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 21, 2003

Centex Corporation
(Exact name of registrant as specified in its charter)

Nevada
(State or other jurisdiction of incorporation)

1-6776 (Commission File Number)	75-0778259 (IRS Employer Identification No.)
2728 N. Harwood, Dallas, Texas (Address of principal executive offices)	75201 (Zip code)

(214) 981-5000
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address if changed from last report)

TABLE OF CONTENTS

	Item 7. Financial Statements and Exhibits
	Item 9. Regulation FD Disclosure
SIGNATURES
EXHIBIT INDEX
EX-99.1 Press Release

Item 7. Financial Statements and Exhibits.

Exhibit
Number	Description
99.1	Press Release dated 7/21/03.

Item 9. Regulation FD Disclosure.

     On 7/21/03, Centex Corporation, a Nevada corporation (the “Corporation”), announced its first quarter net earnings for the quarter ended 6/30/03. A copy of the Corporation’s press release announcing these financial results, which is attached as Exhibit 99.1 hereto and incorporated by reference, is being furnished under this Item 9 in accordance with the provisions of Regulation FD (17 CFR §§ 243.100 et seq.). This information is being provided under Item 9 and Item 12.(Disclosure of results of operations and financial condition).

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 hereunto duly authorized.

CENTEX CORPORATION
By:	/s/ Raymond G. Smerge Name: Raymond G. Smerge Title:   Executive Vice President,             Chief Legal Officer and Secretary

Date: 7/21/03

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release dated 7/21/03.

EX-99.1 3 d07539exv99w1.htm EX-99.1 PRESS RELEASE

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

For Additional Information, Contact at (214) 981-5000:
Laurence E. Hirsch, Chairman and Chief Executive Officer
Leldon E. Echols, Executive Vice President and Chief Financial Officer
Matthew G. Moyer, Vice President-Investor Relations
http://www.centex.com

CENTEX REPORTS RECORD FIRST QUARTER RESULTS
Revenues Rise 28%, Net Earnings Grow 63%, Home Sales Up 24%

COMPANY ANNOUNCES IT WILL SPIN-OFF
CENTEX CONSTRUCTION PRODUCTS, INC. (NYSE:CXP)
TO CENTEX SHAREHOLDERS

DALLAS (July 21, 2003): Centex Corporation (NYSE: CTX) today reported record net earnings and homes sales for any first quarter in company history.

Highlights of the quarter ended June 30, 2003 included:

• Net earnings of $2.23 per diluted share, up 62% vs. same quarter last year

• Home closings up 27% and home sales up 24% vs. same quarter last year

• Home Building operating margin improvement of 130 basis points vs. same quarter last year

• Dollar value of home building backlog up 41% to $3.5 billion vs. same quarter last year

• CTX Mortgage operating earnings of $48 million, up 223% vs. same quarter last year

• EPS guidance for FY 2004 increasing to a range of $10.25 to $10.75 per diluted share

     Net earnings for the quarter ended June 30, 2003, the first quarter of fiscal 2004, were $142,790,000, a 63% gain over last year’s quarterly net earnings of $87,755,000. Diluted earnings per share of $2.23 for the quarter this year were 62% higher than diluted earnings per share of $1.38 for the same quarter in fiscal 2003. The earnings for the quarter reflect a $0.03 per share impact of Centex’s previously announced, industry-leading decision to expense stock options beginning this fiscal year. Consolidated revenues for the quarter this year were $2,316,718,000, a 28% gain over $1,811,413,000 for the same quarter a year ago.

     Through its subsidiaries, Dallas-based Centex ranks as one of America’s premier companies in the Home Building, Financial Services, Home Services and Construction Services industries. Centex also has an Investment Real Estate operation and is the majority owner of a publicly held Construction Products company.

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CENTEX REPORTS RECORD FIRST QUARTER RESULTS, Page 2 of 5

     “We could not be more pleased with the outstanding results posted in the quarter,” said Larry Hirsch, Centex Corporation Chairman and CEO. “The current interest rate environment appears to indicate the economy is getting stronger, which will be good news for our business. Additionally, as fully described in our separate press release, we have announced we will spin off our interest in Centex Construction Products to our shareholders. The value of the CXP dividend, combined with the value of the Cavco spin-off and our normal cash dividend, will result in a total payout of over $8 per share to our shareholders in fiscal 2004.”

