exv99w1

EXHIBIT 99.1

(CENTEX LOGO)

FOR IMMEDIATE RELEASE

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

CENTEX REPORTS RECORD SECOND QUARTER RESULTS
RAISES EARNINGS GUIDANCE FOR FISCAL YEAR 2005

DALLAS - October 26, 2004: Centex Corporation (NYSE: CTX) today reported the highest revenues, operating earnings and earnings per diluted share for any second quarter in its history.

Highlights of the quarter ended September 30, 2004 (compared to last year’s second quarter):

• Domestic home building operating earnings increased 38%; operating margin was 13.3%, up 130 basis points.

• Domestic home closings increased 13%; sales (orders) rose 6%; backlog rose 16% to 17,727 units.

• Net earnings were up 13% to $210.6 million.

• Earnings per diluted share from continuing operations grew 10% to $1.61.

“Our results for the second quarter of fiscal year 2005 were excellent,” said Chairman and CEO Tim Eller. “Home building continued its strong growth pattern, while conventional mortgage lending’s earnings reflect the anticipated decline in refinancing activity. Centex Home Equity’s earnings contribution increased significantly, consistent with our expectations for this business. All of our businesses are operating as planned, which provides us with confidence as we look to the remainder of fiscal 2005 and beyond.”

“As we look forward to continuing the execution of our growth plans in each of our businesses, including a more robust growth in neighborhoods for home building, we are increasing our earnings estimates,” noted Lel Echols, Executive Vice President and CFO. “Based on the strength of the first and second quarters and the outlook for the rest of the year, we are raising our earnings guidance for fiscal 2005 from a range of $6.75 to $7.25 to a range of $7.25 to $7.50 per diluted share.”

CENTEX REPORTS RECORD SECOND QUARTER RESULTS, Page 2 of 4

HOME BUILDING

Domestic

Operating earnings from Centex Homes were $283.2 million for the quarter this year, 38% higher than $205.8 million for the same quarter a year ago. Revenues were $2.13 billion, 25% higher than the $1.71 billion reported for the same quarter last year.

The 38% increase in operating earnings was achieved on a 13% increase in closings to 7,831 homes in this year’s second quarter, as well as an improvement in operating margin to 13.3% from 12.0% a year ago.

Operating earnings from Centex Homes were $506.8 million for the six-month period this year, 40% higher than $362.4 million for the year-ago period. For the current six months, revenues from Centex Homes were $4.0 billion, 25% higher than revenues of $3.2 billion for the same period in fiscal 2004.

“We achieved a 13% increase in closings for the quarter despite a delay of approximately 200 homes due to the severe weather conditions in Florida and the eastern seaboard. Home sales per neighborhood continued to increase during the quarter even though traffic per neighborhood declined,” said Andy Hannigan, Chairman and CEO of Centex Homes. “Our experienced leadership team is closely attuned to current market conditions and is committed to executing our growth model.”

International

London, England-based Fairclough Homes, the international operation of Centex Homes, closed 343 homes during the second quarter of fiscal 2005 versus 379 units for the same quarter last year. Operating earnings for the quarter were $12.6 million, a 97% increase over last year’s second quarter. This increase reflects an improved pricing environment and higher-margin neighborhoods coming on line. Operating margin increased 590 basis points to 12.6%.

FINANCIAL SERVICES

Operating earnings from Financial Services for the second quarter this year were $53.3 million, down 30% from the same quarter last year which included peak levels of refinance activity. Revenues from this segment were $276.9 million for the quarter this year, 5% below $290.6 million for the same quarter last year.

Financial Services operating earnings for the six-month period this year were $110.8 million, a decrease of 22% compared to $142.1 million for the year-ago period. For the current six months, Financial Services revenues were $551.2 million, 1% below last year’s revenues for the same period.

CTX Mortgage

Operating earnings from CTX Mortgage totaled $21.8 million for this year’s second quarter versus $60.6 million for the same quarter a year ago. Retail originations fell 47% while originations from Centex Homes’ closings increased 10%. Refinanced mortgages accounted for 16% of originations for the quarter this year compared to 45% for the same quarter last year. CTX Mortgage provided mortgage loans to 72% of Centex Homes’ buyers for the second quarter this year.

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CENTEX REPORTS RECORD SECOND QUARTER RESULTS, Page 3 of 4

Operating earnings from CTX Mortgage were $53.8 million for the six-month period this year compared to $112.0 million for the same period a year ago.

