EX-99.1 3 d91499ex99-1.txt EX-99.1 PRESS RELEASE DATED OCTOBER 23, 2001 EXHIBIT 99.1 CENTEX CORPORATION REPORTS RECORD SECOND QUARTER AND SIX MONTHS EARNINGS (DALLAS, TX Oct. 23, 2001): Centex Corporation (NYSE: CTX) today reported record financial results for both the second quarter and the six-month period ended September 30, 2001--the second quarter and first six months of fiscal 2002. Net earnings for the second quarter this year were $93,389,000, a 58% increase over $59,094,000 for the same quarter a year ago. Diluted earnings per share for the current quarter were $1.50, 53% higher than $0.98 for the same quarter in fiscal 2001. Current quarter revenues of $1,883,633,000 were 17% above $1,615,784,000 for the same quarter last year. CENTEX'S SENIOR MANAGEMENT WILL CONDUCT A CONFERENCE CALL TO DISCUSS THE SECOND QUARTER FINANCIAL RESULTS AND OTHER MATTERS AT 11 A.M. EASTERN TIME (10 A.M. CENTRAL TIME) TODAY. THE CONFERENCE CALL WILL BE WEBCAST SIMULTANEOUSLY ON THE CENTEX WEB SITE, [WWW.CENTEX.COM]. A REPLAY OF THE CALL WILL BE AVAILABLE ON THAT SITE UNTIL MIDNIGHT ON MONDAY, OCTOBER 29. Centex's net earnings for the first six months of fiscal 2002 were $168,605,000, a 57% improvement over $107,299,000 for the same period last year. Diluted earnings per share of $2.72 were 52% higher than $1.79 per diluted share for the same period a year ago. Revenues for the first six months of fiscal 2002 totaled $3,592,778,000, 18% higher than $3,052,406,000 for the same period in fiscal 2001. Net earnings for both the quarter and the six-month period improved by a slightly higher percentage than diluted earnings per share due to more average shares outstanding in the fiscal 2002 periods. For the first six months of fiscal 2002, Centex's annualized rate of return on beginning stockholders' equity was 19.7%. Through its subsidiaries, Dallas-based Centex ranks among the nation's leading home builders, non-bank-affiliated retail mortgage originators, and general building contractors. The Company also has operations in investment real estate and home services and currently owns approximately 65% of a publicly held construction products company. MORE 2 CENTEX CORPORATION HOME BUILDING CONVENTIONAL HOMES Centex Homes reported a 37% increase in operating earnings on an 11% gain in closings, primarily due to an improvement in its operating margins to 10.5% for the second quarter this year compared to 8.7% for the same quarter a year ago. The margin increase was mostly due to sales price increases and continued cost reductions due to lower raw materials prices and process improvements. Operating earnings from Centex Homes were $123.0 million for this year's second quarter versus $89.6 million for the second quarter last year. Revenues from Conventional Homes were $1,171 million, 14% above revenues for the same quarter last year.
CENTEX HOMES Quarter Ended Sept. 30, 2001 2000 Change ------------ ------------ ------------ Closings 5,418 4,901 11% Sales (Orders)* 5,244 5,338 (2%) Backlog 9,978 9,145 9% Unit Sales Price $ 214,004 $ 203,900 5% Operating Earnings/Unit $ 22,698 $ 18,274 24% Operating Margin 10.5% 8.7% Orders (Month of September) (8%)
Operating earnings from Centex Homes were $221.1 million for the six month period this year, 36% higher than $162.1 million for the year-ago period. For the current six months, revenues from Centex Homes were $2,210 million, 15% higher than revenues of $1,914 million for the same period in fiscal 2001.
