rose by 150 basis points in the company's active adult operations and 70 basis
points in its family and country club communities. Net margins saw a 30 percent
jump, increasing 100 basis points to 4.7 percent from 3.6 percent.

Selling, general and administrative expenses as a percentage of revenues,
exclusive of the Pulte merger and the proxy contest, were 13.1 percent compared
to 13.2 percent in the previous year. Inclusive of those costs, SG&A was at 13.3
for 2001.

Interest amortization as a percentage of revenues decreased slightly during the
year to 3.8 percent from 4.2 percent.

LEVERAGE
- --------
The company's debt-to-total capital continued to decline in the fourth quarter.
At June 30, 2001, debt-to-total capital was 60.7 percent compared to 67.6
percent, at June 30, 2000 and compared to 72.0 percent at June 30, 1999.
Reduction in the leverage was largely due to a lower level of investment in new
and existing communities in fiscal 2001.

Del Webb Corporation, based in Phoenix, is the nation's leading builder of
active adult communities for people age 55 and older. The company operates eight
active adult communities in markets including Phoenix and Tucson, Ariz.; Las
Vegas, Nev; Palm Desert, Lincoln, Calif.; Hilton Head, S.C.; Georgetown, Texas;
Ocala, Fla; and Chicago, Il. The company also builds family and country club
communities in Phoenix and Las Vegas.

THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND
UNCERTAINTIES, AND ACTUAL RESULTS MAY DIFFER MATERIALLY. CERTAIN FORWARD-LOOKING
STATEMENTS ARE BASED ON ASSUMPTIONS THAT MAY NOT PROVE TO BE ACCURATE. RISKS AND
UNCERTAINTIES INCLUDE RISKS ASSOCIATED WITH: THE CYCLICAL NATURE OF REAL ESTATE
OPERATIONS; LAND ACQUISITION AND DEVELOPMENT, GOVERNMENT REGULATION, GROWTH
MANAGEMENT AND ENVIRONMENTAL CONSIDERATIONS; GEOGRAPHIC CONCENTRATION; FINANCING
AND LEVERAGE; INTEREST RATE FLUCTUATIONS; CONSTRUCTION LABOR AND MATERIALS
COSTS; FUTURE COMMUNITIES AND NEW GEOGRAPHIC MARKETS; LEGAL MATTERS; NATURAL
RISKS; AND OTHER MATTERS SET FORTH IN THE COMPANY'S FORM 10-K FOR THE YEAR ENDED
JUNE 30, 2000 AND SUBSEQUENT SEC FILINGS.
   5
                      DEL WEBB CORPORATION AND SUBSIDIARIES
                   SUPPLEMENTARY EARNINGS RELEASE INFORMATION
                AS OF AND FOR THE FISCAL YEAR ENDED JUNE 30, 2001
                                   (UNAUDITED)



Shareholders Equity at June 30, 2001 (dollars in thousands)
- -----------------------------------------------------------
                                                                                      
Common stock, $.001 par value.  Authorized 30,000,000 shares;
  issued 18,927,199 shares                                                               $       19
Additional paid-in capital                                                                  181,967
Retained earnings                                                                           407,420
                                                                                         ----------
                                                                                            589,406
Less deferred compensation                                                                  (7,745)
                                                                                         ----------
           Total shareholders' equity                                                    $  581,661
                                                                                         ==========


Real Estate Inventories at June 30, 2001 (dollars in thousands)
- ---------------------------------------------------------------
Home construction costs                                                                  $  268,562
Unamortized improvement and amenity costs                                                 1,058,926
Unamortized capitalized interest                                                            130,064
Land held for housing                                                                       195,372
Land held for future development or sale                                                    105,773
                                                                                         ----------
           Total real estate inventories                                                 $1,758,697
                                                                                         ==========