     “Based on the continued strength of our home building operations and the resiliency of the retail mortgage origination market, Centex has posted yet another record quarter,” said Tim Eller, President and COO of Centex Corporation. “Demand in the housing and related financial services sectors should remain solid for the foreseeable future. We’ll continue to increase our share of those markets through internal growth. Our organic growth strategy produces predictable, sustainable growth rates. Building our businesses with our own people, in our own way and supplementing that growth with targeted acquisitions has been a long-time Centex strategy.”

     “We have achieved tremendous operating results for this fiscal year’s first quarter while strengthening our balance sheet,” said Lel Echols, Executive Vice President and CFO of Centex Corporation. “Based on the strength of the first quarter and the outlook for the remainder of the fiscal year, we are raising our earnings guidance for fiscal 2004 to a range of $10.25 to $10.75 per diluted share from $9.50 to $10.50. The fundamentals and prospects for the future performance of Centex have never been stronger.”

HOME BUILDING

     Operating earnings from Centex Homes were $156.6 million for the quarter this year, 56% higher than $100.3 million for the same quarter a year ago. Centex Homes’ operating margin of 10.4% for this year’s quarter rose primarily due to continued cost reductions, process improvements and overhead leverage. Revenues from Centex Homes were $1.50 billion for the quarter this year, a 36% gain over revenues of $1.11 billion for the same quarter a year ago.

     “Our strong 24% growth in new orders in the first quarter reflected strength in the first-time homebuyer segment of our business. Additionally, growth rates so far in the second quarter have been consistent with this trend,” said Andy Hannigan, Chairman and CEO of Centex Homes. “Our organic growth model continues to produce impressive market share gains complemented by our strategic geographical acquisitions.”

FINANCIAL SERVICES

     Operating earnings from Financial Services were $65.6 million for this year’s first quarter, up 170% for the same quarter last year. Revenues from this segment were $267 million for the quarter this year, 48% higher than $181 million for the same quarter last year.

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CENTEX REPORTS RECORD FIRST QUARTER RESULTS, Page 3 of 5

CTX Mortgage Company

     Operating earnings from CTX Mortgage Company and related entities totaled $48.1 million for this year’s first quarter versus $14.9 million for the same quarter a year ago. Loan originations grew 72%, primarily due to a substantial increase in refinancing activity for the quarter this year versus a year ago. Refinanced mortgages accounted for 51% of originations for the quarter this year compared to 21% for the same quarter last year. CTX Mortgage’s “capture” rate of Centex Homes’ buyers was 74% for the quarter this year versus 72% for the same quarter in fiscal 2003.

     “We have managed the continued strength in the refinance market without material additions to our overhead structure,” said John Matthews, Chairman and CEO of CTX Mortgage. “We remain poised to react quickly as mortgage rates begin to move upward. In addition, our 20% increase in loan officers during the last two years should generate significant volumes for us in the future. I am proud of our employees who have gone the extra mile during this record-setting period.”

Centex Home Equity Company

     Centex Home Equity Company (CHEC) reported operating earnings of $14.2 million for the quarter this year compared to operating earnings of $10.7 million for the same quarter in fiscal 2003. The portion of CHEC’s loan servicing portfolio on which it earns an interest margin under the “Portfolio Accounting Method” has reached $5.1 billion and continues to grow.

     “The performance of our portfolio has continued to be outstanding, with 90+ day delinquencies declining to 3.1% from 3.2% last quarter,” said Tony Barone, President and CEO of Centex Home Equity Company. “The industry, however, has experienced rising 90+ day delinquencies in their servicing portfolios this year. We feel CHEC was better prepared to handle the growth in servicing and to deal with a more financially challenged consumer. This was reaffirmed by a recent servicing upgrade from RPS2 to RPS2+ at Fitch. This rating places CHEC among the best servicers in the sub-prime industry.”

CONSTRUCTION PRODUCTS

     Operating earnings for Centex Construction Products, Inc. (CXP) were $22.9 million for the quarter this year, a decline of 17% compared to $27.7 million for the same quarter last year. The decline resulted from lower cement and gypsum wallboard prices, partially offset by higher paperboard prices and lower interest expense. Revenues from CXP were $144.1 million for the quarter this year, 12% higher than $128.8 million last year.

     As detailed in a separate press release issued today, Centex Corporation is announcing its intention to spin off Centex Construction Products, Inc. (NYSE: CXP) to its shareholders. It is anticipated that the tax-free spin-off will be completed on or about December 31, 2003. Centex believes that the spin-off of CXP will benefit both companies because, among other considerations, it will eliminate competition for capital between CXP and the other businesses of Centex, and will allow management of each company to focus on the opportunities and challenges specific to its respective business. Based on CXP’s closing price of $38.27 today, the CXP shares to be distributed have a value of approximately $458 million, or $7.40 per share of Centex common stock. The impact of the spin-off on Centex earnings is estimated at approximately $0.15 per share for the quarter beginning January 1, 2004. Centex believes that the spin-off will not affect its credit ratings.

