-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q6tDoqKnVGge5wk00GxfnHBjNhOzADIpDFL/ya81VaZP1+6LqFAWc+91HcX2PlKd Ggfh3fZHYmIhgzvBBmYRXg== 0000950134-98-006948.txt : 19980817 0000950134-98-006948.hdr.sgml : 19980817 ACCESSION NUMBER: 0000950134-98-006948 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980814 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTEX CORP CENTRAL INDEX KEY: 0000018532 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 750778259 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-06776 FILM NUMBER: 98688320 BUSINESS ADDRESS: STREET 1: P O BOX 199000 STREET 2: 2728 N HARWOOD CITY: DALLAS STATE: TX ZIP: 75219 BUSINESS PHONE: 2145596500 MAIL ADDRESS: STREET 1: PO BOX 199000 STREET 2: 2728 N HARWOOD CITY: DALLAS STATE: TX ZIP: 75219 FORMER COMPANY: FORMER CONFORMED NAME: CENTEX CONSTRUCTION CO INC DATE OF NAME CHANGE: 19681211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 3333 HOLDING CORP CENTRAL INDEX KEY: 0000818762 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 752178860 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09624 FILM NUMBER: 98688321 BUSINESS ADDRESS: STREET 1: 3333 LEE PKWY STREET 2: SUITE 500 CITY: DALLAS STATE: TX ZIP: 75219 BUSINESS PHONE: 2145596700 MAIL ADDRESS: STREET 1: PO BOX 19000 STREET 2: PO BOX 19000 CITY: DALLAS STATE: TX ZIP: 75219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTEX DEVELOPMENT CO LP CENTRAL INDEX KEY: 0000818764 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 752168471 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09625 FILM NUMBER: 98688322 BUSINESS ADDRESS: STREET 1: PO BOX 19000 CITY: DALLAS STATE: TX ZIP: 75219 BUSINESS PHONE: 2145596700 MAIL ADDRESS: STREET 1: PO BOX 19000 STREET 2: PO BOX 19000 CITY: DALLAS STATE: TX ZIP: 75219 10-Q 1 FORM 10-Q FOR QUARTER ENDED JUNE 30, 1998 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q JOINT QUARTERLY REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended JUNE 30, 1998 Commission File No. 1-6776 CENTEX CORPORATION A Nevada Corporation IRS Employer Identification No. 75-0778259 2728 N. Harwood Dallas, Texas 75201 (214) 981-5000 Commission File Nos. 1-9624 and 1-9625, respectively 3333 HOLDING CORPORATION A Nevada Corporation CENTEX DEVELOPMENT COMPANY, L.P. A Delaware Limited Partnership IRS Employer Identification Nos. 75-2178860 and 75-2168471, respectively 3100 McKinnon, Suite 370 Dallas, Texas 75201 (214) 981-6700 The registrants have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and have been subject to such filing requirements for the past 90 days. Indicate the number of shares of each of the registrants' classes of common stock (or other similar equity securities) outstanding as of the close of business on July 31, 1998: Centex Corporation Common Stock 59,612,775 shares 3333 Holding Corporation Common Stock 1,000 shares Centex Development Company, L.P. Class A Units of Limited Partnership Interest 32,260 units Centex Development Company, L.P. Class C Units of Limited Partnership Interest 20,996 units
2 CENTEX CORPORATION 3333 HOLDING CORPORATION CENTEX DEVELOPMENT COMPANY, L.P. FORM 10-Q TABLE OF CONTENTS JUNE 30, 1998 CENTEX CORPORATION
PAGE PART I. FINANCIAL INFORMATION ITEM 1. Condensed Consolidated Financial Statements 1 Condensed Consolidated Statement of Earnings for the Three Months Ended June 30, 1998 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statement of Cash Flows for the Three Months Ended June 30, 1998 4 Notes to Condensed Consolidated Financial Statements 5 - 8 ITEM 2. Management's Discussion and Analysis of Results of Operations and Financial Condition 9 - 13 PART II. OTHER INFORMATION ITEM 6. Exhibits and Reports on Form 8-K 14 SIGNATURES 15
-i- 3 3333 HOLDING CORPORATION CENTEX DEVELOPMENT COMPANY, L.P.