Notes Payable, Senior and Subordinated Debt at June 30, 2001 (dollars in thousands)
- -----------------------------------------------------------------------------------
9 3/4 % Senior Subordinated Debentures due 2003, net, unsecured                          $   99,315
9 % Senior Subordinated Debentures due 2006, net, unsecured                                  98,723
9 3/4 % Senior Subordinated Debentures due 2008, net, unsecured                             146,822
9 3/8 % Senior Subordinated Debentures due 2009, net, unsecured                             196,346
10 1/4 % Senior Subordinated Debentures due 2010, net, unsecured                            144,824
Notes payable to banks under a revolving credit facility and short-term lines
      of credit, unsecured                                                                  175,000
Real estate and other notes, primarily secured                                               38,568
                                                                                         ----------
           Total notes payable, senior and subordinated debt                             $  899,598
                                                                                         ==========


Interest for the Three Months Ended June 30, 2001 (dollars in thousands)
- ------------------------------------------------------------------------
Unamortized capitalized interest included in real estate
      inventories at beginning of period                                                 $  129,243
Interest incurred and capitalized                                                            23,408
Amortization of capitalized interest in costs and expenses                                  (22,587)
                                                                                         ----------
Unamortized capitalized interest included in real estate
      inventories at end of period                                                       $  130,064
                                                                                         ==========

   6
                      DEL WEBB CORPORATION AND SUBSIDIARIES
                CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA


                                                                       THREE MONTHS ENDED
                                                                            JUNE 30,                             CHANGE
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                    2001               2000              AMOUNT         PERCENT
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                            
OPERATING DATA:
- ---------------
  Number of net new orders:

     Active adult communities:

        Sun City Grand                                               306                246                60            24.4%
        Sun Cities Las Vegas                                         224                352              (128)          (36.4%)
        Sun City Palm Desert                                         165                140                25            17.9%
        Sun Cities Northern California                               314                279                35            12.5%
        Sun City Hilton Head                                          77                 92               (15)          (16.3%)
        Sun City Texas                                                95                126               (31)          (24.6%)
        Sun City at Huntley                                          118                111                 7             6.3%
        Florida communities                                          118                106                12            11.3%
        Other communities                                             73                 52                21            40.4%
- ------------------------------------------------------------------------------------------------------------------------------------
           Total active adult communities                          1,490              1,504               (14)           (0.9%)
- ------------------------------------------------------------------------------------------------------------------------------------
    Family and country club communities:
        Arizona country club communities                             101                128               (27)          (21.1%)
        Nevada country club community                                 95                 73                22            30.1%
        Arizona family communities                                   227                364              (137)          (37.6%)
        Nevada family communities                                      0                 61               (61)         (100.0%)
- ------------------------------------------------------------------------------------------------------------------------------------
           Total family and country club communities                 423                626              (203)          (32.4%)
- ------------------------------------------------------------------------------------------------------------------------------------
              Total                                                1,913              2,130              (217)          (10.2%)
====================================================================================================================================




                                                                      FISCAL YEAR ENDED
                                                                          JUNE 30,                   CHANGE
- ------------------------------------------------------------------------------------------------------------------
                                                          2001              2000              AMOUNT       PERCENT
- ------------------------------------------------------------------------------------------------------------------
                                                                                               
OPERATING DATA:
- ---------------
  Number of net new orders:

     Active adult communities:

        Sun City Grand                                   1,032             1,222               (190)       (15.5%)
        Sun Cities Las Vegas                             1,133             1,229                (96)        (7.8%)
        Sun City Palm Desert                               583               462                121         26.2%
        Sun Cities Northern California                   1,047               759                288         37.9%
        Sun City Hilton Head                               273               364                (91)       (25.0%)
        Sun City Texas                                     357               368                (11)        (3.0%)
        Sun City at Huntley                                400               375                 25          6.7%
        Florida communities                                358               352                  6          1.7%
        Other communities                                  250               346                (96)       (27.7%)
- ------------------------------------------------------------------------------------------------------------------
           Total active adult communities                5,433             5,477                (44)        (0.8%)
- ------------------------------------------------------------------------------------------------------------------
    Family and country club communities:
        Arizona country club communities                   314               361                (47)       (13.0%)
        Nevada country club community                      285               296                (11)        (3.7%)
        Arizona family communities                         963             1,127               (164)       (14.6%)
        Nevada family communities                          114               285               (171)       (60.0%)
- ------------------------------------------------------------------------------------------------------------------
           Total family and country club communities     1,676             2,069               (393)       (19.0%)
- ------------------------------------------------------------------------------------------------------------------
              Total                                      7,109             7,546               (437)        (5.8%)
==================================================================================================================