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CENTEX REPORTS RECORD FIRST QUARTER RESULTS, Page 4 of 5

CONSTRUCTION SERVICES

     Operating earnings from Construction Services were $4.6 million for the quarter this year, versus $8.1 million for the same quarter in fiscal 2003. The operating margin was 1.2% this year versus 2.2% for last year’s first quarter. Revenues from this segment were $375.8 million for the quarter this year, 4% more than $360.7 million for the same quarter last year. Construction Services received $261 million of new contracts for the quarter this year, 4% less than $272 million of new contracts received in the year-ago quarter. The backlog of uncompleted construction contracts at June 30, 2003 was $1.4 billion, a 33% decrease compared to the contract backlog reported at June 30, 2002. The commercial construction environment remains challenged but should rebound as the economy strengthens.

     “While commercial construction activity has slowed nationwide, Centex Construction Group remains well positioned, taking advantage of both its presence in diverse geographic markets and its strength in vertical markets, specifically: education, corrections, aviation, and healthcare,” said Robert C. Van Cleave, Chairman, President, and CEO of Centex Construction Group. “As we continue to grow in our focused markets, Centex Construction Group will remain a leader within the commercial construction industry in performance, backlog, and profitability.”

INVESTMENT REAL ESTATE

     For the quarter ended June 30, 2003, Centex’s Investment Real Estate operation, through which all investment property transactions are reported, had operating earnings of $4.7 million, 38% more than the $3.4 million reported for the same quarter last year. The results from Investment Real Estate were affected by fewer transactions during the quarter this year, more than offset by increased earnings from Fairclough Homes.

     London, England-based Fairclough Homes, which is owned by Centex Development Company, L. P., closed 313 homes during the first quarter of fiscal 2004 versus 269 units for the same quarter last year. Fairclough reported operating earnings of $4.8 million this quarter versus an operating loss of $370,000 for the first quarter a year ago, achieving improved cost leverage with the increase in units.

OTHER

     Home Services reported an operating loss of $1.3 million for the quarter this year versus an operating loss of $1.6 million for the same quarter in fiscal 2003, as it continues to focus on its strategy of growing the pest defense business. Revenues for this segment were $22.8 million for this year’s quarter versus $29.2 million for the same quarter last year due to the reduction in revenues from the chemical lawn care business, which Centex sold in August 2002. The number of pest defense customers rose by 7% in the quarter to 237,000 making HomeTeam the fifth largest pest control company in the United States.

     Centex’s manufactured homes unit, Cavco, was successfully spun out to shareholders on June 30 of this year. Results from Cavco and the other manufactured housing related businesses are presented in Centex’s statement of earnings as discontinued operations.

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Page 10 of 11

CENTEX REPORTS RECORD FIRST QUARTER RESULTS, Page 5 of 5

     Home Building results for the quarter reflect reclassifications that have been made to the statement of earnings related to interest expense, financing incentives and earnings from joint ventures. Prior year balances have been reclassified to be consistent with the June 30, 2003 presentation (see Attachment 9). These reclassifications have no impact on reported net earnings and are being made as a part of Centex’s ongoing efforts to improve the transparency of financial reporting and disclosure.

OUTLOOK

     Based on the strength of the homebuilding operations and its record backlog, as well as the execution of the organic growth strategy at the other business units, Centex is increasing its earnings per diluted share guidance to a range of $10.25 to $10.75 for fiscal 2004. This revised earnings guidance takes into consideration the impact of the proposed spin-off of CXP in the fourth quarter, as well as the completed spin-off of Cavco. Achievement of this level of earnings will result in an eighth consecutive record year for Centex.

     Centex’s senior management will conduct a conference call to discuss the first quarter financial results, as well as its outlook for the remainder of fiscal 2004, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on Tuesday, July 22. The conference call, accompanied by a slide presentation, will be webcast simultaneously on the Centex Web site at http://www.centex.com. A replay of the webcast, as well as the presentation, will be archived on that site for one year.

# # #

Forward-Looking Statements. This press release 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 regulations; changes in governmental and public policy; changes in economic conditions specific to any one or more of the Company’s markets and businesses; competition; availability of raw materials; and unexpected operations difficulties. These and other factors are described in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2003.

