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SECURITIES AND EXCHANGE COMMISSION 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
Table of Contents
Washington, D.C. 20549
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
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address if changed from last report)
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 Corporations 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. | ||||||||
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
For Additional Information, Contact at (214) 981-5000: CENTEX REPORTS RECORD FIRST QUARTER RESULTS COMPANY ANNOUNCES IT WILL SPIN-OFF 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 for the quarter ended June 30, 2003, the first quarter of
fiscal 2004, were $142,790,000, a 63% gain over last years 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 Centexs 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 Americas
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.
-MORE-
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. Well 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 years
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 years 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
years 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.
-MORE-
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 years 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 Mortgages 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 CHECs 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 CXPs 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.
-MORE-
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 years 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, Centexs 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 years
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.
Centexs 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 Centexs statement of
earnings as discontinued operations.
-MORE-
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 Centexs 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.
Centexs 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 Companys actual performance and results of operations include
the following: general economic conditions and interest rates; the cyclical and
seasonal nature of the Companys 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 Companys markets and businesses; competition; availability of raw
materials; and unexpected operations difficulties. These and other factors are
described in the Companys most recent Annual Report on Form 10-K for the
fiscal year ended March 31, 2003.
NOTE ATTACHMENTS: - MORE -
Attachment 1
Centex Corporation and Subsidiaries
Attachment 2
Centex Corporation and Subsidiaries *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 *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 (dollars in millions, except per unit data)
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,
Attachment 5
Centex Corporation and Subsidiaries
Attachment 6
Centex Corporation and Subsidiaries
Attachment 7
Centex Corporation and Subsidiaries CTX Mortgage Company
CHEC (B & C)
Attachment 8
Centex Corporation and Subsidiaries
Supplemental Construction Products Data Supplemental Construction Services Data
Attachment 9
Centex Corporation And Subsidiaries (dollars in millions)
Page 9 of 11
Attachment 9
Centex Corporation And Subsidiaries For the Fiscal Year Ended March 31, 2002 Page 10 of 11
Attachment 9
Centex Corporation And Subsidiaries (dollars in millions)
Page 11 of 11
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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
Revenues Rise 28%, Net Earnings Grow 63%, Home Sales Up 24%
CENTEX CONSTRUCTION PRODUCTS, INC. (NYSE:CXP)
TO CENTEX SHAREHOLDERS
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
(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
Revenues and Earnings by Lines of Business
(dollars in thousands, except per share data)
Quarter Ended
June 30,
(unaudited)
2003
2002(B)
Change
$
1,504,493
$
1,105,515
36
%
266,860
180,540
48
%
144,089
128,775
12
%
375,755
360,721
4
%
2,745
6,643
(59
%)
22,776
29,219
(22
%)
$
2,316,718
$
1,811,413
28
%
$
156,609
$
100,266
56
%
65,599
24,306
170
%
22,879
27,732
(17
%)
4,559
8,080
(44
%)
4,678
3,397
38
%
(1,573
)
(2,205
)
29
%
252,751
161,576
56
%
(19,232
)
(12,634
)
(16,964
)
(15,334
)
(7,485
)
(8,882
)
209,070
124,726
68
%
(66,736
)
(37,456
)
142,334
87,270
456
485
$
142,790
$
87,755
63
%
$
2.32
$
1.42
63
%
0.01
0.01
$
2.33
$
1.43
63
%
$
2.22
$
1.37
62
%
0.01
0.01
$
2.23
$
1.38
62
%
61,245,265
61,168,777
%
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.