Included in net new orders for the fiscal year ended June 30, 2000 were models
and vacation getaway homes sold with long-term leasebacks. Sun City Grand had
162 such net new orders. The Sun Cities Las Vegas had 33 and the Nevada country
club community had 13.
   7
                DEL WEBB CORPORATION AND SUBSIDIARIES
            CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA



                                                                       THREE MONTHS ENDED
                                                                            JUNE 30,                             CHANGE
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                   2001               2000              AMOUNT         PERCENT
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                           
  Number of home closings:

     Active adult communities:

        Sun City Grand                                              294                315                (21)           (6.7%)
        Sun Cities Las Vegas                                        335                391                (56)          (14.3%)
        Sun City Palm Desert                                        142                133                  9             6.8%
        Sun Cities Northern California                              252                217                 35            16.1%
        Sun City Hilton Head                                         81                126                (45)          (35.7%)
        Sun City Texas                                              120                119                  1             0.8%
        Sun City at Huntley                                         133                201                (68)          (33.8%)
        Florida communities                                          98                 83                 15            18.1%
        Other communities                                            63                128                (65)          (50.8%)
- ------------------------------------------------------------------------------------------------------------------------------------
           Total active adult communities                         1,518              1,713               (195)          (11.4%)
- ------------------------------------------------------------------------------------------------------------------------------------
    Family and country club communities:
        Arizona country club communities                            112                132                (20)          (15.2%)
        Nevada country club community                                98                 97                  1             1.0%
        Arizona family communities                                  336                409                (73)          (17.8%)
        Nevada family communities                                    68                 87                (19)          (21.8%)
- ------------------------------------------------------------------------------------------------------------------------------------
           Total family and country club communities                614                725               (111)          (15.3%)
- ------------------------------------------------------------------------------------------------------------------------------------
              Total                                               2,132              2,438               (306)          (12.6%)
====================================================================================================================================




                                                           FISCAL YEAR ENDED
                                                               JUNE 30,                              CHANGE
- ------------------------------------------------------------------------------------------------------------------
                                                          2001              2000              AMOUNT        PERCENT
- ------------------------------------------------------------------------------------------------------------------
                                                                                               
  Number of home closings:

     Active adult communities:

        Sun City Grand                                   1,087             1,395               (308)       (22.1%)
        Sun Cities Las Vegas                             1,222             1,231                 (9)        (0.7%)
        Sun City Palm Desert                               513               500                 13          2.6%
        Sun Cities Northern California                     825               771                 54          7.0%
        Sun City Hilton Head                               273               420               (147)       (35.0%)
        Sun City Texas                                     301               308                 (7)        (2.3%)
        Sun City at Huntley                                339               735               (396)       (53.9%)
        Florida communities                                290               276                 14          5.1%
        Other communities                                  250               381               (131)       (34.4%)
- ------------------------------------------------------------------------------------------------------------------
           Total active adult communities                5,100             6,017               (917)       (15.2%)
- ------------------------------------------------------------------------------------------------------------------
    Family and country club communities:
        Arizona country club communities                   371               371                  0          0.0%
        Nevada country club community                      272               268                  4          1.5%
        Arizona family communities                       1,066             1,344               (278)       (20.7%)
        Nevada family communities                          229               419               (190)       (45.3%)
- ------------------------------------------------------------------------------------------------------------------
           Total family and country club communities     1,938             2,402               (464)       (19.3%)
- ------------------------------------------------------------------------------------------------------------------
              Total                                      7,038             8,419             (1,381)       (16.4%)
==================================================================================================================