NOTE ATTACHMENTS:
(1) Revenues and Earnings by Lines of Business (Quarter)
(2) Condensed Consolidated Balance Sheets
(3) Condensed Consolidated Cash Flows
(4) Supplemental Home Building Data
(5) Housing Activity by Geographic Area
(6) Housing Activity Dollar Values by Geographic Area
(7) Supplemental Financial Services Data
(8) Supplemental Construction Products Data
      Supplemental Construction Services Data
(9) Reclassifications Support

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Attachment 1

Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands, except per share data)

							Quarter Ended
							June 30,
							(unaudited)
				2003			2002(B)			Change
Revenues
		Home Building		$	1,504,493		$	1,105,515			36	%
		Financial Services			266,860			180,540			48	%
		Construction Products			144,089			128,775			12	%
		Construction Services			375,755			360,721			4	%
		Investment Real Estate			2,745			6,643			(59	%)
		Other			22,776			29,219			(22	%)
	Total			$	2,316,718		$	1,811,413			28	%
Operating Earnings
		Home Building		$	156,609		$	100,266			56	%
		Financial Services			65,599			24,306			170	%
		Construction Products			22,879			27,732			(17	%)
		Construction Services			4,559			8,080			(44	%)
		Investment Real Estate			4,678			3,397			38	%
		Other			(1,573	)		(2,205	)		29	%
	Total Operating Earnings				252,751			161,576			56	%
		Corporate General Expenses			(19,232	)		(12,634	)
		Interest Expense			(16,964	)		(15,334	)
		Minority Interest in Construction Products			(7,485	)		(8,882	)
Earnings from Continuing Operations Before Income Taxes					209,070			124,726			68	%
Income Taxes					(66,736	)		(37,456	)
Net Earnings from Continuing Operations					142,334			87,270
Net Earnings from Discontinued Operations (A)					456			485
Net Earnings				$	142,790		$	87,755			63	%
Earnings Per Share — Basic
	Earnings per Share — Continuing Operations			$	2.32		$	1.42			63	%
	Earnings per Share — Discontinued Operations				0.01			0.01
			Earnings Per Share — Basic	$	2.33		$	1.43			63	%
Earnings Per Share — Diluted
	Earnings per Share — Continuing Operations			$	2.22		$	1.37			62	%
	Earnings per Share — Discontinued Operations				0.01			0.01
			Earnings Per Share — Diluted	$	2.23		$	1.38			62	%
Average Shares Outstanding:
	Basic				61,245,265			61,168,777			—	%
	Diluted				63,932,846			63,597,116			1	%

(A)	Includes the operations spun-off in the Cavco transaction and other discontinued manufactured housing operations.
(B)	Certain prior year items have been reclassified to conform to current period classifications.

Attachment 2

Centex Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in millions)

			Centex Corporation and Subsidiaries				Centex Corporation**				Financial Services
			June 30		March 31,		June 30		March 31,		June 30		March 31,
			2003*		2003		2003 *		2003		2003*		2003
Assets
	Cash -
		Unrestricted	$	111	$	470	$	100	$	455	$	11	$	15
		Restricted		214		172		36		8		178		164
	Receivables -
		Residential Mortgage Loans Held for Investment		5,106		4,643		—		—		5,106		4,643
		Residential Mortgage Loans Held for Sale		347		303		—		—		347		303
		Other Receivables		727		657		517		459		210		198
	Inventories -
		Homebuilding		3,702		3,413		3,702		3,413		—		—
		Land Held Under Option Agreements not Owned		50		—		50		—		—		—
		Construction Products and Other		71		74		61		65		10		9
	Investments (primarily in CDC)			415		383		870		788		—		—
	Property and Equipment, net			673		681		630		639		43		42
	Goodwill			304		305		287		288		17		17
	Deferred Charges and Other Assets			368		399		83		120		285		279
	Assets from Discontinued Operations			11		110		11		110		—		—
			$	12,099	$	11,610	$	6,347	$	6,345	$	6,207	$	5,670
Liabilities and Stockholders’ Equity
	Accounts Payable and Accrued Liabilities		$	1,557	$	1,659	$	1,291	$	1,395	$	302	$	290
	Debt
		Non-Financial Services		2,084		2,106		2,084		2,106		—		—
		Financial Services		5,484		4,999		—		—		5,484		4,999
	Liabilities from Discontinued Operations			1		19		1		19		—		—
	Minority Interests			224		170		222		168		2		2
	Stockholders’ Equity			2,749		2,657		2,749		2,657		419		379
			$	12,099	$	11,610	$	6,347	$	6,345	$	6,207	$	5,670

*June 30, 2003 balances are unaudited.

**In the supplemental data presented above, “Centex Corporation” represents the consolidation 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.