“CTX Mortgage is maintaining a healthy operating profit per loan in this post-refinancing market due to effective cost management and continued focus on the purchase loan business,” commented John Matthews, Chairman and CEO of CTX Mortgage.

Centex Home Equity Company

Centex Home Equity Company (CHEC) reported operating earnings of $31.5 million for the quarter this year compared to operating earnings of $15.9 million for the same quarter in fiscal 2004. The portion of CHEC’s loan servicing portfolio on which it earns an interest margin under the “Portfolio Accounting Method” has reached $7.2 billion, growing by over 28% versus the same time last year.

“Centex Home Equity achieved record earnings of $31.5 million in the second quarter and the business continues to be on target for record fiscal 2005 results,” said Tony Barone, President and CEO of CHEC. “We continue to grow our portfolio while improving our delinquency level. Our 90-plus day delinquency remained low, coming in at 2.4% versus 2.7% at this time last year.”

CONSTRUCTION SERVICES

Operating earnings from Construction Services were $5.5 million for the quarter this year, versus $4.6 million for the same quarter in fiscal 2004. The operating margin was 1.2% this year, consistent with last year’s second quarter. Revenues from this segment were $452.2 million for the quarter this year, up 17% versus a year ago.

“We continued to leverage our strategy of strong local service and shared national resources, delivering a 21% increase in our second quarter earnings versus last year,” said Robert C. Van Cleave, Chairman, President, and CEO of Centex Construction Services.

The backlog of uncompleted construction contracts at September 30, 2004 was $1.6 billion, essentially the same as the backlog level reported at September 30, 2003.

OUTLOOK

Based on the strength of the home building operations and its record backlog, as well as the execution of the company’s growth strategies at each of the other business units, Centex is increasing its earnings per diluted share guidance to a range of $7.25 to $7.50 for fiscal 2005.

Through its subsidiaries, Centex ranks as one of America’s leading companies in the Home Building, Financial Services, Construction Services and Home Services industries.

Centex’s senior management will host a LISTEN-ONLY conference call to discuss the second quarter financial results, as well as its outlook for the remainder of fiscal 2005, at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) on Wednesday, October 27 as a part of its Annual Investor Conference. 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 call, as well as the presentation, will be archived on that site for one year. Questions can be e-mailed to ir@centex.com.

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CENTEX REPORTS RECORD SECOND QUARTER RESULTS, Page 4 of 4

# # #

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 Centex is discussing its beliefs, estimates or expectations. These statements are not historical facts or guarantees of future performance but instead represent only Centex’s belief at the time the statements were made regarding future events, which are subject to significant risks, uncertainties and other factors, many of which are outside of Centex’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. With respect to forward-looking statements relating to the business, operations, assets, liabilities, financial condition or results of operations of Centex, the risks and uncertainties to which these statements are subject include the following: general economic conditions and interest rates; the cyclical and seasonal nature of our businesses; adverse weather conditions; 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 our markets and businesses; competition; availability of land and raw materials; and unexpected operational difficulties. For example, increases in interest rates or decreases in demand for housing on a national or regional basis or increases in the cost or reductions in the supply of suitable land for development, or lumber or other building materials or labor, could affect the revenues or operating earnings of our homebuilding operations. Similarly, increases in interest rates could adversely affect demand for some of the mortgage loans offered by our mortgage finance operations. Finally, changes in national and regional economic conditions and levels of infrastructure and construction spending could adversely affect the results of operations of our construction services operations. These and other risks and uncertainties are described in greater detail in Centex’s most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2004 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2004 (including under the captions “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which are on file with the SEC and may be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. All forward-looking statements made are made as of the date hereof, and the risk that actual results will differ materially from expectations will increase with the passage of time. Centex undertakes no duty to update any forward-looking statement to reflect future events or changes in Centex’s expectations.