Included in home closings for the three months and fiscal year ended June 30,
2000 were models and vacation getaway homes sold with long-term leasebacks.
Profits on the closings of these units were deferred and are being amortized as
reductions of selling, general and administrative expenses over the leaseback
periods, offsetting substantially all of the related rent expense. Sun City
Grand had 2 such home closings for the three months and 162 for the fiscal year.
The Sun Cities Las Vegas had 1 and 33 for the three months and fiscal year,
respectively. The Nevada country club community 13 for the fiscal year.
   8
                      DEL WEBB CORPORATION AND SUBSIDIARIES
                CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA


                                                                 AT JUNE 30,                                 CHANGE
- ------------------------------------------------------------------------------------------------------------------------------
                                                           2001               2000               AMOUNT                PERCENT
- ------------------------------------------------------------------------------------------------------------------------------
                                                                                                             
BACKLOG DATA:
- -------------

  Homes under contract:

     Active adult communities:

        Sun City Grand                                     506                 561                 (55)                 (9.8%)
        Sun Cities Las Vegas                               454                 543                 (89)                (16.4%)
        Sun City Palm Desert                               316                 246                  70                  28.5%
        Sun Cities Northern California                     618                 396                 222                  56.1%
        Sun City Hilton Head                               138                 138                   0                   0.0%
        Sun City Texas                                     274                 218                  56                  25.7%
        Sun City at Huntley                                206                 145                  61                  42.1%
        Florida communities                                277                 209                  68                  32.5%
        Other communities                                  133                 133                   0                   0.0%
- ------------------------------------------------------------------------------------------------------------------------------
           Total active adult communities                2,922               2,589                 333                  12.9%
- ------------------------------------------------------------------------------------------------------------------------------
    Family and country club communities:
        Arizona country club communities                   177                 234                 (57)                (24.4%)
        Nevada country club community                      176                 163                  13                   8.0%
        Arizona family communities                         407                 510                (103)                (20.2%)
        Nevada family communities                            0                 115                (115)               (100.0%)
- ------------------------------------------------------------------------------------------------------------------------------
           Total family and country club communities       760               1,022                (262)                (25.6%)
- ------------------------------------------------------------------------------------------------------------------------------
              Total                                      3,682               3,611                  71                   2.0%
==============================================================================================================================
  Aggregate contract sales amount
    (dollars in millions)                               $  994              $  952              $   42                   4.4%
==============================================================================================================================
  Average contract sales amount per
    home (dollars in thousands)                         $  270              $  264              $    6                   2.3%
==============================================================================================================================

   9
                      DEL WEBB CORPORATION AND SUBSIDIARIES
                CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA


                                                                    THREE MONTHS ENDED
                                                                         JUNE 30,                                CHANGE
- ----------------------------------------------------------------------------------------------------------------------------
                                                                 2001               2000              AMOUNT         PERCENT
- ----------------------------------------------------------------------------------------------------------------------------
                                                                                                         
AVERAGE REVENUE PER HOME CLOSING:
- ---------------------------------

     Active adult communities:

        Sun City Grand                                        $    207,100       $    193,900      $      13,200        6.8%
        Sun Cities Las Vegas                                       288,000            236,300             51,700       21.9%
        Sun City Palm Desert                                       294,900            284,800             10,100        3.5%
        Sun Cities Northern California                             317,800            293,900             23,900        8.1%
        Sun City Hilton Head                                       256,200            237,000             19,200        8.1%
        Sun City Texas                                             238,200            237,700                500        0.2%
        Sun City at Huntley                                        253,600            249,900              3,700        1.5%
        Florida communities                                        160,000            143,200             16,800       11.7%
        Other communities                                          149,500            182,000            (32,500)     (17.9%)
           Average active adult communities                        255,300            234,700             20,600        8.8%
     Family and country club communities:
        Arizona country club communities                           333,700            318,100             15,600        4.9%
        Nevada country club community                              491,700            450,800             40,900        9.1%
        Arizona family communities                                 225,100            222,900              2,200        1.0%
        Nevada family communities                                  240,000            158,700             81,300       51.2%
           Average family and country club communities             289,100            263,000             26,100        9.9%
              Total average                                        265,000            243,100             21,900        9.0%
============================================================================================================================