***We believe that separate disclosure of the consolidating information is useful because the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand-alone basis; and we have limited obligations with respect to the indebtedness of our Financial Services subsidiaries. Management uses this information in its financial and strategic planning.

Attachment 3

Centex Corporation and Subsidiaries
Condensed Consolidated Cash Flows
(Dollars in millions)

			Centex Corporation and Subsidiaries						Centex Corporation**						Financial Services
			For the Three Months Ended June 30,						For the Three Months Ended June 30,						For the Three Months Ended June 30,
			2003 *			2002			2003 *			2002			2003 *			2002
Cash Flows — Operating Activities
	Net Earnings		$	143		$	88		$	143		$	88		$	41		$	23
	Adjustments -
		Depreciation and Amortization		30			24			25			20			5			4
		Other Noncash Adjustments		10			8			(47	)		(22	)		14			7
	Decrease (Increase) in Loans Held for Sale			(44	)		35			—			—			(44	)		35
	Increase in Inventories			(292	)		(353	)		(290	)		(344	)		(2	)		(9	)
	Other Operating Activities			(199	)		(115	)		(169	)		(100	)		(20	)		(147	)
				(352	)		(313	)		(338	)		(358	)		(6	)		(87	)
Cash Flows — Investing Activities
	Increase in Loans Held for Investment			(479	)		(242	)		—			—			(479	)		(242	)
	Other Investing Activities			(26	)		(43	)		(30	)		86			(4	)		3
				(505	)		(285	)		(30	)		86			(483	)		(239	)
Cash Flows — Financing Activities
	Increase (Decrease) in Short-Term Debt, net			77			624			(25	)		126			102			498
	Issuance (Repayment) of Long-Term Debt, net			386			(187	)		3			(8	)		383			(179	)
	Other Financing Activities			35			(6	)		35			(6	)		—			—
				498			431			13			112			485			319
	Net Decrease in Cash and Cash Equivalents			(359	)		(167	)		(355	)		(160	)		(4	)		(7	)
	Cash and Cash Equivalents at Beginning of Period			470			219			455			192			15			27
	Cash and Cash Equivalents at End of Period		$	111		$	52		$	100		$	32		$	11		$	20

*June 30, 2003 balances are unaudited.

**In the supplemental data presented above, “Centex Corporation” represents the consolidation 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 cash flows.

***We believe that separate disclosure of the consolidating information is useful because the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand-alone basis; and we have limited obligations with respect to the indebtedness of our Financial Services subsidiaries. Management uses this information in its financial and strategic planning.

Attachment 4

Centex Corporation and Subsidiaries
Supplemental Home Building Data
(unaudited)

(dollars in millions, except per unit data)

				Quarter Ended June 30,
				2003					2002
HOME BUILDING MARGINS
	Revenues — Housing			$	1,477.4		100.0	%	$	1,068.1		100.0	%
	Cost of Sales — Housing				(1,102.6	)	(74.6	%)		(798.5	)	(74.8	%)
			Gross Margin — Housing		374.8		25.4	%		269.6		25.2	%
	Revenues — Land Sales & Other				27.1					37.4
	Cost of Sales — Land Sales & Other				(24.8	)				(25.1	)
			Gross Margin — Land Sales & Other		2.3					12.3
	Total Gross Margin				377.1		25.1	%		281.9		25.5	%
	Selling, General & Administrative, net				(221.7	)	(14.7	%)		(181.8	)	(16.4	%)
	Other Income				1.2		—	%		0.2		—	%
		Operating Earnings		$	156.6		10.4	%	$	100.3		9.1	%
	Units Closed				6,349					4,995
	Average Unit Sales Price			$	232,699				$	213,825
		% Change			8.8	%				1.5	%
	Operating Earnings per Unit			$	24,667				$	20,073
		% Change			22.9	%				8.8	%
	Average Neighborhoods				558					482
		% Change			15.8	%				0.8	%

Beginning with the June 30, 2003 quarter, Centex has reclassified interest cost relieved from inventory as cost of sales and reclassified certain costs between cost of sales and SG&A. Prior year items have been reclassified to conform to the current period classifications (See Attachment 9).