PAGE PART I. FINANCIAL INFORMATION ITEM 1. Condensed Combining Financial Statements 17 Condensed Combining Statement of Operations for the Three Months Ended June 30, 1998 18 Condensed Combining Balance Sheets 19 Condensed Combining Statement of Cash Flows for the Three Months Ended June 30, 1998 20 Notes to Condensed Combining Financial Statements 21 - 22 ITEM 2. Management's Discussion and Analysis of Results of Operations and Financial Condition 23 PART II. OTHER INFORMATION ITEM 6. Exhibits and Reports on Form 8-K 24 SIGNATURES 25 - 26
-ii- 4 CENTEX CORPORATION PART I. FINANCIAL INFORMATION CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ITEM 1. The condensed consolidated financial statements include the accounts of Centex Corporation and subsidiaries ("Centex" or the "Company"), and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's latest Annual Report on Form 10-K. In the opinion of the Company, all adjustments necessary to present fairly the information in the following condensed consolidated financial statements of the Company have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. -1- 5 CENTEX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (dollars in thousands, except per share data) (unaudited)
For the Three Months Ended June 30, ------------------------------ 1998 1997 ------------ ------------ REVENUES Home Building Conventional Homes $ 561,194 $ 460,846 Manufactured Homes 42,445 31,894 Investment Real Estate 4,894 6,780 Financial Services 100,133 47,243 Construction Products 79,846 77,954 Contracting and Construction Services 322,094 236,658 ------------ ------------ 1,110,606 861,375 ------------ ------------ COSTS AND EXPENSES Home Building Conventional Homes 520,526 433,386 Manufactured Homes 39,685 29,678 Investment Real Estate (2,509) (1,369) Financial Services 76,421 42,038 Construction Products 52,885 54,548 Contracting and Construction Services 318,618 235,647 Other, net 2,306 1,349 Corporate General and Administrative 5,351 4,360 Interest Expense 8,193 7,806 Minority Interest 12,408 11,513 ------------ ------------ 1,033,884 818,956 ------------ ------------ EARNINGS BEFORE INCOME TAXES 76,722 42,419 Income Taxes 28,561 15,409 ------------ ------------ NET EARNINGS $ 48,161 $ 27,010 ============ ============ EARNINGS PER SHARE Basic $ 0.81 $ 0.46 ============ ============ Diluted $ 0.78 $ 0.45 ============ ============ AVERAGE SHARES OUTSTANDING Basic 59,530,844 58,180,810 Common Share Equivalents Options 2,041,701 1,550,942 Covertible Debenture 400,000 400,000 ============ ============ Diluted 61,972,545 60,131,752 ============ ============ CASH DIVIDENDS PER SHARE $ 0.04 $ 0.025 ============ ============
See notes to condensed consolidated financial statements. -2- 6 CENTEX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands)
Centex Corporation and Subsidiaries Centex Corporation --------------------------- --------------------------- June 30, March 31, June 30, March 31, 1998* 1998** 1998* 1998** ----------- ----------- ----------- ----------- ASSETS Cash and Cash Equivalents $ 101,568 $ 98,316 $ 73,884 $ 87,491 Receivables - Residential Mortgage Loans 1,329,880 1,191,450 -- -- Other 433,936 390,891 381,662 337,558 Affiliates -- -- -- -- Inventories 1,204,073 1,064,554 1,204,073 1,064,554 Investments - Centex Development Company 55,145 34,526 55,145 34,526 Joint Ventures and Other 32,647 7,558 32,647 7,558 Unconsolidated Subsidiaries -- -- 140,459 146,592 Property and Equipment, net 286,146 295,992 265,303 276,008 Other Assets - Deferred Income Taxes 129,496 147,607 124,398 144,090 Goodwill, net 211,970 133,847 193,266 123,709 Mortgage Securitization Residual Interest 31,113 14,747 -- -- Deferred Charges and Other 38,919 36,731 24,506 23,730 ----------- ----------- ----------- ----------- $ 3,854,893 $ 3,416,219 $ 2,495,343 $ 2,245,816 =========== =========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable and Accrued Liabilities $ 854,192 $ 799,154 $ 760,433 $ 711,564 Short-term Debt 1,527,772 1,152,873 267,446 73,823 Long-term Debt 208,431 237,715 208,431 237,715 Minority Stockholders' Interest 151,201 152,468 145,736 148,705 Negative Goodwill 78,837 82,837 78,837 82,837 Stockholders' Equity - Preferred Stock, Authorized 5,000,000 -- -- -- -- Shares, None Issued Common Stock $.25 Par Value; Authorized 14,893 14,883 14,893 14,883 100,000,000 Shares; Issued and Outstanding 59,572,363 and 59,531,758 respectively Capital in Excess of Par Value 34,259 36,761 34,259 36,761 Retained Earnings 985,308 939,528 985,308 939,528 ----------- ----------- ----------- ----------- Total Stockholders' Equity 1,034,460 991,172 1,034,460 991,172 ----------- ----------- ----------- ----------- $ 3,854,893 $ 3,416,219 $ 2,495,343 $ 2,245,816 =========== =========== =========== =========== Financial Services ---------------------------- June 30, March 31, 1998* 1998** ----------- ----------- ASSETS Cash and Cash Equivalents $ 27,684 $ 10,825 Receivables - Residential Mortgage Loans 1,329,880 1,191,450 Other 52,274 53,333 Affiliates (47,556) (58,299) Inventories -- -- Investments - Centex Development Company -- -- Joint Ventures and Other -- -- Unconsolidated Subsidiaries -- -- Property and Equipment, net 20,843 19,984 Other Assets - Deferred Income Taxes 5,098 3,517 Goodwill, net 18,704 10,138 Mortgage Securitization Residual Interest 31,113 14,747 Deferred Charges and Other 14,413 13,001 ----------- ----------- $ 1,452,453 $ 1,258,696 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable and Accrued Liabilities $ 93,759 $ 87,590 Short-term Debt 1,260,326 1,079,050 Long-term Debt -- -- Minority Stockholders' Interest 5,465 3,763 Negative Goodwill -- -- Stockholders' Equity - Preferred Stock, Authorized 5,000,000 -- -- Shares, None Issued Common Stock $.25 Par Value; Authorized 1 1 100,000,000 Shares; Issued and Outstanding 59,572,363 and 59,531,758 respectively Capital in Excess of Par Value 74,944 74,944 Retained Earnings 17,958 13,348 ----------- ----------- Total Stockholders' Equity 92,903 88,293 ----------- ----------- $ 1,452,453 $ 1,258,696 =========== ===========