                                                               FISCAL YEAR ENDED
                                                                   JUNE 30,                              CHANGE
- -----------------------------------------------------------------------------------------------------------------------
                                                            2001              2000                AMOUNT        PERCENT
- -----------------------------------------------------------------------------------------------------------------------
                                                                                                    
AVERAGE REVENUE PER HOME CLOSING:
- ---------------------------------

     Active adult communities:

        Sun City Grand                                   $    211,100      $    181,600       $     29,500         16.2%
        Sun Cities Las Vegas                                  247,400           230,300             17,100          7.4%
        Sun City Palm Desert                                  305,500           277,900             27,600          9.9%
        Sun Cities Northern California                        308,200           281,700             26,500          9.4%
        Sun City Hilton Head                                  249,000           210,800             38,200         18.1%
        Sun City Texas                                        242,500           233,700              8,800          3.8%
        Sun City at Huntley                                   252,400           235,500             16,900          7.2%
        Florida communities                                   155,500           139,800             15,700         11.2%
        Other communities                                     174,000           204,700            (30,700)       (15.0%)
           Average active adult communities                   246,600           223,200             23,400         10.5%
     Family and country club communities:
        Arizona country club communities                      343,600           288,500             55,100         19.1%
        Nevada country club community                         447,200           438,600              8,600          2.0%
        Arizona family communities                            230,300           215,100             15,200          7.1%
        Nevada family communities                             223,000           182,400             40,600         22.3%
           Average family and country club communities        281,600           245,700             35,900         14.6%
              Total average                                   256,300           229,600             26,700         11.6%
========================================================================================================================





Average revenue per home closing for the models and vacation getaway homes with
long-term leasebacks at Sun City Grand was $119,000 and $100,300 for the three
months and fiscal year respectively ended June 30, 2000. At the Sun Cities Las
Vegas, the average revenue for these home closings was $405,000 for the three
months and $266,500 for the fiscal year. At the Nevada country club community,
the average revenue for these home closings was $492,100 for the fiscal year.
   10
  DEL WEBB CORPORATION AND SUBSIDIARIES
            CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA



                                                                     THREE MONTHS ENDED
                                                                          JUNE 30,                             CHANGE
- -------------------------------------------------------------------------------------------------------------------------------
                                                                  2001               2000              AMOUNT         PERCENT
- -------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
OPERATING STATISTICS:
- ---------------------

        Costs and expenses as a percentage of revenues:

              Home construction, land and other                   75.3%              76.8%              (1.5%)           (2.0%)
              Selling, general and administrative                 13.0%              12.5%               0.5%             4.0%
              Interest                                             3.8%               4.1%              (0.3%)           (7.3%)
        Ratio of home closings to homes under
           contract in backlog at beginning of period             54.7%              62.2%              (7.5%)          (12.1%)
===============================================================================================================================



                                                                  FISCAL YEAR ENDED
                                                                      JUNE 30,                            CHANGE
- ----------------------------------------------------------------------------------------------------------------------------
                                                               2001              2000              AMOUNT        PERCENT
- ----------------------------------------------------------------------------------------------------------------------------
                                                                                                     
OPERATING STATISTICS:
- ---------------------

        Costs and expenses as a percentage of revenues:

              Home construction, land and other                75.7%             77.2%              (1.5%)        (1.9%)
              Selling, general and administrative              13.3%             13.2%               0.1%          0.8%
              Interest                                          3.8%              4.2%              (0.4%)        (9.5%)
        Ratio of home closings to homes under
           contract in backlog at beginning of period         194.9%            187.8%               7.1%          3.8%
============================================================================================================================



NOTES:
- ------

New orders are net of cancellations. The Company recognizes revenue at the close
of escrow.

The Sun Cities Las Vegas include Sun City Summerlin (which is built out), Sun
City MacDonald Ranch and Sun City Anthem.

The Sun Cities Northern California include Sun City Roseville (which is built
out) and Sun City Lincoln Hills.

Other active adult communities represent two smaller-scale communities in
Arizona and California.