CENTEX HOMES Six Months Ended Sept. 30, 2001 2000 Change ------------ ------------ ------------ Closings 10,268 9,309 10% Sales (Orders) 10,902 10,875 --% Backlog 9,978 9,145 9% Unit Sales Price $ 212,469 $ 200,308 6% Operating Earnings/Unit $ 21,533 $ 17,414 24% Operating Margin 10.0% 8.5%
MORE 3 CENTEX CORPORATION MANUFACTURED HOMES Centex's Manufactured Homes operation, Cavco Industries, reported operating earnings of $65,000 for the second quarter this year versus an operating loss of $1.1 million for the same quarter last year. Manufactured Homes revenues for the second quarter this year were $31.5 million, 7% less than $33.8 million for the same quarter a year ago. Cavco sold 1,025 manufactured homes for the second quarter this year, 9% less than 1,129 units for the same quarter last year. For the current six months, Manufactured Homes reported an operating loss of $1.5 million versus an operating loss of $1.2 million for the same period last year. Manufactured Homes revenues were $59.0 million, 16% less than $70.3 million for the same period a year ago. Manufactured Homes sold 1,899 units during the current six-month period, 19% less than 2,355 units for the same period a year ago. FINANCIAL SERVICES Operating earnings from Financial Services for the second quarter this year were $29.3 million, substantially higher than $2.2 million for the same quarter in fiscal 2001. CTX Mortgage Company benefitted from lower interest rates and the resulting refinancing "mini- boom." Financial Services' operating earnings were also positively impacted by Centex Home Equity's improved results. Second quarter revenues from Financial Services were $166.0 million this year, 56% higher than $106.5 million for the same period a year ago. Financial Services operating earnings for the six-month period this year were $54.4 million, significantly above earnings of $2.3 million for the year-ago period. For the current six months, Financial Services revenues were $328.6 million, 62% above last year's revenues for the six months. CTX MORTGAGE COMPANY Operating earnings from CTX Mortgage Company (CTX) and related companies totaled $23.9 million for the quarter this year compared to $5.6 million for the second quarter last year. Refinancings accounted for 28% of originations for the quarter this year compared to 7% for the second quarter a year ago and 33% in the June 30, 2002 quarter. CTX Mortgage's "capture" rate of Centex Homes' non-cash buyers improved to 71% for the second quarter this year versus 62% for the same quarter in fiscal 2001. The U.K. mortgage operation, which was formed in fiscal 2001, incurred start-up costs of $513,000 for the second quarter of fiscal 2002 and $1.1 million for the first six months of the year. MORE 4 CENTEX CORPORATION
CTX MORTGAGE COMPANY Quarter Ended Sept. 30, -------------------------------------------- 2001 2000 Change ----------- ----------- ----------- Originations Builder 3,633 2,839 28% Retail 14,974 11,263 33% ----------- ----------- Total 18,607 14,102 32% =========== =========== Applications Builder 4,057 3,509 16% Retail 15,148 11,859 28% ----------- ----------- Total 19,205 15,368 25% =========== =========== Loan Volume (in billions) $ 2.86 $ 2.02 42% =========== =========== Average Loan Size $ 153,900 $ 143,200 7% =========== =========== Profit per Loan $ 1,284 399 222% =========== ===========
Operating earnings from CTX and related companies were $49.2 million for the six-month period this year compared to earnings of $10.8 million for the same period a year ago.
CTX MORTGAGE COMPANY Six Months Ended Sept. 30, -------------------------------------------- 2001 2000 Change ----------- ----------- ----------- Originations Builder 6,815 5,305 28% Retail 33,084 22,962 44% ----------- ----------- Total 39,899 28,267 41% =========== =========== Applications Builder 8,557 7,109 20% Retail 32,664 24,087 36% ------------ ----------- Total 41,221 31,196 32% ============ =========== Loan Volume (in billions) $ 6.08 $ 4.00 52% ============ =========== Average Loan Size $ 152,300 $ 141,600 8% ============ =========== Profit per Loan $ 1,233 383 222% ============ ===========
MORE 5 CENTEX CORPORATION CENTEX HOME EQUITY COMPANY Reporting its second quarter of profitability after undergoing the change to the "Portfolio Accounting Method" in fiscal 2001, Centex Home Equity Company (CHEC) reported operating earnings of $5.9 million for the Sept. 30 quarter this year versus an operating loss of $3.4 million for the same quarter last year.
Quarter Ended Sept. 30, ------------------------------------------- 2001 2000 Change ----------- ----------- ----------- Originations 7,257 7,317 (1)% =========== =========== Applications 41,294 37,095 11% =========== =========== Loan Volume (in billions) $ 0.55 $ 0.46 21% =========== =========== Average Loan Size $ 76,400 $ 62,400 22% =========== ===========
For the six months this year, CHEC reported operating earnings of $6.3 million versus an operating loss of $8.5 million for the same period in fiscal 2001. The portion of CHEC's loan servicing portfolio on which it earns an interest rate spread under the "Portfolio Accounting Method" has reached $2.7 billion and continues to increase.