See notes to condensed consolidated financial statements. * Unaudited ** Condensed from audited financial statements. In the supplemental data presented above, "Centex Corporation" represents the adding together of all subsidiaries other than those included in Financial Services. Transactions between Centex Corporation and Financial Services have been eliminated from the Centex Corporation and Subsidiaries balance sheets. -3- 7 CENTEX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited)
For the Three Months Ended June 30, -------------------------- 1998 1997 --------- --------- CASH FLOWS - OPERATING ACTIVITIES Net Earnings $ 48,161 $ 27,010 Adjustments - Depreciation, Depletion and Amortization 9,096 5,633 Deferred Income Taxes 17,970 8,574 Equity in Loss (Earnings) of CDC and Joint Ventures 555 (666) Minority Interest 12,408 11,513 Increase in Receivables (43,045) (4,589) Increase in Residential Mortgage Loans (138,430) (49,960) Increase in Inventories (139,519) (84,540) Increase (Decrease) in Payables and Accruals 55,038 (58,682) Increase in Other Assets (99,486) (14,128) Other, net (13,675) (19,097) --------- --------- (290,927) (178,932) --------- --------- CASH FLOWS - INVESTING ACTIVITIES (Increase) Decrease in Investments (46,263) 815 Property and Equipment Additions, net (300) (12,254) --------- --------- (46,563) (11,439) --------- --------- CASH FLOWS - FINANCING ACTIVITIES Increase in Debt Secured by Residential Mortgage Loans 181,276 80,337 Other 164,339 116,761 Retirement of Common Stock (3,544) -- Proceeds from Stock Option Exercises 1,052 5,614 Dividends Paid (2,381) (1,459) --------- --------- 340,742 201,253 --------- --------- NET INCREASE IN CASH 3,252 10,882 CASH AT BEGINNING OF PERIOD 98,316 31,320 --------- --------- CASH AT END OF PERIOD $ 101,568 $ 42,202 ========= =========
See notes to condensed consolidated financial statements. -4- 8 CENTEX CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1998 (unaudited) (A) A summary of changes in stockholders' equity is presented below:
Capital in Preferred Common Excess of Retained Stock Stock Par Value Earnings Total ------ ----------- ----------- ----------- ----------- (dollars in thousands) Balance, March 31, 1998 $ -- $ 14,883 $ 36,761 $ 939,528 $ 991,172 Net Earnings -- -- -- 48,161 48,161 Exercise of Stock Options -- 53 999 -- 1,052 Retirement of 173,100 Shares -- (43) (3,501) -- (3,544) Cash Dividends -- -- -- (2,381) (2,381) ------ ----------- ----------- ----------- ----------- BALANCE, JUNE 30, 1998 $ -- $ 14,893 $ 34,259 $ 985,308 $ 1,034,460 ====== =========== =========== =========== ===========
(B) On November 30, 1987 the Company distributed to a nominee, all of the issued and outstanding shares of common stock of 3333 Holding Corporation and warrants to purchase approximately 80% of the Class B units of limited partnership interest in Centex Development Company, L. P. ("CDC"). A wholly-owned subsidiary of 3333 Holding Corporation serves as general partner of Centex Development Company, L. P. These securities are held by the nominee on behalf of Centex stockholders, and will trade in tandem with the common stock of Centex, until such time as they are detached. Supplementary condensed combined financial statements for Centex, 3333 Holding Corporation and Subsidiary and Centex Development Company, L. P. are as follows: -5- 9 NOTES - continued CENTEX CORPORATION, 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L. P. SUPPLEMENTARY CONDENSED COMBINED BALANCE SHEETS (dollars in thousands)
June 30, March 31, 1998 1998 * ---------- ---------- ASSETS Cash and Cash Equivalents $ 102,446 $ 98,576 Receivables 1,770,890 1,588,247 Inventories 1,274,797 1,107,941 Investments in Joint Ventures and Other 32,813 10,598 Property and Equipment, net 286,273 296,080 Other Assets 412,218 333,044 ---------- ---------- $3,879,437 $3,434,486 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable and Accrued Liabilities $ 863,236 $ 802,547 Short-term Debt 1,542,372 1,166,694 Long-term Debt 208,431 237,715 Minority Stockholders' Interest 151,201 152,468 Negative Goodwill 78,837 82,837 Stockholders' Equity 1,035,360 992,225 ---------- ---------- $3,879,437 $3,434,486 ========== ========== *Condensed from audited financial statements SUPPLEMENTARY CONDENSED COMBINED STATEMENT OF EARNINGS (dollars in thousands) For the Three Months Ended June 30, -------------------------- 1998 1997 ---------- ---------- Revenues $1,115,033 $ 864,183 Costs and Expenses 1,038,464 821,672 ---------- ---------- Earnings Before Income Taxes 76,569 42,511 Income Taxes 28,561 15,409 ---------- ---------- NET EARNINGS $ 48,008 $ 27,102 ========== ==========
-6- 10 Notes - continued (C) In order to assure the future availability of land for homebuilding, the Company has made deposits totaling approximately $36 million as of June 30, 1998 for options to purchase undeveloped land and developed lots having a total purchase price of approximately $805 million. These options and commitments expire at various dates to the year 2003. The Company has also committed to purchase land and developed lots totaling approximately $7 million. In addition, the Company has executed lot purchase contracts with CDC which aggregate approximately $4 million. (D) Interest expense relating to the Financial Services operations is included in its costs and expenses. Interest related to non-financial services is included as interest expense. Three Months Ended ---------------------------- 6/30/98 6/30/97 ------------ ----------- Total Interest Incurred $ 27,778 $ 17,004 Less - Financial Services (19,585) (9,198) ------------ ----------- Interest Expense $ 8,193 $ 7,806 ============ =========== (E) During April 1994, Centex Construction Products, Inc. ("CXP") completed an initial public offering of its stock which began trading on the New York Stock Exchange under the symbol "CXP". Centex's ownership interest in CXP was 56.4% as of June 30, 1998. (F) During the quarter ended June 30, 1996, Centex's Home Building subsidiary completed a business combination transaction and reorganization with Vista Properties, Inc. As a result of the combination, Centex's Investment Real Estate portfolio, valued in excess of $125 million, was reduced to a nominal "book basis" after recording certain Vista-related tax benefits. As these properties are developed or sold, the net sales proceeds will be reflected as operating margin. "Negative Goodwill" recorded as a result of the business