NOTE ATTACHMENTS:

(1) Revenues and Earnings by Lines of Business

(2) Condensed Consolidated Balance Sheets

(3) Condensed Consolidated Cash Flows

(4) Supplemental Domestic Home Building Data

(5) Domestic Housing Activity by Geographic Area

(6) Domestic Housing Activity Dollar Values by Geographic Area

(7) Supplemental International Home Building Data

(8) Supplemental Financial Services Data

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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									Six Months Ended
	September 30,									September 30,
	(unaudited)									(unaudited)
	2004			2003 (D)			Change			2004			2003 (D)			Change
Revenues
Home Building (A)	$	2,231,459		$	1,709,139			31	%	$	4,229,573		$	3,213,632			32	%
Financial Services		276,923			290,551			(5	%)		551,244			557,411			(1	%)
Construction Services		452,228			386,629			17	%		886,445			762,384			16	%
Other		24,296			42,007			(42	%)		83,717			67,528			24	%

Total	$	2,984,906		$	2,428,326			23	%	$	5,750,979		$	4,600,955			25	%

Operating Earnings
Home Building (A)	$	296,352		$	212,198			40	%	$	527,472		$	373,605			41	%
Financial Services		53,252			76,502			(30	%)		110,826			142,101			(22	%)
Construction Services		5,514			4,560			21	%		9,980			9,119			9	%
Other		(2,302	)		25,185			(109	%)		5,040			23,492			(79	%)

Total Operating Earnings		352,816			318,445			11	%		653,318			548,317			19	%
Corporate General Expenses		(19,019	)		(21,988	)					(38,604	)		(41,091	)
Interest Expense		(5,281	)		(16,444	)					(10,306	)		(31,914	)

Earnings from Continuing Operations Before Income Taxes		328,516			280,013			17	%		604,408			475,312			27	%
Income Taxes		(117,904	)		(91,959	)					(216,563	)		(154,040	)

Earnings from Continuing Operations		210,612			188,054			12	%		387,845			321,272			21	%
Earnings from Discontinued Operations, net (B)		—			11,335						—			20,907
Cumulative Effect of Accounting Change (C)		—			(13,260	)					—			(13,260	)

Net Earnings	$	210,612		$	186,129			13	%	$	387,845		$	328,919			18	%

Earnings Per Share - Basic
Earnings per Share - Continuing Operations	$	1.70		$	1.53			11	%	$	3.13		$	2.61			20	%
Earnings per Share - Discontinued Operations		—			0.09						—			0.16
Earnings per Share - Cumulative Effect		—			(0.11	)					—			(0.11	)

Earning s Per Share - Basic	$	1.70		$	1.51			13	%	$	3.13		$	2.66			18	%

Earnings Per Share - Diluted
Earnings per Share - Continuing Operations	$	1.61		$	1.46			10	%	$	2.96		$	2.50			18	%
Earnings per Share - Discontinued Operations		—			0.09						—			0.16
Earnings per Share - Cumulative Effect		—			(0.11	)					—			(0.10	)

Earning s Per Share - Diluted	$	1.61		$	1.44			12	%	$	2.96		$	2.56			16	%

Average Shares Outstanding:
Basic		124,036,791			123,427,650			—	%		123,806,272			122,961,650			1	%
Diluted		130,981,144			129,076,874			1	%		131,122,570			128,469,010			2	%

(A) 3333 Holding Corporation and Centex Development Company, L.P. were consolidated into Centex Corporation on February 29, 2004. As a result, beginning March 1, 2004, International Home Building is fully consolidated as a component of Home Building. Centex’s equity in the earnings of International Home Building prior to March 1, 2004 have been reclassified from Investment Real Estate (now in Other) to Home Building. See Attachment 7 for additional International Home Building information.

(B) Includes the operations spun-off in the CXP and Cavco transactions and other discontinued manufactured housing operations.

(C) Represents the cumulative effect of change in accounting resulting from the consolidation of HSF-I effective July 1, 2003.

(D) 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)
(unaudited)


	Centex Corporation and
	Subsidiaries				Centex Corporation*				Financial Services
	September 30,		March 31,		September 30,		March 31,		September 30,		March 31,
	2004		2004		2004		2004		2004		2004
Assets
Cash -
Unrestricted	$	76	$	179	$	63	$	161	$	13	$	18
Restricted		327		310		51		50		276		260
Receivables -
Residential Mortgage Loans Held for Investment		7,180		6,498		—		—		7,180		6,498
Residential Mortgage Loans Held for Sale		1,566		1,820		—		—		1,566		1,820
Other Receivables		728		669		534		491		194		178
Inventories -
Homebuilding		6,101		5,105		6,101		5,105		—		—
Land Held Under Option Agreements not Owned		518		362		518		362		—		—
Other		41		94		34		85		7		9
Investments		163		140		720		672		—		—
Property and Equipment, net		166		156		118		115		48		41
Goodwill		249		255		237		238		12		17
Deferred Charges and Other Assets		450		481		220		239		230		242