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
$
111
$
470
$
100
$
455
$
11
$
15
214
172
36
8
178
164
5,106
4,643
5,106
4,643
347
303
347
303
727
657
517
459
210
198
3,702
3,413
3,702
3,413
50
50
71
74
61
65
10
9
415
383
870
788
673
681
630
639
43
42
304
305
287
288
17
17
368
399
83
120
285
279
11
110
11
110
$
12,099
$
11,610
$
6,347
$
6,345
$
6,207
$
5,670
$
1,557
$
1,659
$
1,291
$
1,395
$
302
$
290
2,084
2,106
2,084
2,106
5,484
4,999
5,484
4,999
1
19
1
19
224
170
222
168
2
2
2,749
2,657
2,749
2,657
419
379
$
12,099
$
11,610
$
6,347
$
6,345
$
6,207
$
5,670
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
$
143
$
88
$
143
$
88
$
41
$
23
Adjustments -
Depreciation and Amortization
30
24
25
20
5
4
10
8
(47
)
(22
)
14
7
(44
)
35
(44
)
35
(292
)
(353
)
(290
)
(344
)
(2
)
(9
)
(199
)
(115
)
(169
)
(100
)
(20
)
(147
)
(352
)
(313
)
(338
)
(358
)
(6
)
(87
)
(479
)
(242
)
(479
)
(242
)
(26
)
(43
)
(30
)
86
(4
)
3
(505
)
(285
)
(30
)
86
(483
)
(239
)
77
624
(25
)
126
102
498
386
(187
)
3
(8
)
383
(179
)
35
(6
)
35
(6
)
498
431
13
112
485
319
(359
)
(167
)
(355
)
(160
)
(4
)
(7
)
470
219
455
192
15
27
$
111
$
52
$
100
$
32
$
11
$
20
Supplemental Home Building Data
(unaudited)
Quarter Ended June 30,
2003
2002
$
1,477.4
100.0
%
$
1,068.1
100.0
%
(1,102.6
)
(74.6
%)
(798.5
)
(74.8
%)
374.8
25.4
%
269.6
25.2
%
27.1
37.4
(24.8
)
(25.1
)
2.3
12.3
377.1
25.1
%
281.9
25.5
%
(221.7
)
(14.7
%)
(181.8
)
(16.4
%)
1.2
%
0.2
%
$
156.6
10.4
%
$
100.3
9.1
%
6,349
4,995
$
232,699
$
213,825
8.8
%
1.5
%
$
24,667
$
20,073
22.9
%
8.8
%
558
482
15.8
%
0.8
%
2003
2002
64,554
52,451
23.1
%
71,954
55,332
30.0
%
136,508
107,783
26.7
%
Housing Activity by Geographic Area
Closings
Quarter Ended June 30,
2003
2002
Change
1,114
945
18
%
1,126
914
23
%
1,224
872
40
%
1,731
1,499
15
%
1,154
765
51
%
6,349
4,995
27
%
Sales (Orders) Backlog
6/30/03
6/30/02
Change
2,482
1,800
38
%
3,269
2,708
21
%
3,321
2,287
45
%
2,792
2,848
(2
%)
2,247
1,507
49
%
14,111
11,150
27
%
Sales (Orders)
Quarter Ended June 30,
2003
2002
Change
1,448
1,242
17
%
1,682
1,307
29
%
1,625
1,066
52
%
2,265
1,986
14
%
1,390
1,170
19
%
8,410
6,771
24
%
Housing Activity Values by Geographic Area
Housing Revenues - Closings
(dollars in millions)
Quarter Ended June 30,
2003
2002
Change
$
294.7
$
239.0
23
%
243.1
191.8
27
%
255.8
168.0
52
%
259.5
227.2
14
%
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
$
709.4
$
530.8
34
%
811.9
559.8
45
%
658.7
423.2
56
%
438.4
442.5
(1
%)
852.8
503.5
69
%
$
3,471.2
$
2,459.8
41
%
Supplemental Financial Services Data
Quarter Ended June 30,
2003
2002
Change
4,435
3,378
31
%
22,792
12,406
84
%
27,227
15,784
72
%
6,064
4,523
34
%
25,255
11,396
122
%
31,319
15,919
97
%
$
4.55
$
2.48
84
%
$
167,300
$
157,200
6
%
$
1,769
$
943
88
%
Quarter Ended June 30,
2003
2002
Change
8,995
6,359
41
%
80,637
50,044
61
%
$
0.88
$
0.50
76
%
$
97,600
$
78,300
25
%
1.16
%
1.27
%
Servicing Portfolio as of June 30:
2003
2002
Change
65,456
48,674
12,670
16,433
78,126
65,107
20
%
$
5.11
$
3.49
0.75
1.00
$
5.86
$
4.49
31
%
(volumes in thousands, except Gypsum Wallboard)
Quarter Ended June 30,
2003
2002
Change
666
645
3
%
$
66.56
$
67.88
(2
%)
586
454
29
%
$
82.72
$
92.53
(11