combination is being amortized to earnings over approximately seven years which represents the estimated period over which the land will be developed and/or sold. All investment property operations are being reported through Centex's "Investment Real Estate" business segment. (G) During March 1997, Centex Real Estate Corporation acquired approximately 80% of Cavco Industries, Inc.'s ("Cavco") outstanding common stock for a total of $74.3 million. Goodwill of $68.7 million was recorded in connection with the acquisition (approximately $53.6 million relates to the 80% acquired by Centex) and is being amortized to earnings over 30 years. Cavco's operations are being reported through the "Manufactured Homes" segment within the Home Building line of business. -7- 11 Notes - continued (H) In December 1997, Centex adopted the provisions of Statement of Financial Accounting Standards No. 128, "Earnings per Share." All per share data has been restated to conform to the provisions of this Statement. Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share, computed similarly to fully diluted earnings per share, is computed based upon basic plus the dilution of the stock options and the convertible debenture. Options to purchase approximately two million shares of common stock at approximately $38.50 per share (expiring in April 2008) were outstanding during the quarter ended and as of June 30, 1998 but were not included in the computation of diluted EPS because they were anti-dilutive. (I) Effective April 1998, the Company adopted Statement of Financial Accounting Standards ("SFAS") No. 130, "Reporting Comprehensive Income." SFAS No. 130 establishes standards for reporting and displaying comprehensive income and its components. There are no items that the Company is required to recognize as components of comprehensive income. (J) Statement of Financial Accounting Standards No. 131, issued in June 1997, changes the way public companies report information about segments. SFAS No. 131, which is based on the management approach to segment reporting, requires companies to report selected quarterly segment information and entity-wide disclosures about products and services, major customers, and the material countries in which the entity holds assets and reports revenues. Although this Statement will be effective for the Company's 1999 annual financial statements, the Company does not expect a significant effect on the presentation of its financials. -8- 12 CENTEX CORPORATION ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION Centex's consolidated revenues for the quarter were $1.1 billion, a 29% increase over $861.4 million for the same quarter last year. Earnings before income taxes were $76.7 million, 81% higher than $42.4 million last year. Net earnings were $48.2 million and diluted earnings per share were $.78 for this quarter compared to $27.0 million and $.45, respectively, for the same quarter last year. HOME BUILDING Conventional Homes The following summarizes Conventional Homes' results for the quarter ended June 30, 1998 compared to the quarter ended June 30, 1997 (dollars in millions, except per unit data):
Quarter Ended Quarter Ended 6/30/98 6/30/97 --------------------------- --------------------------- Conventional Homes Revenues $ 561.2 100.0% $ 460.8 100.0% Cost of Sales (440.3) (78.5%) (369.1) (80.1%) Selling, General & Administrative (80.2) (14.3%) (64.2) (13.9%) ----------- ------------- ------------ ------------- Operating Earnings $ 40.7 7.2% $ 27.5 6.0% =========== ============= ============ ============= Units Closed 2,982 2,566 % Change 16.2% (17.1%) Unit Sales Price $ 184,363 $ 177,469 % Change 3.9% 6.0% Operating Earnings per Unit $ 113,638 $ 10,701 % Change 27.4% 13.9%
Home sales (orders) were 3,589 for the quarter this year, compared to 3,099 units for the same quarter a year ago. The backlog of homes sold but not closed at June 30, 1998 was 6,058 units, including 511 units related to the newly acquired Wayne Homes operation, 25% higher than 4,841 units at June 30, 1997. Centex is currently operating slightly fewer neighborhoods than it did a year ago. -9- 13 Manufactured Homes The following summarizes Manufactured Homes' results for the quarter ended June 30, 1998 compared to the quarter ended June 30, 1997 (dollars in millions):
Quarter Ended Quarter Ended 6/30/98 6/30/97 ----------------------- ------------------------ Manufactured Homes Revenues $ 42.4 100.0% $ 31.9 100.0% Cost of Sales (33.4) (78.8%) (26.4) (82.6%) Selling, General & Administrative (5.4) (12.7%) (2.7) (8.7%) --------- --------- ---------- --------- Earnings Before Goodwill and Minority Interest 3.6 8.5% 2.8 8.7% ========= ========= Goodwill Amortization (.9) (.6) Minority Interest (.5) (.5) --------- ---------- Operating Earnings $ 2.2 $ 1.7 ========= ========== Units Produced 1,566 1,218 ========= ========== Retail Unit Sales, Including 183 Cavco-Produced Units in the 1998 Period 228 - ========= ==========
INVESTMENT REAL ESTATE For the quarter ended June 30, 1998, Centex's Investment Real Estate operation, through which all investment property transactions are reported, had operating earnings of $7.4 million, 9% lower than $8.1 million last year. FINANCIAL SERVICES The following summarizes Financial Services' results for the quarter ended June 30, 1998 compared to the quarter ended June 30, 1997 (dollars in millions):
Quarter Ended Quarter Ended 6/30/98 6/30/97 ------------- ------------- Revenues $ 100.1 $ 47.2 ------- ------- Operating Earnings $ 23.7 $ 5.2 ------- ------- Origination Volume $ 2,597 $ 1,432 ------- ------- % Change 81% 2% Number of Loans Originated CTX Mortgage Company ("CTX") - Centex-built Homes ("Builder") 2,081 1,772 Non-Centex-built Homes ("Retail") 16,242 9,480 ------- ------- 18,323 11,252 Centex Home Equity Corporation ("CHEC") 3,516 1,176 Centex Finance Company 143 -- ------- ------- 21,982 12,428 ======= ======= % Change 77% 3%