	$	17,565	$	16,069	$	8,596	$	7,518	$	9,526	$	9,083

Liabilities and Stockholders’ Equity
Accounts Payable and Accrued Liabilities	$	1,946	$	1,963	$	1,745	$	1,715	$	190	$	264
Debt
Non-Financial Services		2,876		2,418		2,876		2,418		—		—
Financial Services		8,766		8,302		—		—		8,766		8,302
Minority Stockholders’ Interest		492		336		490		335		2		1
Stockholders’ Equity		3,485		3,050		3,485		3,050		568		516

	$	17,565	$	16,069	$	8,596	$	7,518	$	9,526	$	9,083

* 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)
(unaudited)


	Centex Corporation and Subsidiaries						Centex Corporation*						Financial Services
	For the Six Months Ended September 30,						For the Six Months Ended September 30,						For the Six Months Ended September 30,
	2004			2003			2004			2003			2004			2003
Cash Flows - Operating Activities
Net Earnings	$	388		$	329		$	388		$	329		$	69		$	75
Adjustments -
Depreciation and Amortization		52			57			43			49			9			8
Other Noncash Adjustments		33			34			(56	)		(84	)		42			42
Decrease in Loans Held for Sale		253			766			—			—			253			766
(Increase) Decrease in Inventories		(937	)		(655	)		(939	)		(654	)		2			(1	)
Other Operating Activities		(48	)		(140	)		14			(89	)		(83	)		(74	)

		(259	)		391			(550	)		(449	)		292			816

Cash Flows - Investing Activities
Increase in Loans Held for Investment		(733	)		(1,011	)		—			—			(733	)		(1,011	)
Other Investing Activities		(39	)		(16	)		(12	)		(3	)		(6	)		11

		(772	)		(1,027	)		(12	)		(3	)		(739	)		(1,000	)

Cash Flows - Financing Activities
Increase (Decrease) in Short-Term Debt, net		94			(520	)		77			140			17			(660	)
Issuance of Long-Term Debt, net		829			789			382			(51	)		447			840
Other Financing Activities		5			(13	)		5			(13	)		(22	)		—

		928			256			464			76			442			180

Net (Decrease) Increase in Cash and Cash Equivalents		(103	)		(380	)		(98	)		(376	)		(5	)		(4	)
Cash and Cash Equivalents at Beginning of Period		179			456			161			441			18			15

Cash and Cash Equivalents at End of Period	$	76		$	76		$	63		$	65		$	13		$	11

Attachment 4

Centex Corporation and Subsidiaries
Supplemental Home Building Data - Domestic Operations
(unaudited)

(dollars in millions, except per unit data)


	Quarter Ended September 30,										Six Months Ended September 30,
	2004					2003					2004					2003
HOME BUILDING - DOMESTIC
Revenues - Housing	$	2,053.1		100.0	%	$	1,687.8		100.0	%	$	3,925.4		100.0	%	$	3,165.2		100.0	%
Cost of Sales - Housing		(1,491.3	)	(72.6	%)		(1,229.4	)	(72.8	%)		(2,853.1	)	(72.7	%)		(2,331.9	)	(73.7	%)

Gross Margin - Housing		561.8		27.4	%		458.4		27.2	%		1,072.3		27.3	%		833.3		26.3	%

Revenues - Land Sales & Other		78.5					21.3					105.3					48.4
Cost of Sales - Land Sales & Other		(64.6	)				(30.4	)				(99.7	)				(55.3	)

Gross Margin - Land Sales & Other		13.9					(9.1	)				5.6					(6.9	)

Total Gross Margin		575.7		27.0	%		449.3		26.3	%		1,077.9		26.7	%		826.4		25.7	%
Selling, General & Administrative		(295.8	)	(13.9	%)		(244.9	)	(14.3	%)		(582.2	)	(14.4	%)		(466.6	)	(14.5	%)
Other Income		3.3		0.2	%		1.4		—	%		11.1		0.3	%		2.6		0.1	%

Operating Earnings	$	283.2		13.3	%	$	205.8		12.0	%	$	506.8		12.6	%	$	362.4		11.3	%