Home closings began at Anthem Country Club (an Arizona country club community
near Phoenix) in September 1999.

A substantial majority of the backlog at June 30, 2001 is currently anticipated
to result in revenues in the next 12 months. However, a majority of the backlog
is contingent primarily upon the availability of financing for the customer and,
in certain cases, sale of the customer's existing residence. Also, as a
practical matter, the Company's ability to obtain damages for breach of contract
by a potential home buyer is limited to retaining all or a portion of the
deposit received. In the fiscal year ended June 30, 2001 and 2000, cancellations
of home sales orders as a percentage of new home sales orders written during the
period were 14.4 percent and 14.0 percent, respectively.
   11
                      DEL WEBB CORPORATION AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF EARNINGS
                      (In Thousands Except Per Share Data)
                                   (Unaudited)


                                                          THREE MONTHS ENDED                           FISCAL YEAR ENDED
                                                               JUNE 30,                                    JUNE 30,
- -----------------------------------------------------------------------------------------------------------------------------------
                                                          2001                  2000                  2001                  2000
- -----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Revenues                                            $    602,289          $    635,029          $  1,936,117          $  2,040,003
- -----------------------------------------------------------------------------------------------------------------------------------

Costs and expenses:
      Home construction, land and other                  453,238               487,473             1,465,381             1,575,043
      Selling, general and administrative                 78,079                79,553               258,007               269,704
      Interest                                            22,587                26,275                73,386                85,623
- -----------------------------------------------------------------------------------------------------------------------------------
                                                         553,904               593,301             1,796,774             1,930,370
- -----------------------------------------------------------------------------------------------------------------------------------
           Earnings before income taxes                   48,385                41,728               139,343               109,633
Income taxes                                              17,419                11,022                48,164                35,468
- -----------------------------------------------------------------------------------------------------------------------------------
           Net earnings                             $     30,966          $     30,706          $     91,179          $     74,165
===================================================================================================================================

Weighted average shares outstanding - basic               18,706                18,343                18,542                18,289
===================================================================================================================================
Weighted average shares outstanding -
      assuming dilution                                   19,457                18,412                19,051                18,550
===================================================================================================================================

Net earnings per share - basic                      $       1.66          $       1.67          $       4.92          $       4.06
===================================================================================================================================

Net earnings per share - assuming dilution          $       1.59          $       1.67          $       4.79          $       4.00
===================================================================================================================================

   12
                      DEL WEBB CORPORATION AND SUBSIDIARIES
                     REVENUES AND COSTS AND EXPENSES DETAIL
                             (Dollars In Thousands)
                                   (Unaudited)



                                                                      THREE MONTHS ENDED
                                                                           JUNE 30,
- --------------------------------------------------------------------------------------------------
                                                                  2001                  2000
- --------------------------------------------------------------------------------------------------
                                                                                
Revenues:

      Homebuilding:

           Active adult communities                             $    387,510          $    401,183
           Family and country club communities                       177,509               190,688
- --------------------------------------------------------------------------------------------------
                                                                     565,019               591,871
           Models/vacation getaway homes with
              long-term leaseback                                         --                   833
- --------------------------------------------------------------------------------------------------
                Total homebuilding                                   565,019               592,704
      Land and facility sales                                         28,021                26,548
      Other                                                            9,249                15,777
- --------------------------------------------------------------------------------------------------
                                                                $    602,289          $    635,029
==================================================================================================

Costs and expenses:
      Home construction and land:
           Active adult communities                             $    285,470          $    304,460
           Family and country club communities                       141,043               150,485
- --------------------------------------------------------------------------------------------------
                                                                     426,513               454,945
           Models/vacation getaway homes with
              long-term leaseback                                         --                   833
- --------------------------------------------------------------------------------------------------
                Total homebuilding                                   426,513               455,778
      Cost of land and facility sales                                 20,085                18,815
      Other cost of sales                                              6,640                12,880
- --------------------------------------------------------------------------------------------------
                Total home construction, land and other              453,238               487,473
      Selling, general and administrative                             78,079                79,553
      Interest                                                        22,587                26,275
- --------------------------------------------------------------------------------------------------
                                                                $    553,904          $    593,301
==================================================================================================