-10- 14 CTX's Builder applications for the quarter of 2,542 increased 6% over last year while Retail applications rose 64% to 16,649. CTX's profit per loan of $1,159 for this year's quarter was a 135% improvement over the per loan profit of $493 for last year's quarter as a result of increased originations and the centralization of certain back-office functions. CHEC generated 13,088 sub-prime loan applications for the quarter, an increase of 358% compared to the same quarter a year ago. CHEC's profit per loan was $834 for this year's quarter compared to a loss last year at this time. The recently opened manufactured-home finance unit, Centex Finance Company, originated 143 loans during the quarter and had net start-up costs of approximately $500,000. CONSTRUCTION PRODUCTS Revenues from CXP were $79.8 million for the quarter this year, 2% higher than last year. CXP's operating earnings, net of minority interest, were $15.0 million for the quarter this year, 23% higher than last year's earnings. CXP's record operating earnings resulted from improved results in each of its businesses. Pricing improved for every product, and sales volumes were higher for Gypsum Wallboard and Concrete. Cement sales volume declined 7% due to wet-weather delays in some markets, but this volume should be recouped over the next two quarters. CONTRACTING AND CONSTRUCTION SERVICES The following summarizes Contracting and Construction Services' results for the quarter ended June 30, 1998 compared to the quarter ended June 30, 1997 (dollars in millions):
Quarter Ended Quarter Ended 6/30/98 6/30/97 ------------- ------------- Revenues $ 322.1 $ 236.7 -------- -------- Operating Earnings $ 3.5 $ 1.0 -------- -------- New Contracts Received $ 391 $ 188 -------- -------- Backlog of Uncompleted Contracts $ 1,228 $ 1,066 -------- --------
The Harrah's New Orleans Casino contract was suspended on November 22, 1995 due to a bankruptcy filing by the Harrah's Jazz Company partnership, the developer of the casino. Centex Landis Construction Co., Inc. ("Centex Landis") and its subcontractors filed claims against the partnership for completed but unpaid work. Centex Landis also filed a lawsuit against Harrah's Entertainment, Inc., parent company of the major partner in the partnership, to recover its claims. In late November 1996, Centex Landis and Harrah's reached a settlement which is conditioned upon Harrah's plan of reorganization becoming effective. It appears that the plan will become effective in the fall of 1998, at which time Harrah's would pay $34 million in settlement of the claims of Centex Landis and its subcontractors. Upon payment of such sum, Centex Landis would resume construction of the casino. In October 1992, Martin County sued one of the Company's general contracting subsidiaries, Centex-Rooney Construction Co., Inc. ("Rooney"), alleging defects in the design and construction of the Martin County Courthouse in Stuart, Florida. Rooney was construction manager of the project. In July 1996, a judgment of $14.2 million was returned against Rooney, and in April 1997, Martin County also obtained a judgment of $3.2 million in attorney's fees and costs. Both judgments, together with interest, currently approach $20 million. Recently, the 4th District Court of Appeals affirmed the $14.2 million judgment and Rooney is now preparing a motion for re-hearing and an appeal to the Supreme Court of Florida. Rooney's appeal of the $3.2 million award is still pending. At this time, Rooney -11- 15 is prosecuting claims and lawsuits against subcontractors, their insurance carriers and Rooney's own insurance carriers for recovery of the judgments. One of Rooney's carriers has agreed to pay approximately $3.5 million. While there is no assurance that Rooney's appeal will be successful or that it will recover from such subcontractors or other insurance carriers, management believes that Rooney will be able to recover substantially all of both judgments. In any case, these judgments would not have a material impact on the financial condition of the Company. YEAR 2000 CONVERSION The year 2000 conversion is being addressed by the Company for each line of business. The ongoing process of identification, evaluation and implementation of changes to computer systems and software necessary for the year 2000 conversion has been underway since fiscal 1997. Potential software failures due to processing errors potentially arising from calculations using the year 2000 date are not believed to be a significant risk. The total costs of compliance and the effect on the Company's future results of operations are not believed to be material and are expected to be accomplished within the normal process of upgrading hardware and software. STOCK REPURCHASES Since April 1998, the Company has repurchased 173,100 shares of common stock under its stock-option-related repurchase program. The Company will continue to repurchase shares under this program. FINANCIAL CONDITION AND LIQUIDITY Centex fulfills its short-term financing requirements with cash generated from its operations and funds available under its credit facilities. These credit facilities also serve as back-up lines for overnight borrowings under its uncommitted bank facilities and commercial paper program. In addition, CTX Mortgage Company has its own $1 billion of committed and $800 million of uncommitted credit facilities to finance mortgages which are held during the period they are being securitized and readied for delivery against forward sale commitments. Centex Home Equity Corporation has its own $300 million credit facility to finance sub-prime mortgages held until securitization. The $345.6 million increase in debt was primarily used to fund the increase in both residential mortgage loans and inventories. The increase in residential mortgage loans is primarily due to an increase in mortgage refinancing activity which is attributed to continuing favorable mortgage interest rates. The Company believes it has adequate resources and sufficient credit facilities to satisfy its current needs and provide for future growth. OTHER DEVELOPMENTS AND OUTLOOK Favorable interest rates and the strong national economy in recent months have positively affected the Company's businesses. If interest rates and general economic conditions remain at or near current levels, Centex's Home Building and Financial Services results could surpass fiscal 1998's performance levels. Centex's other businesses also should continue to report improved results, including CXP which is anticipated to have its fifth consecutive year of improved earnings. -12- 16 FORWARD-LOOKING