LOT POSITION AS OF JUNE 30,

			2003		2002
Lot Owned and Controlled:
	Lots Owned			64,554		52,451	23.1	%
	Lots Controlled			71,954		55,332	30.0	%
		Total		136,508		107,783	26.7	%

Attachment 5

Centex Corporation and Subsidiaries
Housing Activity by Geographic Area

	Closings
	Quarter Ended June 30,
	2003		2002		Change
Mid-Atlantic		1,114		945		18	%
Southeast		1,126		914		23	%
Midwest		1,224		872		40	%
Southwest		1,731		1,499		15	%
West Coast		1,154		765		51	%
		6,349		4,995		27	%

	Sales (Orders) Backlog
	6/30/03		6/30/02		Change
Mid-Atlantic		2,482		1,800		38	%
Southeast		3,269		2,708		21	%
Midwest		3,321		2,287		45	%
Southwest		2,792		2,848		(2	%)
West Coast		2,247		1,507		49	%
		14,111		11,150		27	%

	Sales (Orders)
	Quarter Ended June 30,
	2003		2002		Change
Mid-Atlantic		1,448		1,242		17	%
Southeast		1,682		1,307		29	%
Midwest		1,625		1,066		52	%
Southwest		2,265		1,986		14	%
West Coast		1,390		1,170		19	%
		8,410		6,771		24	%

Attachment 6

Centex Corporation and Subsidiaries
Housing Activity Values by Geographic Area

	Housing Revenues - Closings
	(dollars in millions)
	Quarter Ended June 30,
	2003		2002		Change
Mid-Atlantic	$	294.7	$	239.0		23	%
Southeast		243.1		191.8		27	%
Midwest		255.8		168.0		52	%
Southwest		259.5		227.2		14	%
West Coast		424.3		242.1		75	%
	$	1,477.4	$	1,068.1		38	%

	Sales (Orders) Backlog Value
	(dollars in millions)
	6/30/03		6/30/02		Change
Mid-Atlantic	$	709.4	$	530.8		34	%
Southeast		811.9		559.8		45	%
Midwest		658.7		423.2		56	%
Southwest		438.4		442.5		(1	%)
West Coast		852.8		503.5		69	%
	$	3,471.2	$	2,459.8		41	%

Attachment 7

Centex Corporation and Subsidiaries
Supplemental Financial Services Data

CTX Mortgage Company

				Quarter Ended June 30,
				2003		2002		Change
Originations
		Builder			4,435		3,378		31	%
		Retail			22,792		12,406		84	%
			Total		27,227		15,784		72	%
Applications
		Builder			6,064		4,523		34	%
		Retail			25,255		11,396		122	%
			Total		31,319		15,919		97	%
Loan Volume (in billions)				$	4.55	$	2.48		84	%
Average Loan Size				$	167,300	$	157,200		6	%
	Operating Profit per Loan			$	1,769	$	943		88	%

CHEC (B & C)

				Quarter Ended June 30,
				2003			2002			Change
Originations					8,995			6,359			41	%
Applications					80,637			50,044			61	%
Loan Volume (in billions)				$	0.88		$	0.50			76	%
Average Loan Size				$	97,600		$	78,300			25	%
Earnings As a % of Average “Owned” Portfolio					1.16	%		1.27	%
Servicing Portfolio as of June 30:				2003			2002			Change
	Number of Loans:
		Portfolio Accounting Method			65,456			48,674
		Other			12,670			16,433
			Total		78,126			65,107			20	%
	Servicing Portfolio ($ in billions):
		Portfolio Accounting Method		$	5.11		$	3.49
		Other			0.75			1.00
			Total	$	5.86		$	4.49			31	%

Attachment 8

Centex Corporation and Subsidiaries

Supplemental Construction Products Data
(volumes in thousands, except Gypsum Wallboard)

		Quarter Ended June 30,
			2003		2002		Change
Cement
	Sales Volumes (Tons)			666		645		3	%
	Average Net Sales Price		$	66.56	$	67.88		(2	%)
Gypsum Wallboard
	Sales Volumes (MMSF)			586		454		29	%
	Average Net Sales Price		$	82.72	$	92.53		(11	%)
Paperboard
	Sales Volumes (Tons)			67		56		20	%
	Average Net Sales Price		$	410.15	$	379.68		8	%
Concrete
	Sales Volumes (Cubic Yards)			209		175		19	%
	Average Net Sales Price		$	52.97	$	54.88		(3	%)
Aggregates
	Sales Volumes (Tons)			1,059		1,244		(15	%)
	Average Net Sales Price		$	5.23	$	4.19		25	%

Supplemental Construction Services Data
(dollars in millions)

	Quarter Ended June 30,
	2003		2002		Change
New Contracts	$	261	$	272		(4	%)
Backlog at June 30,	$	1,405	$	2,092		(33	%)

Attachment 9

Centex Corporation And Subsidiaries
Home Building
Reclassification Support
For the Fiscal Year Ended March 31, 2003

(dollars in millions)