Margin percentages:
      Homebuilding gross margin:
           Active adult communities                                    26.3%                 24.1%
           Family and country club communities                         20.5%                 21.1%
- --------------------------------------------------------------------------------------------------
                                                                       24.5%                 23.1%
           Models/vacation getaway homes with
              long-term leaseback                                         --                    --
- --------------------------------------------------------------------------------------------------
               Total homebuilding gross margin                         24.5%                 23.1%
               Gross margin on land and facility sales                 28.3%                 29.1%
               Gross margin on other revenues                          28.2%                 18.4%
- --------------------------------------------------------------------------------------------------
                       Total gross margin                              24.7%                 23.2%
                   Selling, general and administrative                 13.0%                 12.5%
- --------------------------------------------------------------------------------------------------
                       Earnings before interest and taxes              11.8%                 10.7%
                   Interest                                             3.8%                  4.1%
- --------------------------------------------------------------------------------------------------
                       Earnings before taxes                            8.0%                  6.6%
                   Income taxes                                         2.9%                  1.7%
- --------------------------------------------------------------------------------------------------
                       Net earnings                                     5.1%                  4.8%
==================================================================================================





                                                                 FISCAL YEAR ENDED
                                                                     JUNE 30,
- ---------------------------------------------------------------------------------------------
                                                            2001                  2000
- ---------------------------------------------------------------------------------------------
                                                                          
Revenues:

      Homebuilding:

           Active adult communities                       $  1,257,888          $  1,318,092
           Family and country club communities                 545,710               583,744
- ---------------------------------------------------------------------------------------------
                                                             1,803,598             1,901,836
           Models/vacation getaway homes with
              long-term leaseback                                   --                31,435
- ---------------------------------------------------------------------------------------------
                Total homebuilding                           1,803,598             1,933,271
      Land and facility sales                                  102,197                76,237
      Other                                                     30,322                30,495
- ---------------------------------------------------------------------------------------------
                                                          $  1,936,117          $  2,040,003
=============================================================================================

Costs and expenses:
      Home construction and land:
           Active adult communities                       $    933,338          $    997,487
           Family and country club communities                 429,484               463,454
- ---------------------------------------------------------------------------------------------
                                                             1,362,822             1,460,941
           Models/vacation getaway homes with
              long-term leaseback                                   --                31,435
- ---------------------------------------------------------------------------------------------
                Total homebuilding                           1,362,822             1,492,376
      Cost of land and facility sales                           78,020                59,765
      Other cost of sales                                       24,539                22,902
- ---------------------------------------------------------------------------------------------
                Total home construction, land and other      1,465,381             1,575,043
      Selling, general and administrative                      258,007               269,704
      Interest                                                  73,386                85,623
- ---------------------------------------------------------------------------------------------
                                                          $  1,796,774          $  1,930,370
=============================================================================================

Margin percentages:
      Homebuilding gross margin:
           Active adult communities                              25.8%                 24.3%
           Family and country club communities                   21.3%                 20.6%
- ---------------------------------------------------------------------------------------------
                                                                 24.4%                 23.2%
           Models/vacation getaway homes with
              long-term leaseback                                   --                    --
- ---------------------------------------------------------------------------------------------
               Total homebuilding gross margin                   24.4%                 22.8%
               Gross margin on land and facility sales           23.7%                 21.6%
               Gross margin on other revenues                    19.1%                 24.9%
- ---------------------------------------------------------------------------------------------
                       Total gross margin                        24.3%                 22.8%
                   Selling, general and administrative           13.3%                 13.2%
- ---------------------------------------------------------------------------------------------
                       Earnings before interest and taxes        11.0%                  9.6%
                   Interest                                       3.8%                  4.2%
- ---------------------------------------------------------------------------------------------
                       Earnings before taxes                      7.2%                  5.4%
                   Income taxes                                   2.5%                  1.7%
- ---------------------------------------------------------------------------------------------
                       Net earnings                               4.7%                  3.6%
=============================================================================================