Six Months Ended Sept. 30, ------------------------------------------- 2001 2000 Change ----------- ----------- ----------- Originations 14,065 13,746 2% =========== =========== Applications 82,368 74,748 10% =========== =========== Loan Volume (in billions) $ 1.06 $ 0.85 24% =========== =========== Average Loan Size $ 75,200 $ 62,000 21% =========== =========== Servicing Portfolio as of Sept. 30: 2001 2000 Change ----------- ----------- ------------ Number of Loans 56,660 41,902 35% ----------- ----------- Total (in billions) $ 3.88 $ 2.66 46% =========== ===========
MORE 6 CENTEX CORPORATION CONSTRUCTION PRODUCTS Operating earnings from Centex Construction Products, Inc. (CXP) were $22.5 million for the current quarter, 31% less than $32.6 million for the same quarter a year ago. Current quarter revenues from Construction Products were $129.5 million, 13% higher than last year's second quarter revenues of $114.9 million. For the current six months, CXP's operating earnings were $35.5 million, 48% lower than $68.7 million for the same period a year ago. Revenues from CXP were $247.0 million for the six month period this year, 7% above $229.9 million for the same period last year. CXP's cement operation reported all-time-high second quarter sales volume, and both the gypsum wallboard and paperboard businesses returned to profitability. CONTRACTING AND CONSTRUCTION SERVICES Contracting and Construction Services reported operating earnings of $7.3 million for the second quarter this year, an 11% improvement over earnings of $6.6 million for the second quarter of fiscal 2001. Revenues from Contracting and Construction Services were $336.8 million, 2% higher than revenues of $330.4 million for the quarter a year ago. Contracting and Construction Services received approximately $387 million of new contracts during the second quarter this year, 7% less than new contracts totaling $416 million for the year-ago quarter. The backlog of uncompleted construction projects at September 30, 2001 was a record $2,149 million, 46% higher than the backlog of $1,472 million at September 30, 2000. Operating earnings from Contracting and Construction Services for the current six-month period were $14.8 million, a 13% improvement over earnings of $13.1 million for the same period last year. Revenues for the current six months were $650.4 million, 3% higher than revenues of $629.1 million for the same six-month period a year ago. INVESTMENT REAL ESTATE For the second quarter of fiscal 2002, Centex's Investment Real Estate operation, through which all investment property transactions are reported, had operating earnings of $16.1 million, a 128% improvement over $7.1 million for the year ago quarter. For the current six months, operating earnings from Investment Real Estate were $31.4 million, 138% higher than $13.2 million for the same period in fiscal 2001. MORE 7 CENTEX CORPORATION The improvement for both the quarter and the six months were due to the timing of land sales and other transactions, which fluctuates from quarter to quarter. Included in Investment Real Estate are results from London, England-based Fairclough Homes, which began reporting as of April 1, 2001. Fairclough closed 315 homes during the second quarter of fiscal 2002 and reported operating earnings of $3.2 million. For the six months ended September 30, 2001, Fairclough delivered 614 homes and had operating earnings of $5.6 million HOME SERVICES AND OTHER Home Services and Other reported $2.6 million in operating earnings for the quarter this year versus $1.6 million for the same quarter last year. For the current six month period, Home Services and Other reported operating earnings of $4.5 million compared to $1.9 million for the same period last year. OUTLOOK Centex said that home sales (orders) slowed somewhat for several weeks following Sept. 11, but that sales began to increase