		For the Quarter Ended June 30, 2002
							Capitalized			Financing			Earnings from
		Reported					Interest Relief			Incentives			Unconsol Subs/JVs			Reclassified
Revenues		$	1,105.7		100.0	%	$	—		$	—		$	(0.2	)	$	1,105.5		100.0	%
Cost of Sales			(812.1	)	(73.5	%)		(8.3	)		(3.2	)		—			(823.6	)	(74.5	%)
Selling, General & Administrative			(185.0	)	(16.7	%)		—			3.2			—			(181.8	)	(16.4	%)
Earnings from Unconsol Subs/JVs			—		—	%		—			—			0.2			0.2		—	%
	Operating Earnings	$	108.6		9.8	%	$	(8.3	)	$	—		$	—		$	100.3		9.1	%

		For the Quarter Ended September 30, 2002
							Capitalized			Financing			Earnings from
		Reported					Interest Relief			Incentives			Unconsol Subs/JVs			Reclassified
Revenues		$	1,281.5		100.0	%	$	—		$	—		$	0.8		$	1,282.3		100.0	%
Cost of Sales			(947.5	)	(73.9	%)		(10.5	)		(2.8	)		—			(960.8	)	(74.9	%)
Selling, General & Administrative			(196.9	)	(15.4	%)		—			2.8			—			(194.1	)	(15.1	%)
Earnings from Unconsol Subs/JVs			—		—	%		—			—			(0.8	)		(0.8	)	(0.1	%)
	Operating Earnings	$	137.1		10.7	%	$	(10.5	)	$	—		$	—		$	126.6		9.9	%

		For the Quarter Ended December 31, 2002
							Capitalized			Financing			Earnings from
		Reported					Interest Relief			Incentives			Unconsol Subs/JVs			Reclassified
Revenues		$	1,468.5		100.0	%	$	—		$	—		$	(11.7	)	$	1,456.8		100.0	%
Cost of Sales			(1,083.9	)	(73.8	%)		(12.6	)		(3.3	)		—			(1,099.8	)	(75.5	%)
Selling, General & Administrative			(213.0	)	(14.5	%)		—			3.3			—			(209.7	)	(14.4	%)
Earnings from Unconsol Subs/JVs			—		—	%		—			—			11.7			11.7		0.8	%
	Operating Earnings	$	171.6		11.7	%	$	(12.6	)	$	—		$	—		$	159.0		10.9	%

		For the Quarter Ended March 31, 2003
							Capitalized			Financing			Earnings from
		Reported					Interest Relief			Incentives			Unconsol Subs/JVs			Reclassified
Revenues		$	2,078.8		100.0	%	$	—		$	—		$	(0.7	)	$	2,078.1		100.0	%
Cost of Sales			(1,545.0	)	(74.3	%)		(18.1	)		(6.7	)		—			(1,569.8	)	(75.5	%)
Selling, General & Administrative			(270.3	)	(13.0	%)		—			6.7			—			(263.6	)	(12.7	%)
Earnings from Unconsol Subs/JVs			—		—	%		—			—			0.7			0.7		—	%
	Operating Earnings	$	263.5		12.7	%	$	(18.1	)	$	—		$	—		$	245.4		11.8	%

		For the Fiscal Year Ended March 31, 2003
							Capitalized			Financing			Earnings from
		Reported					Interest Relief			Incentives			Unconsol Subs/JVs			Reclassified
Revenues		$	5,934.5		100.0	%	$	—		$	—		$	(11.8	)	$	5,922.7		100.0	%
Cost of Sales			(4,388.5	)	(73.9	%)		(49.5	)		(16.0	)		—			(4,454.0	)	(75.2	%)
Selling, General & Administrative			(865.2	)	(14.6	%)		—			16.0			—			(849.2	)	(14.3	%)
Earnings from Unconsol Subs/JVs			—		—	%		—			—			11.8			11.8		0.2	%
	Operating Earnings	$	680.8		11.5	%	$	(49.5	)	$	—		$	—		$	631.3		10.7	%

Page 9 of 11

Attachment 9

Centex Corporation And Subsidiaries
Home Building
Reclassification Support

For the Fiscal Year Ended March 31, 2002
(dollars in millions)