STATEMENTS The information contained in this Report includes forward-looking statements involving a number of risks and uncertainties. Forward-looking statements may be identified by the context of the statement and generally arise when the Company is discussing its beliefs, estimates or expectations. In addition to the factors discussed elsewhere in this document, other determinants that could cause actual results to differ include increases in short- and/or long-term interest rates or a change in the relationship between short- and long-term interest rates; business conditions; growth in the home building, investment real estate, financial services, construction products and contracting and construction services industries in the local markets which the Company through its subsidiaries conducts business and in the economy in general: competitive factors, governmental regulation and the cost and availability of raw materials. These and other factors are described in the Joint Annual Report on Form 10-K of Centex Corporation and 3333 Holding Corporation and Centex Development Company, L.P., and in the Annual Report on Form 10-K for Centex Construction Products, Inc., for the fiscal year ended March 31, 1998. Both reports are filed with the Securities and Exchange Commission. -13- 17 CENTEX CORPORATION PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit 27.1 - Financial Data Schedule (b) Reports on Form 8-K The Registrant filed no reports on Form 8-K during the quarter ended June 30, 1998. All other items required under Part II are omitted because they are not applicable. -14- 18 SIGNATURES 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 thereunto duly authorized. CENTEX CORPORATION ------------------------------ Registrant August 12, 1998 /s/ David W. Quinn ------------------------------ David W. Quinn Vice Chairman and Chief Financial Officer (principal financial officer) August 12, 1998 /s/ Barry G. Wilson ------------------------------ Barry G. Wilson Controller (chief accounting officer) -15- 19 [This page intentionally left blank.] -16- 20 3333 HOLDING CORPORATION CENTEX DEVELOPMENT COMPANY, L.P. PART I. FINANCIAL INFORMATION CONDENSED COMBINING FINANCIAL STATEMENTS ITEM 1. The condensed combining financial statements include the accounts of 3333 Holding Corporation and subsidiary and Centex Development Company, L.P. (collectively the "Companies"), and have been prepared by the Companies, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Companies believe that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed combining financial statements be read in conjunction with the financial statements and the notes thereto included in the Companies' latest Annual Report on Form 10-K. In the opinion of the Companies, all adjustments necessary to present fairly the information in the following condensed financial statements of the Companies have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. -17- 21 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L.P. CONDENSED COMBINING STATEMENT OF OPERATIONS (dollars in thousands, except per unit/share data) (unaudited)
For the Three Months Ended June 30, ----------------------------------------------------------------------------------------- 1998 1997 ------------------------------------------ --------------------------------------- 3333 HOLDING 3333 HOLDING CENTEX CORPORATION CENTEX CORPORATION DEVELOPMENT AND DEVELOPMENT AND COMBINED COMPANY, L.P. SUBSIDIARY COMBINED COMPANY, L.P. SUBSIDIARY -------- ------------ ------------ -------- ------------- ------------ Revenues $ 6,308 $ 6,076 $ 476 $ 3,741 $ 3,623 $ 412 Costs and Expenses 6,654 6,269 629 2,950 2,924 320 -------- -------- -------- -------- -------- -------- Earnings (Loss) Before Income Taxes (346) (193) (153) 791 699 92 Income Taxes -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- NET EARNINGS (LOSS) $ (346) $ (193) $ (153) $ 791 $ 699 $ 92 ======== ======== ======== ======== ======== ======== NET EARNINGS (LOSS) PER UNIT/SHARE $ (3.93) $ (153) $ 21.67 $ 92 ======== ======== ======== ======== WEIGHTED-AVERAGE UNITS/ SHARES OUTSTANDING 49,119 1,000 32,260 1,000
See notes to condensed combining financial statements. -18- 22 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L.P. CONDENSED COMBINING BALANCE SHEETS (dollars in thousands)
June 30, 1998* March 31, 1998** ------------------------------------- -------------------------------------- 3333 HOLDING 3333 HOLDING CENTEX CORPORATION CENTEX CORPORATION DEVELOPMENT AND DEVELOPMENT AND COMBINED COMPANY, L.P. SUBSIDIARY COMBINED COMPANY, L.P. SUBSIDIARY -------- ------------- ----------- -------- ------------- ------------ ASSETS Cash $ 878 $ 878 $ -- $ 260 $ 259 $ 1 Accounts Receivable 1,855 2,793 725 976 8,552 761 Notes Receivable - Centex Corporation and Subsidiaries -- -- -- 7,700 -- 7,700 Other 5,335 5,335 -- 5,110 5,110 -- Investment in Affiliate -- -- 1,047 -- -- 849 Investment in Real Estate Joint Ventures 166 666 523 3,040 2,478 562 Commercial Properties, net 1,936 1,936 -- 1,946 1,946 -- Projects Under Development and Held for Sale 67,901 66,269 609 41,265 40,815 450 Property and Equipment, net 127 25 102 88 -- 88 Other Assets 720 612 108 112 100 12 -------- -------- -------- -------- -------- -------- $ 78,918 $ 78,514 $ 3,114 $ 60,497 $ 59,260 $ 10,423 ======== ======== ======== ======== ======== ======== LIABILITIES, STOCKHOLDERS' EQUITY AND PARTNERS' CAPITAL Accounts Payable and Accrued Liabilities $ 9,044 $ 9,584 $ 1,403 $ 4,341 $ 4,370 $ 8,390 Notes Payable - Centex Corporation and Subsidiaries 1,311 -- 1,311 1,480 -- 1,480 Bank Development Facilities 14,600 14,600 -- 13,821 13,821 -- -------- -------- -------- -------- -------- -------- Total Liabilities 24,955 24,184 2,714 19,642 18,191 9,870 Stockholders' Equity and Partners' Capital 53,963 54,330 400 40,855 41,069 553 -------- -------- -------- -------- -------- -------- $ 78,918 $ 78,514 $ 3,114 $ 60,497 $ 59,260 $ 10,423 ======== ======== ======== ======== ======== ========
* Unaudited ** Condensed from audited financial statements. See notes to condensed combining financial statements. -19- 23 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L.P. CONDENSED COMBINING STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited)