again in early October as mortgage interest rates declined. Conventional Home Building margins should continue to increase and fiscal 2002 results from that segment are expected to exceed fiscal 2001's record levels. Centex said it also expects all-time-high results from its Financial Services business and its Contracting and Construction Services division. Gypsum wallboard prices have begun to increase and cement pricing remains steady. In summary, Centex said it still expects fiscal 2002 to be its sixth consecutive year of record results with earnings in the range of $5.65 per diluted share, versus the $4.65 per share that the Company reported for fiscal 2001. # # # FORWARD-LOOKING STATEMENTS. THE FOREGOING CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934 AND THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. 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. THESE STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES. ACTUAL RESULTS AND OUTCOMES MAY DIFFER MATERIALLY FROM WHAT IS EXPRESSED OR FORECAST IN SUCH FORWARD-LOOKING STATEMENTS. THE PRINCIPAL RISKS AND UNCERTAINTIES THAT MAY AFFECT THE COMPANY'S ACTUAL PERFORMANCE AND RESULTS OF OPERATIONS INCLUDE THE FOLLOWING: GENERAL ECONOMIC CONDITIONS AND INTEREST RATES; THE CYCLICAL AND SEASONAL NATURE OF THE COMPANY'S BUSINESSES; ADVERSE WEATHER; CHANGES IN PROPERTY TAXES AND ENERGY COSTS; CHANGES IN FEDERAL INCOME TAX LAWS AND FEDERAL MORTGAGE FINANCING PROGRAMS; GOVERNMENTAL REGULATION; CHANGES IN GOVERNMENTAL AND PUBLIC POLICY; CHANGES IN ECONOMIC CONDITIONS SPECIFIC TO ANY ONE OF MORE OF THE COMPANY'S MARKETS AND BUSINESSES; COMPETITION; AVAILABILITY OF RAW MATERIALS; AND UNEXPECTED OPERATIONS DIFFICULTIES. OTHER RISKS AND UNCERTAINTIES MAY ALSO AFFECT THE OUTCOME OF THE COMPANY'S ACTUAL PERFORMANCE AND RESULTS OF OPERATIONS. MORE 8 CENTEX CORPORATION NOTE ATTACHMENTS: (1) Summary of Consolidated Earnings (2) Revenues and Earnings by Line of Business (Quarter) Ended September 30, 2001 (3) Revenues and Earnings by Line of Business (Six Months) Ended September 30, 2001 (4) Housing Activity by Geographic Area (5) Conventional Homes Results Manufactured Homes Results (6) Supplemental Construction Products Data Supplemental Contracting and Construction Services Data (7) Home Building Margin Data by Quarter, Fiscal 2001 and Fiscal 2002 FOR ADDITIONAL INFORMATION, CONTACT AT (214) 981-5000: Laurence E. Hirsch Chairman and Chief Executive Officer Sheila E. Gallagher Vice President-Corporate Communications MORE Attachment 1 Centex Corporation and Subsidiaries Summary of Consolidated Earnings (unaudited) (dollar amounts in thousands, except per share data)
Quarter Ended September 30, ------------------------------------------------- 2001 2000 Change ------------- ------------- ------------- Revenues $ 1,883,633 $ 1,615,784 17% Earnings Before Income Taxes $ 152,314 $ 95,925 59% Net Earnings $ 93,389 $ 59,094 58% Earnings Per Share: Basic $ 1.54 $ 1.00 54% Diluted $ 1.50 $ 0.98 53% Average Shares Outstanding: Basic 60,568,258 58,954,694 3% Diluted 62,289,902 60,303,878 3%
Six Months Ended September 30, ------------------------------------------------- 2001 2000 Change ------------- ------------- ------------- Revenues $ 3,592,778 $ 3,052,406 18% Earnings Before Income Taxes $ 270,300 $ 173,994 55% Net Earnings $ 168,605 $ 107,299 57% Earnings Per Share: Basic $ 2.79 $ 1.82 53% Diluted $ 2.72 $ 1.79 52% Average Shares Outstanding: Basic 60,372,690 58,879,433 3% Diluted 62,100,699 60,079,635 3%
Attachment 2 Centex Corporation and Subsidiaries Revenues and Earnings by Lines of Business (dollars in thousands)