		For the Quarter Ended June 30, 2001
							Capitalized			Financing			Earnings from
		Reported					Interest Relief			Incentives			Unconsol Subs/JVs		Reclassified
Revenues		$	1,039.2		100.0	%	$	—		$	—		$	—	$	1,039.2		100.0	%
Cost of Sales			(772.3	)	(74.4	%)		(8.6	)		(2.5	)		—		(783.4	)	(75.4	%)
Selling, General & Administrative			(168.8	)	(16.2	%)		—			2.5			—		(166.3	)	(16.0	%)
Earnings from Unconsol Subs/JVs			—		—	%		—			—			—		—		—	%
	Operating Earnings	$	98.1		9.4	%	$	(8.6	)	$	—		$	—	$	89.5		8.6	%

		For the Quarter Ended September 30, 2001
							Capitalized			Financing			Earnings from
		Reported					Interest Relief			Incentives			Unconsol Subs/JVs		Reclassified
Revenues		$	1,170.6		100.0	%	$	—		$	—		$	—	$	1,170.6		100.0	%
Cost of Sales			(868.7	)	(74.2	%)		(9.1	)		(3.2	)		—		(881.0	)	(75.3	%)
Selling, General & Administrative			(178.9	)	(15.3	%)		—			3.2			—		(175.7	)	(15.0	%)
Earnings from Unconsol Subs/JVs			—		—	%		—			—			—		—		—	%
	Operating Earnings	$	123.0		10.5	%	$	(9.1	)	$	—		$	—	$	113.9		9.7	%

		For the Quarter Ended December 31, 2001
							Capitalized			Financing			Earnings from
		Reported					Interest Relief			Incentives			Unconsol Subs/JVs			Reclassified
Revenues		$	1,210.8		100.0	%	$	—		$	—		$	(13.5	)	$	1,197.3		100.0	%
Cost of Sales			(898.3	)	(74.2	%)		(10.2	)		(3.6	)		—			(912.1	)	(76.2	%)
Selling, General & Administrative			(178.0	)	(14.7	%)		—			3.6			—			(174.4	)	(14.6	%)
Earnings from Unconsol Subs/JVs			—		—	%		—			—			13.5			13.5		1.1	%
	Operating Earnings	$	134.5		11.1	%	$	(10.2	)	$	—		$	—		$	124.3		10.3	%

		For the Quarter Ended March 31, 2002
							Capitalized			Financing			Earnings from
		Reported					Interest Relief			Incentives			Unconsol Subs/JVs			Reclassified
Revenues		$	1,564.2		100.0	%	$	—		$	—		$	0.4		$	1,564.6		100.0	%
Cost of Sales			(1,174.2	)	(75.1	%)		(12.9	)		(5.1	)		—			(1,192.2	)	(76.2	%)
Selling, General & Administrative			(218.1	)	(13.9	%)		—			5.1			—			(213.0	)	(13.6	%)
Earnings from Unconsol Subs/JVs			—		—	%		—			—			(0.4	)		(0.4	)	—	%
	Operating Earnings	$	171.9		11.0	%	$	(12.9	)	$	—		$	—		$	159.0		10.2	%

		For the Fiscal Year Ended March 31, 2002
							Capitalized			Financing			Earnings from
		Reported					Interest Relief			Incentives			Unconsol Subs/JVs			Reclassified
Revenues		$	4,984.8		100.0	%	$	—		$	—		$	(13.1	)	$	4,971.7		100.0	%
Cost of Sales			(3,713.5	)	(74.5	%)		(40.8	)		(14.4	)		—			(3,768.7	)	(75.8	%)
Selling, General & Administrative			(743.8	)	(14.9	%)		—			14.4			—			(729.4	)	(14.7	%)
Earnings from Unconsol Subs/JVs			—		—	%		—			—			13.1			13.1		0.3	%
	Operating Earnings	$	527.5		10.6	%	$	(40.8	)	$	—		$	—		$	486.7		9.8	%

Page 10 of 11

Attachment 9

Centex Corporation And Subsidiaries
Home Building
Reclassification Support
For the Fiscal Years Ended March 31,

(dollars in millions)

		For the Fiscal Year Ended March 31, 2001
							Capitalized			Financing			Earnings from
		Reported					Interest Relief			Incentives			Unconsol Subs/JVs		Reclassified
Revenues		$	4,356.2		100.0	%	$	—		$	—		$	—	$	4,356.2		100.0	%
Cost of Sales			(3,304.9	)	(75.9	%)		(35.1	)		(10.9	)		—		(3,350.9	)	(76.9	%)
Selling, General & Administrative			(625.9	)	(14.3	%)		—			10.9			—		(615.0	)	(14.1	%)
Earnings from Unconsol Subs/JVs			—		—	%		—			—			—		—		—	%
	Operating Earnings	$	425.4		9.8	%	$	(35.1	)	$	—		$	—	$	390.3		9.0	%

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EX-99.1

exv99w1