For the Three Months Ended June 30, ---------------------------------------------------------------------------------- 1998 1997 -------------------------------------- ---------------------------------------- 3333 HOLDING 3333 HOLDING CENTEX CORPORATION CENTEX CORPORATION DEVELOPMENT AND DEVELOPMENT AND COMBINED COMPANY, L.P. SUBSIDIARY COMBINED COMPANY, L.P. SUBSIDIARY -------- ------------- ------------ -------- ------------- ------------ CASH FLOWS - OPERATING ACTIVITIES Net Earnings (Loss) $ (346) $ (193) $ (153) $ 791 $ 699 $ 92 Net Change in Payables, Accruals and Receivables 3,824 10,973 (6,951) 333 739 (406) (Increase) Decrease in Notes Receivable (225) (225) -- 665 665 -- Decrease in Advances to Joint Venture 2,874 1,812 39 19 19 -- Increase in Investment in Affiliates -- -- (198) -- -- -- (Increase) Decrease in Projects Under Development and Held for Sale (26,636) (25,454) (159) 2,195 2,195 -- Decrease in Commercial Properties, net 10 10 -- -- -- -- Property and Equipment Additions, net (39) (25) (14) -- -- -- Increase in Other Assets (608) (512) (96) (110) (110) -- -------- -------- -------- -------- -------- -------- (21,146) (13,614) (7,532) 3,893 4,207 (314) -------- -------- -------- -------- -------- -------- CASH FLOWS - FINANCING ACTIVITIES (Decrease) Increase in Notes Payable - Centex Corporation and Subsidiaries (169) -- (169) 315 -- 315 Other 779 779 -- (555) (555) -- Decrease in Notes Receivable - Centex Corporation and Subsidiaries 7,700 -- 7,700 -- -- -- Capital Contributions 13,454 13,454 -- -- -- -- Capital Distributions -- -- -- (3,000) (3,000) -- -------- -------- -------- -------- -------- -------- 21,764 14,233 7,531 (3,240) (3,555) 315 -------- -------- -------- -------- -------- -------- NET INCREASE (DECREASE) IN CASH 618 619 (1) 653 652 1 CASH AT BEGINNING OF YEAR 260 259 1 630 625 5 -------- -------- -------- -------- -------- -------- CASH AT END OF PERIOD $ 878 $ 878 $ -- $ 1,283 $ 1,277 $ 6 ======== ======== ======== ======== ======== ========
See notes to condensed combining financial statements. -20- 24 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L.P. NOTES TO CONDENSED COMBINING FINANCIAL STATEMENTS JUNE 30, 1998 (unaudited) (A) On November 30, 1987, Centex Corporation ("Centex") distributed to a nominee all of the issued and outstanding shares of common stock of 3333 Holding Corporation ("Holding") and warrants to purchase approximately 80% of the Class B units of limited partnership interest in Centex Development Company, L.P. ("CDC" or the "Partnership"). 3333 Development Corporation ("Development"), a wholly-owned subsidiary of Holding, serves as the general partner of the Partnership. These securities are held by the nominee on behalf of Centex stockholders and will trade in tandem with the common stock of Centex until such time as they are detached. See Note (B) to the condensed consolidated financial statements of Centex Corporation and subsidiaries included elsewhere in this Form 10-Q for supplementary condensed combined financial statements for Centex Corporation and Subsidiaries, Holding and Subsidiary and the Partnership. (B) Holding entered into a services agreement in May 1987 with Centex Service Company ("CSC"), a wholly-owned subsidiary of Centex, whereby CSC provides certain tax, accounting and other similar services for Holding at a fee of $2,500 per month. During the June 1998 quarter, the service agreement was amended to also include certain real estate development and management services and the related fee was increased to $30,000 per month. In connection with Holding's acquisition of additional shares of common stock of Development in 1987, Holding borrowed $7.7 million from Centex pursuant to a secured promissory note (the "Holding Note"). On May 29, 1998, the outstanding principal balance on the Holding Note was repaid. The Holding Note, which had a fluctuating balance during April and May 1998, bore interest, payable quarterly, at the prime rate of interest of NationsBank plus 1%. Interest expense on the Holding Note during the June 1998 quarter totaled $62,000. In 1987, Development loaned $7.7 million to a wholly-owned subsidiary of Centex pursuant to an unsecured promissory note and related loan agreement. The note bore interest, payable quarterly, at the prime rate of interest of NationsBank plus 7/8%. On May 29, 1998, the outstanding principal balance on the note was repaid. Interest income on the note totaled $116,000 for the quarter ended June 30, 1998. CDC sells lots to Centex Homes pursuant to certain purchase and sale agreements. Revenues from these sales totaled $1.9 million and $594,000 for the three months ended June 30, 1998 and 1997, respectively. Additionally, during the three months ended June 30, 1997, the Partnership sold property located in Carrollton, Texas to Centex Homes for $2.9 million. During fiscal year 1998, Centex Multi-Family Company, L.P., ("Multi-Family"), a subsidiary of CDC, executed a construction contract with one of Centex's construction subsidiaries in the amount of $13.2 million for the construction of a 304-unit apartment project north of Dallas in The Colony, Texas. In April 1998, CDC acquired a 49% equity interest in an entity which purchased real estate assets from a Centex subsidiary for $3.1 million. -21- 25 (C) During fiscal year 1998, the partnership agreement governing CDC was amended to allow for the issuance of a new class of limited partnership units, Class C Preferred Partnership Units ("Class C Units"), to be issued in exchange for assets contributed by a limited partner, or by an individual or entity who is to be admitted as a limited partner. During the June 1998 quarter, Centex Homes, CDC's sole limited partner, contributed assets valued at $13.5 million in exchange for 13,454 Class C Units. (D) A summary of changes in stockholders' equity and partners' capital is presented below (dollars in thousands):