Quarter Ended September 30, -------------------------------------------------------- 2001 2000 Change --------------- --------------- -------------- REVENUES Home Building: Conventional Homes $ 1,170,721 $ 1,027,003 14% 62% 64% Manufactured Homes 31,457 33,797 (7%) 2% 2% Financial Services 165,973 106,500 56% 9% 7% Construction Products (A) 129,545 114,876 13% 7% 7% Contracting and Construction Services 336,796 330,445 2% 18% 20% Investment Real Estate 23,225 3,163 634% 1% --% Home Services & Other 25,916 -- -% 1% --% ------------- ------------- Total $ 1,883,633 $ 1,615,784 17% 100% 100% ============= ============= OPERATING EARNINGS Home Building: Conventional Homes $ 122,978 $ 89,559 37% 61% 65% Manufactured Homes 65 (1,093) 106% --% (2%) Financial Services 29,261 2,205 1,227% 15% 2% Construction Products 22,531 32,563 (31%) 11% 24% Contracting and Construction Services 7,321 6,566 11% 4% 5% Investment Real Estate 16,134 7,073 128% 8% 5% Home Services & Other 2,583 1,597 62% 1% 1% ------------- ------------- Total Operating Earnings 200,873 138,470 45% 100% 100% Corporate General Expenses (12,980) (8,774) Interest Expense (29,342) (22,274) Minority Interest in Construction Products (6,237) (11,497) ------------- ------------- EARNINGS BEFORE INCOME TAXES $ 152,314 $ 95,925 59% ============= =============
(A) Centex Construction Products, Inc. adopted the provisions of Emerging Issues Task Force Issue No. 00-10, Accounting for Shipping and Handling Fees and Costs, during the quarter ended March 31, 2001. As a result of this adoption, net revenues have been restated to include freight and delivery costs billed to customers. Previously, such billings were offset against corresponding expenses in cost of sales. Attachment 3 Centex Corporation and Subsidiaries Revenues and Earnings by Lines of Business (dollars in thousands)
Six Months Ended September 30, ----------------------------------------------------- 2001 2000 Change ------------- ------------- ------------- REVENUES Home Building: Conventional Homes $ 2,209,882 $ 1,914,025 15% 61% 63% Manufactured Homes 59,027 70,283 (16%) 2% 2% Financial Services 328,566 202,409 62% 9% 7% Construction Products (A) 246,968 229,941 7% 7% 7% Contracting and Construction Services 650,429 629,104 3% 18% 21% Investment Real Estate 47,323 6,644 612% 1% --% Home Services & Other 50,583 -- --% 2% --% ------------- ------------- Total $ 3,592,778 $ 3,052,406 18% 100% 100% ============= ============= OPERATING EARNINGS Home Building: Conventional Homes $ 221,098 $ 162,109 36% 61% 62% Manufactured Homes (1,491) (1,190) (25%) Financial Services 54,431 2,273 2,295% 15% 1% Construction Products 35,473 68,742 (48%) 10% 26% Contracting and Construction Services 14,779 13,070 13% 4% 5% Investment Real Estate 31,389 13,175 138% 9% 5% Home Services & Other 4,501 1,917 135% 1% 1% Total Operating Earnings 360,180 260,096 38% 100% 100% Corporate General Expenses (24,226) (17,505) Interest Expense (56,584) (44,064) Minority Interest in Construction Products (9,070) (24,533) ------------- ------------- EARNINGS BEFORE INCOME TAXES $ 270,300 $ 173,994 55% ============= =============
(A) Centex Construction Products, Inc. adopted the provisions of Emerging Issues Task Force Issue No. 00-10, Accounting for Shipping and Handling Fees and Costs, during the quarter ended March 31, 2001. As a result of this adoption, net revenues have been restated to include freight and delivery costs billed to customers. Previously, such billings were offset against corresponding expenses in cost of sales. Attachment 4 Centex Corporation and Subsidiaries Housing Activity by Geographic Area
Closings ------------------------------------------------------------------------------------ Quarter Ended September 30, Six Months Ended September 30, --------------------------------------- ---------------------------------------- 2001 2000 Change 2001 2000 Change ----------- ----------- ---------- ----------- ---------- ---------- Mid-Atlantic 908 742 22% 1,789 1,504 19% Southeast 963 992 (3%) 1,904 1,802 6% Midwest 920 855 8% 1,622 1,570 3% South Central 1,253 962 30% 2,344 1,853 26% Mountain States 615 524 17% 1,108 978 13% West Coast 759 826 (8%) 1,501 1,602 (6%) ----------- ----------- ----------- ----------- 5,418 4,901 11% 10,268 9,309 10% =========== =========== =========== ===========