Units Closed		7,831					6,906					15,214					13,255
Average Unit Sales Price	$	262,181				$	244,393				$	258,013				$	238,792
% Change		7.3	%				12.0	%				8.0	%				10.5	%
Operating Earnings per Unit	$	36,159				$	29,805				$	33,308				$	27,344
% Change		21.3	%				36.3	%				21.8	%				30.0	%
Average Neighborhoods		576					559					573					558
% Change		3.0	%				8.8	%				2.7	%				12.0	%

LOT POSITION - DOMESTIC


	As of September 30,
	2004		2003		Change
Lot Owned and Controlled:
Lots Owned		85,335		67,671		26.1	%
Lots Controlled		136,979		94,287		45.3	%

Total		222,314		161,958		37.3	%

Attachment 5

Centex Corporation and Subsidiaries
Supplemental Home Building Data - Domestic Operations
Housing Activity (Units) by Geographic Area


	Closings
	Quarter Ended September 30,							Six Months Ended September 30,
	2004		2003		Change			2004		2003		Change
Mid-Atlantic		1,317		1,248		6	%		2,620		2,362		11	%
Southeast		1,296		1,301		-	%		2,605		2,427		7	%
Midwest		1,684		1,329		27	%		3,208		2,553		26	%
Southwest		2,120		1,795		18	%		4,108		3,526		17	%
West Coast		1,414		1,233		15	%		2,673		2,387		12	%

		7,831		6,906		13	%		15,214		13,255		15	%


	Sales (Orders) Backlog
	As of September 30,
	2004		2003		Change
Mid-Atlantic		3,316		2,594		28	%
Southeast		4,692		3,446		36	%
Midwest		3,238		3,406		(5	%)
Southwest		3,359		3,379		(1	%)
West Coast		3,122		2,419		29	%

		17,727		15,244		16	%


	Sales (Orders)
	Quarter Ended September 30,							Six Months Ended September 30,
	2004		2003		Change			2004		2003		Change
Mid-Atlantic		1,659		1,360		22	%		3,135		2,808		12	%
Southeast		1,664		1,478		13	%		3,590		3,160		14	%
Midwest		1,480		1,414		5	%		3,054		3,039		-	%
Southwest		2,263		2,382		(5	%)		4,598		4,647		(1	%)
West Coast		1,430		1,405		2	%		3,150		2,795		13	%

		8,496		8,039		6	%		17,527		16,449		7	%

Centex Corporation and Subsidiaries
Supplemental Home Building Data - Domestic Operations
Housing Activity (Units) by Geographic Area

Attachment 6


	Housing Revenues - Closings
	(dollars in millions)
	Quarter Ended September 30,							Six Months Ended September 30,
	2004		2003		Change			2004		2003		Change
Mid-Atlantic	$	371.2	$	339.6		9	%	$	744.2	$	634.3		17	%
Southeast		320.4		284.7		13	%		637.6		527.8		21	%
Midwest		356.4		278.8		28	%		677.3		534.6		27	%
Southwest		350.9		280.2		25	%		665.1		539.7		23	%
West Coast		654.2		504.5		30	%		1,201.2		928.8		29	%

	$	2,053.1	$	1,687.8		22	%	$	3,925.4	$	3,165.2		24	%


	Sales (Orders) Backlog Value
	(dollars in millions)
	As of September 30,
	2004		2003		Change
Mid-Atlantic	$	1,056.2	$	779.3		36	%
Southeast		1,304.1		897.3		45	%
Midwest		697.6		680.8		2	%
Southwest		623.6		530.9		17	%
West Coast		1,684.1		995.4		69	%

	$	5,365.6	$	3,883.7		38	%

Attachment 7

Centex Corporation and Subsidiaries
Supplemental Home Building Data - International Operations
(unaudited)

(dollars in millions, except per unit data)


	Quarter Ended September 30,										Six Months Ended September 30,
	2004					2003					2004					2003
HOME BUILDING - INTERNATIONAL
Revenues - Housing	$	99.0		100.0	%	$	95.0		100.0	%	$	193.7		100.0	%	$	183.7		100.0	%
Cost of Sales - Housing		(68.6	)	(69.3	%)		(76.0	)	(80.0	%)		(140.6	)	(72.6	%)		(147.1	)	(80.1	%)