%)
67
56
20
%
$
410.15
$
379.68
8
%
209
175
19
%
$
52.97
$
54.88
(3
%)
1,059
1,244
(15
%)
$
5.23
$
4.19
25
%
(dollars in millions)
Quarter Ended June 30,
2003
2002
Change
$
261
$
272
(4
%)
$
1,405
$
2,092
(33
%)
Home Building
Reclassification Support
For the Fiscal Year Ended March 31, 2003
For the Quarter Ended June 30, 2002
Capitalized
Financing
Earnings from
Reported
Interest Relief
Incentives
Unconsol Subs/JVs
Reclassified
$
1,105.7
100.0
%
$
$
$
(0.2
)
$
1,105.5
100.0
%
(812.1
)
(73.5
%)
(8.3
)
(3.2
)
(823.6
)
(74.5
%)
(185.0
)
(16.7
%)
3.2
(181.8
)
(16.4
%)
%
0.2
0.2
%
$
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
$
1,281.5
100.0
%
$
$
$
0.8
$
1,282.3
100.0
%
(947.5
)
(73.9
%)
(10.5
)
(2.8
)
(960.8
)
(74.9
%)
(196.9
)
(15.4
%)
2.8
(194.1
)
(15.1
%)
%
(0.8
)
(0.8
)
(0.1
%)
$
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
$
1,468.5
100.0
%
$
$
$
(11.7
)
$
1,456.8
100.0
%
(1,083.9
)
(73.8
%)
(12.6
)
(3.3
)
(1,099.8
)
(75.5
%)
(213.0
)
(14.5
%)
3.3
(209.7
)
(14.4
%)
%
11.7
11.7
0.8
%
$
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
$
2,078.8
100.0
%
$
$
$
(0.7
)
$
2,078.1
100.0
%
(1,545.0
)
(74.3
%)
(18.1
)
(6.7
)
(1,569.8
)
(75.5
%)
(270.3
)
(13.0
%)
6.7
(263.6
)
(12.7
%)
%
0.7
0.7
%
$
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
$
5,934.5
100.0
%
$
$
$
(11.8
)
$
5,922.7
100.0
%
(4,388.5
)
(73.9
%)
(49.5
)
(16.0
)
(4,454.0
)
(75.2
%)
(865.2
)
(14.6
%)
16.0
(849.2
)
(14.3
%)
%
11.8
11.8
0.2
%
$
680.8
11.5
%
$
(49.5
)
$
$
$
631.3
10.7
%
Home Building
Reclassification Support
(dollars in millions)
For the Quarter Ended June 30, 2001
Capitalized
Financing
Earnings from
Reported
Interest Relief
Incentives
Unconsol Subs/JVs
Reclassified
$
1,039.2
100.0
%
$
$
$
$
1,039.2
100.0
%
(772.3
)
(74.4
%)
(8.6
)
(2.5
)
(783.4
)
(75.4
%)
(168.8
)
(16.2
%)
2.5
(166.3
)
(16.0
%)
%
%
$
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
$
1,170.6
100.0
%
$
$
$
$
1,170.6
100.0
%
(868.7
)
(74.2
%)
(9.1
)
(3.2
)
(881.0
)
(75.3
%)
(178.9
)
(15.3
%)
3.2
(175.7
)
(15.0
%)
%
%
$
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
$
1,210.8
100.0
%
$
$
$
(13.5
)
$
1,197.3
100.0
%
(898.3
)
(74.2
%)
(10.2
)
(3.6
)
(912.1
)
(76.2
%)
(178.0
)
(14.7
%)
3.6
(174.4
)
(14.6
%)
%
13.5
13.5
1.1
%
$
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
$
1,564.2
100.0
%
$
$
$
0.4
$
1,564.6
100.0
%
(1,174.2
)
(75.1
%)
(12.9
)
(5.1
)
(1,192.2
)
(76.2
%)
(218.1
)
(13.9
%)
5.1
(213.0
)
(13.6
%)
%
(0.4
)
(0.4
)
%
$
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
$
4,984.8
100.0
%
$
$
$
(13.1
)
$
4,971.7
100.0
%
(3,713.5
)
(74.5
%)
(40.8
)
(14.4
)
(3,768.7
)
(75.8
%)
(743.8
)
(14.9
%)
14.4
(729.4
)
(14.7
%)
%
13.1
13.1
0.3
%
$
527.5
10.6
%
$
(40.8
)
$
$
$
486.7
9.8
%
Home Building
Reclassification Support
For the Fiscal Years Ended March 31,
For the Fiscal Year Ended March 31, 2001
Capitalized
Financing
Earnings from
Reported
Interest Relief
Incentives
Unconsol Subs/JVs
Reclassified
$
4,356.2
100.0
%
$
$
$
$
4,356.2
100.0
%
(3,304.9
)
(75.9
%)
(35.1
)
(10.9
)
(3,350.9
)
(76.9
%)
(625.9
)
(14.3
%)
10.9
(615.0
)
(14.1
%)
%
%
$
425.4
9.8
%
$
(35.1
)
$
$
$
390.3
9.0
%
CV
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