Sales (Orders) Backlog ---------------------------------------- 9/30/01 9/30/00 Change ----------- ---------- ---------- Mid-Atlantic 1,407 1,483 (5%) Southeast 2,257 2,103 7% Midwest 2,098 1,719 22% South Central 2,024 1,833 10% Mountain States 992 795 25% West Coast 1,200 1,212 (1%) ----------- ----------- 9,978 9,145 9% =========== ===========
Sales (Orders) ------------------------------------------------------------------------------------ Quarter Ended September 30, Six Months Ended September 30, --------------------------------------- ---------------------------------------- 2001 2000 Change 2001 2000 Change ----------- ----------- ---------- ----------- ---------- ---------- Mid-Atlantic 823 863 (5%) 1,752 1,777 (1%) Southeast 1,100 1,002 10% 2,263 2,057 10% Midwest 796 764 4% 1,712 1,661 3% South Central 1,171 1,180 (1%) 2,304 2,224 4% Mountain States 604 563 7% 1,297 1,194 9% West Coast 750 966 (22%) 1,574 1,962 (20%) ----------- ----------- ----------- ----------- 5,244 5,338 (2%) 10,902 10,875 --% =========== =========== =========== ===========
Effective with the March 31, 2001 quarter's release, Centex has realigned its conventional home building operating units into the above newly designated geographic areas. This realignment and its resulting geographic areas reflect the operational and strategic structure with the conventional home building operation. Attachment 5 Centex Corporation and Subsidiaries Supplemental Home Building Data CONVENTIONAL HOMES RESULTS (dollars in millions, except per unit data)
Quarter Ended September 30, Six Months Ended September 30, -------------------------------------------- ------------------------------------------ 2001 2000 2001 2000 -------------------- -------------------- ------------------- ------------------- Conventional Housing Revenues $1,170.7 100.0% $1,027.0 100.0% $2,209.9 100.0% $1,914.0 100.0% Cost of Sales (868.8) (74.2%) (789.3) (76.9%) (1,641.1) (74.3%) (1,468.8) (76.7%) Selling, General & Administrative (178.9) (15.3%) (148.1) (14.4%) (347.7) (15.7%) (283.1) (14.8%) -------- -------- -------- -------- -------- -------- -------- -------- OPERATING EARNINGS $ 123.0 10.5% $ 89.6 8.7% $ 221.1 10.0% $ 162.1 8.5% ======== ======== ======== ======== ======== ======== ======== ======== Units Closed 5,418 4,901 10,268 9,309 Unit Sales Price $214,004 $203,900 $212,469 $200,308 % Change 5.0% 8.6% 6.1% 6.5% Operating Earnings per Unit $ 22,698 $ 18,274 $ 21,533 $ 17,414 % Change 24.2% 15.2% 23.7% 12.5%
MANUFACTURED HOMES RESULTS (dollars in thousands)
Quarter Ended September 30, Six Months Ended September 30, -------------------------------------------- ------------------------------------------ 2001 2000 2001 2000 -------------------- -------------------- ------------------- ------------------- Manufactured Homes Revenues $ 31,457 100.0% $ 33,797 100.0% $ 59,027 100.0% $ 70,283 100.0% Cost of Sales (26,467) (84.1%) (28,273) (83.6%) (49,824) (84.4%) (57,598) (82.0%) Selling, General & Administrative (4,925) (15.7%) (6,617) (19.6%) (10,694) (18.1%) (13,875) (19.7%) ======== ======== ======== ======== ======== ======== ======== ======== OPERATING EARNINGS $ 65 0.2% $ (1,093) (3.2%) $ (1,491) (2.5%) $ (1,190) (1.7%) ======== ======== ======== ======== ======== ======== ======== ======== UNITS SOLD 1,025 1,129 1,899 2,355 ======== ======== ======== ========
Attachment 6 Centex Corporation and Subsidiaries SUPPLEMENTAL CONSTRUCTION PRODUCTS DATA (volumes in thousands, except Gypsum Wallboard)