Gross Margin - Housing		30.4		30.7	%		19.0		20.0	%		53.1		27.4	%		36.6		19.9	%

Revenues - Land Sales & Other		0.9					1.0					5.2					1.0
Cost of Sales - Land Sales & Other		(1.4	)				—					(5.5	)				—

Gross Margin - Land Sales & Other		(0.5	)				1.0					(0.3	)				1.0

Total Gross Margin		29.9		29.9	%		20.0		20.8	%		52.8		26.5	%		37.6		20.4	%
Selling, General & Administrative		(16.7	)	(16.7	%)		(13.1	)	(13.6	%)		(32.1	)	(16.1	%)		(25.4	)	(13.8	%)

Operating Earnings		13.2		13.2	%		6.9		7.2	%		20.7		10.4	%		12.2		6.6	%
Interest		(0.6	)	(0.6	%)		(0.5	)	(0.5	%)		(1.2	)	(0.6	%)		(1.0	)	(0.5	%)

Earnings Before Income Taxes	$	12.6		12.6	%	$	6.4		6.7	%	$	19.5		9.8	%	$	11.2		6.1	%

Units Closed		343					379					657					692
Unit Sales		321					384					703					747
Plots Owned and Controlled		5,250					4,517					5,250					4,517
Average Unit Sales Price	$	288,499				$	250,641				$	294,791				$	265,519
% Change		15.1	%				6.0	%				11.0	%				14.2	%
Operating Earnings per Unit	$	38,446				$	18,272				$	31,534				$	17,734
% Change		110.4	%				N.M.					77.8	%				N.M.

Attachment 8

Centex Corporation and Subsidiaries
Supplemental Financial Services Data

CTX Mortgage Company


	Quarter Ended September 30,							Six Months Ended September 30,
	2004		2003		Change			2004		2003		Change
Originations
Builder		5,206		4,734		10	%		10,225		9,169		12	%
Retail		11,349		21,567		(47	%)		25,503		44,359		(43	%)

Total		16,555		26,301		(37	%)		35,728		53,528		(33	%)

Applications
Builder		5,721		6,148		(7	%)		11,867		12,212		(3	%)
Retail		9,957		16,248		(39	%)		20,824		41,503		(50	%)

Total		15,678		22,396		(30	%)		32,691		53,715		(39	%)

Loan Volume (in billions)	$	3.09	$	4.44		(30	%)	$	6.59	$	8.99		(27	%)

Average Loan Size	$	186,700	$	168,800		11	%	$	184,500	$	168,000		10	%

Operating Profit per Loan	$	1,315	$	2,302		(43	%)	$	1,506	$	2,092		(28	%)

Centex Home Equity


	Quarter Ended September 30,									Six Months Ended September 30,
	2004			2003			Change			2004			2003			Change
Originations		10,819			9,588			13	%		22,339			18,583			20	%

Applications		99,333			85,662			16	%		197,298			166,299			19	%

Loan Volume (in billions)	$	1.26		$	1.02			23	%	$	2.70		$	1.90			42	%

Average Loan Size	$	116,300		$	106,800			9	%	$	120,800		$	102,300			18	%

Earnings As a % of Average “Owned” Portfolio		1.79	%		1.19	%					1.67	%		1.18	%

Servicing Portfolio:


	As of September 30,
	2004		2003		Change
Number of Loans:
Portfolio Accounting Method		79,607		69,751
Serviced for Others		15,508		11,890

Total		95,115		81,641		17	%

Servicing Portfolio (in billions):
Portfolio Accounting Method	$	7.18	$	5.62
Serviced for Others		1.21		0.71

Total	$	8.39	$	6.33		33	%

	•		Domestic home building operating earnings increased 38%; operating margin was 13.3%, up 130 basis points.

	•		Domestic home closings increased 13%; sales (orders) rose 6%; backlog rose 16% to 17,727 units.

	•		Net earnings were up 13% to $210.6 million.

	•		Earnings per diluted share from continuing operations grew 10% to $1.61.

(1)		Revenues and Earnings by Lines of Business

(2)		Condensed Consolidated Balance Sheets

(3)		Condensed Consolidated Cash Flows

(4)		Supplemental Domestic Home Building Data

(5)		Domestic Housing Activity by Geographic Area

(6)		Domestic Housing Activity Dollar Values by Geographic Area

(7)		Supplemental International Home Building Data

(8)		Supplemental Financial Services Data