For the Three Months Ended June 30, 1998 ---------------------------------------------------------------------------------------- 3333 Holding Corporation Centex Development Company, L.P. and Subsidiary ---------------------------------------- ----------------------------------- Class B General Limited Capital In Units Partners' Partners' Stock Excess of Retained COMBINED Warrants Capital Capital Warrants Par Value Earnings -------- -------- -------- -------- -------- ---------- -------- Balance at March 31, 1998 $ 40,855 $ 500 $ 767 $ 39,802 $ 1 $ 800 $ (248) Capital Contributions 13,454 -- -- 13,454 -- -- -- Net Earnings (346) -- -- (193) -- -- (153) -------- -------- -------- -------- -------- -------- -------- BALANCE AT JUNE 30, 1998 $ 53,963 $ 500 $ 767 $ 53,063 $ 1 $ 800 $ (401) ======== ======== ======== ======== ======== ======== ========
The Partnership agreement provides that Class A and Class C limited partners are entitled to a cumulative preferred return of 9% per annum on the average outstanding balance of their Unrecovered Capital. Unrecovered Capital represents initial capital contributions as reduced by repayments and is the basis for preference accruals. No preference payments were made during the quarter. Preference payments in arrears at June 30, 1998 for Class A and Class C limited partners amounted to $4.9 million and $378,000, respectively, and Unrecovered Capital for Class A and Class C limited partners aggregated approximately $54 million. -22- 26 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L.P. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS On a combined basis, revenues for the quarter ended June 30, 1998 totaled $6.3 million versus $3.7 million for the same period of the prior year. The increase in revenues is largely attributable to $2.1 million in revenues generated from the sale of homes in New Jersey. Real estate sales during the June 1998 quarter also included industrial land in Ventura County, California, commercial land in The Colony, Texas and residential land in Naples, Florida and in Allen, Texas. Revenues for the quarter ended June 30, 1997 consisted primarily of the sale of commercial property located in Carrollton, Texas, including one office and five warehouse buildings, and residential land in East Windsor, New Jersey. The Companies had a combined net loss for the quarter ended June 30, 1998 of $346,000 compared to combined net earnings of $791,000 for the same period in the prior year. The decreased earnings in the current period were primarily a result of increased general and administrative costs associated with the Companies expanded commercial and multi-family development efforts and lower margins on the sale of real estate. Margins on real estate sales in the June 1998 quarter were 2.8% versus 24.8% in the prior year period. LIQUIDITY AND CAPITAL RESOURCES During the June 30, 1998 quarter, 13,454 Class C Preferred Partnership Units were issued in exchange for assets valued at $13.5 million. The revenues, earnings and liquidity of the Companies for the next 12 to 18 months will be largely dependent on future real estate and home sales, the timing of which are uncertain. Commercial development operations have recently been initiated and are not anticipated to provide a significant source of earnings or liquidity for approximately 18 months. The Companies believe that they will be able to provide or obtain the necessary funding for their current operations and future expansion needs. The ability of the partnership to obtain external debt or equity capital is subject to the partnership agreement (as amended) governing the Partnership. -23- 27 3333 HOLDING CORPORATION CENTEX DEVELOPMENT COMPANY, L.P. PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit 27.2 - Financial Data Schedule Exhibit 27.3 - Financial Data Schedule (b) Reports on Form 8-K The Registrant filed no reports on Form 8-K during the quarter ended June 30, 1998. All other items required under Part II are omitted because they are not applicable. -24- 28 SIGNATURES 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 thereunto duly authorized. 3333 HOLDING CORPORATION ------------------------------------------ Registrant August 12, 1998 /s/ Richard C. Decker ------------------------------------------ Richard C. Decker President and Chief Executive Officer (principal executive officer) August 12, 1998 /s/ Kimberly A. Pinson ------------------------------------------ Kimberly A. Pinson Vice President, Treasurer and Controller (principal financial officer and principal accounting officer) -25- 29 SIGNATURES 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 thereunto duly authorized. CENTEX DEVELOPMENT COMPANY, L.P. ----------------------------------------- Registrant By: 3333 Development Corporation, General Partner August 12, 1998 /s/ Richard C. Decker ----------------------------------------- Richard C. Decker President and Chief Executive Officer (principal executive officer) August 12, 1998 /s/ Kimberly A. Pinson ----------------------------------------- Kimberly A. Pinson Vice President, Treasurer and Controller (principal financial officer and principal accounting officer) -26- 30 INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION - ----------- ----------- Exhibit 27.1 Financial Data Schedule -- Centex Corporation Exhibit 27.2 Financial Data Schedule -- 3333 Holding Corporation Exhibit 27.3 Financial Data Schedule -- Centex Development Company, L.P.
EX-27.1 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CENTEX CORPORATION'S JUNE 30, 1998, FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000018532 CENTEX CORPORATION 1,000 3-MOS MAR-31-1999 APR-01-1998 JUN-30-1998 101,568 0 1,763,816 0 1,204,073 0 510,125 223,979 3,854,893 0 208,431 0 0 14,893 1,019,567 3,854,893 1,110,606 1,110,606 1,007,932 1,007,932 17,759 0 8,193 76,722 28,561 48,161 0 0 0 48,161 0.81 0.78
EX-27.2 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 3333 HOLDING CORPORATION'S JUNE 30, 1998, FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000818762 3333 HOLDING CORPORATION 1,000 3-MOS MAR-31-1999 APR-01-1998 JUN-30-1998 0 0 725 0 609 0 125 (23) 3,114 0 0 0 0 1 399 3,114 476 476 629 629 0 0 0 (153) 0 (153) 0 0 0 (153) 0.00 0.00
EX-27.3 4 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CENTEX DEVELOPMENT COMPANY, L.P.'S JUNE 30, 1998, FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000818764 CENTEX DEVELOPMENT COMPANY, L.P. 1,000 3-MOS MAR-31-1999 APR-01-1998 JUN-30-1998 878 0 2,793 0 68,205 0 30 5 78,514 0 0 0 0 500 53,830 78,514 6,076 6,076 6,269 6,269 0 0 0 (193) 0 (193) 0 0 0 (193) 0.00 0.00
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