Quarter Ended September 30, Six Months Ended September 30, ---------------------------------- ---------------------------------- 2001 2000 Change 2001 2000 Change ---------- ---------- ---------- ---------- ---------- ---------- Cement Sales Volumes (Tons) 720 689 4% 1,393 1,314 6% Average Net Sales Price $ 68.87 $ 68.24 1% $ 68.88 $ 68.35 1% Gypsum Wallboard Sales Volumes (MMSF) 504 363 39% 975 706 38% Average Net Sales Price $ 71.12 $ 100.52 (29%) $ 64.67 $ 113.94 (43%) Paperboard Sales Volumes (Tons) 54 -- N.A. 104 -- N.A. Average Net Sales Price $ 417.51 $ -- N.A. $ 395.27 $ -- N.A. Concrete Sales Volumes (Cubic Yards) 187 238 (21%) 414 447 (7%) Average Net Sales Price $ 56.63 $ 53.29 6% $ 55.67 $ 53.03 5% Aggregates Sales Volumes (Tons) 1,274 1,129 13% 2,419 2,034 19% Average Net Sales Price $ 4.46 $ 4.19 6% $ 4.27 $ 4.22 1%
SUPPLEMENTAL CONTRACTING AND CONSTRUCTION SERVICES DATA (dollars in millions)
Quarter Ended September 30, Six Months Ended September 30, ---------------------------------- ---------------------------------- 2001 2000 Change 2001 2000 Change ---------- ---------- ---------- ---------- ---------- ---------- New Contracts $ 387 $ 416 (7%) $ 777 $ 719 8% ========== ========== ========== ========== Backlog at September 30, $ 2,149 $ 1,472 46% $ 2,149 $ 1,472 46% ========== ========== ========== ==========
Attachment 7 Centex Corporation and Subsidiaries Home Building Margins - Quarterly Summary
For the Quarters Ending, ----------------------------------------------------------------------------------- Fiscal Year Total June 30, 2000 September 30, 2000 December 31, 2000 March 31, 2001 March 31, 2001 ------------------- ------------------ ----------------- ------------------- ------------------- Conventional Housing Revenues $ 887.0 100.0% $1,027.0 100.0% $1,038.8 100.0% $1,403.4 100.0% $4,356.2 100.0% Cost of Sales (679.5) (76.6)% (789.3) (76.9)% (782.4) (75.3)% (1,053.7) (75.1)% (3,304.9) (75.9)% -------- -------- -------- ------ -------- ------ -------- -------- -------- -------- GROSS MARGIN 207.5 23.4% 237.7 23.1% 256.4 24.7% 349.7 24.9% 1,051.3 24.1% Selling, General & Administrative (135.0) (15.2)% (148.1) (14.4)% (155.8) (15.0)% (187.0) (13.3)% (625.9) (14.3)% -------- -------- -------- ------ -------- ------ -------- -------- -------- -------- OPERATING EARNINGS $ 72.5 8.2% $ 89.6 8.7% $ 100.6 9.7% $ 162.7 11.6% $ 425.4 9.8% ======== ======== ======== ====== ======== ====== ======== ======== ======== ======== Units Closed 4,408 4,901 4,893 6,457 20,659 Unit Sales Price $196,314 $203,900 $208,328 $212,165 $205,913 % Change - Prior Year 4.1% 8.6% 10.0% 7.2% 7.5% OPERATING EARNINGS/UNIT $ 16,459 $ 18,274 $ 20,568 $ 25,198 $ 20,594 % Change - Prior Year 9.5% 15.2% 26.1% 26.5% 20.4% GROSS MARGIN PER UNIT $ 47,074 $ 48,500 $ 52,401 $ 54,158 $ 50,888 % Change - Prior Year 6.9% 11.4% 19.8% 20.5% 16.3% SG&A Per Unit $ 30,626 $ 30,218 $ 31,841 $ 28,961 $ 30,297 % Change - Prior Year 5.5% 9.2% 16.1% 15.7% 12.0%
For the Quarters Ending, ----------------------------------------------------------------------------------- Fiscal Year Total June 30, 2001 September 30, 2001 December 31, 2001 March 31, 2002 March 31, 2002 ------------------- ------------------ ----------------- ------------------- ------------------- Conventional Housing Revenues $1,039.2 100.0% $1,170.7 100.0% Cost of Sales (772.4) (74.4)% (868.8) (74.2)% -------- -------- -------- ------ -------- ------ -------- -------- -------- -------- GROSS MARGIN 266.8 25.6% 301.9 25.8% Selling, General & Administrative (168.7) (16.2)% (178.9) (15.3)% -------- -------- -------- ------ -------- ------ -------- -------- -------- -------- OPERATING EARNINGS $ 98.1 9.4% $ 123.0 10.5% ======== ======== ======== ====== ======== ====== ======== ======== ======== ======== Units Closed 4,850 5,418 Unit Sales Price $210,754 $214,004 % Change - Prior Year 7.4% 5.0% OPERATING EARNINGS/UNIT $ 20,231 $ 22,698 % Change - Prior Year 22.9% 24.2% GROSS MARGIN PER UNIT $ 55,010 $ 55,722 % Change - Prior Year 16.9% 14.9% SG&A Per Unit $ 34,784 $ 33,020 % Change - Prior Year 13.6% 9.3%